World stocks end four days of gains after US President Donald Trump bans US transactions with WeChat and TikTokWorld stocks ended four days of gains on Friday after US President Donald Trump cranked up simmering tension with China by banning US transactions with two popular Chinese apps, Tencent’s WeChat and ByteDance’s TikTok.
“The US pressure on China’s tech sector appears likely to continue in the presidential elections, injecting volatility in the sector and opening the door to escalatory retaliation,” UBS strategists said.MSCI’s broadest index of world stocks fell 0.2% on Friday after up four consecutive days of gains. It was less than 3% away from a late February peak.
Risk appetite was also subdued on Friday with hopes fading for a quick deal by US policymakers on stimulus worth at least $1-trillion to support the country’s fragile economy. The White House and Democrats remained far apart on the size of the stimulus package and what to include.
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