Equities retreat as global trade war fears escalate | IFCM Portugal
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Equities retreat as global trade war fears escalate

  • IFC Markets
    2023/02/27
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Bears won last week as global trade war concerns were in focus after President Trump ordered drawing up a list of $200 billion Chinese goods for additional 10% tariffs if China doesn’t cancel its retaliatory tariffs. The SP 500 lost 0.9% and the ICE dollar index fell 1.3% for the week.

The dollar was on defensive last week as the ICE US dollar index fell every session except Tuesday and Wednesday. The dollar ended marginally lower Monday but rose 0.3% Tuesday as housing starts rose 5% in May when a decline was expected. The ICE dollar index gained 0.1% Wednesday, giving back the gain Thursday as it fell 0.3%. It ended 0.3% lower Friday as both the manufacturing and services PMIs for June declined.

The SP 500 ended lower every session except Wednesday and Friday last week. The broad market index slipped 0.2% Monday as President Trump ordered drawing up a list of $200 billion Chinese goods for additional 10% tariffs if China doesn’t cancel its retaliatory tariffs. SP 500 extended losses 0.4% Tuesday. The big cap stock market index recovered 0.2% Wednesday but fell 0.6% Thursday. It recovered 0.2% on Friday.

This week the Reserve Bank of New Zealand meets on Wednesday and no changes in policy are expected. The releases of final GDPs for the US, United Kingdom and Canada on Thursday and Friday are the major pieces of economic data which will also be closely watched this week.

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