Global stocks slip as US-China trade war drags on corporate earnings

LONDON: Global shares slipped on Thursday on growing signs that a trade dispute between the United States and China was taking a toll on corporate earnings, with nerves spreading from Wall Street through Asia to European markets.

With nerves already on edge over when face-to-face talks between the United States and China will resume, U.S. President Donald Trump on Tuesday maintained pressure on Beijing with a threat to put tariffs on another US$325 billion of Chinese goods. Adding to the concerns over corporate health, Netflix shed U.S. subscribers for the first time in 8 years, sending shares falling over 10per cent after the close of the market.Compounding the trade concerns were worrying signs for the economy emerging from Japan to the United States.

The earnings anxiety and macro data boosted demand for safe haven assets, with yields on benchmark 10-year and 30-year U.S. Treasuries climbing overnight.Euro zone government bond yields fell following the report on the ECB, which also pushed the single currency down 0.1per cent to the day's lows of US$1.1205.

While markets take comfort from central banks' willingness to support growth, said Sunil Krishnan, head of multi-asset funds at Aviva Investors, there were concerns for equity markets that have rallied on the back of stimulus expectations.

Source: News Formal (newsformal.com)

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