Saturday , May 8 2021

GLOBAL MARKETS-Stocks are weighed by Apple's demand for woes, trade tensions Energy & Oil



* The outlook for Sino-US trade falls on weekends

* Dollar weakens as Fed talks about global risks

* European stocks struggle with car misery

* Wall Street which was hit by Apple slides, trade woes (Updates to the US market open, changes to bylines, change lanes to NEW YORK)

April April Joyner

NEW YORK, Nov. 19 (ANTARA News) – World stocks fell on Monday as concerns about weakening demand for the iPhone dragged Apple Inc. shares and persistent trade tensions between China and the United States weakened investor sentiment.

Concerns about slowing economic growth also weighed on the dollar.

The US S & P 500 benchmark index opened lower as Apple and its suppliers fell. The Wall Street Journal reports Apple has cut production orders in the past few weeks for the iPhone model launched in September.

Renewed tensions between China and the United States also weigh. At the Asia-Pacific Economic Cooperative meeting in Papua New Guinea at the weekend, this problem prevented leaders from agreeing to the communique, the first time the deadlock had occurred in the history of the group.

US Vice President Mike Pence said in a blunt speech on Saturday that there would be no end to US tariffs on Chinese goods worth $ 250 billion until China changed the way it works.

"There is a back and forth with China that seems every day," said Brent Schutte, head of investment strategy at Northwestern Mutual Wealth Management Company. "That seems to encourage trade."

The Dow Jones Industrial Average fell 335.06 points, or 1.32 percent, to 25,078.16, the S & P 500 lost 36.12 points, or 1.32 percent, to 2,700.15 and the Nasdaq Composite fell 164.83 points, or 2 , 27 percent, to 7,083.04.

The MSCI stock index worldwide shed 0.74 percent.

The Federal Reserve's rate hike in the face of a potential economic slowdown also weighed on the market, Schutte said.

Federal Reserve policymakers are still signaling a rate hike ahead but have recently raised concerns about the potential for a global slowdown, which has caused some market watchers to suspect the tightening cycle may not need to go further.

On Monday, Goldman Sachs said that it expects the US economic growth rate to slow towards the global average next year.

Data released on Monday by the National Association of Home Builders showed weak sentiment in the US housing market, adding to concerns over economic growth.

Reflecting growth concerns and the possibility that the Fed's tightening cycle will soon end, the dollar fell to a two-week low on Monday. The dollar index fell 0.25 percent.

In the same way, the 10-year Treasury yield has fallen from the recent peak of 3.25 percent. The 10-year benchmark last note rose 1/32 in price to yield 3.0701 percent, from 3.074 percent late Friday.

In Europe, Renault SA shares helped push the STOXX 0.7 lower as Carlos Ghosn, joint chairman of Renault and Nissan Motor Co., was arrested for alleged financial violations. In commodity markets, gold found support from a decline in the dollar and added 0.1 percent to $ 1,222.76 per ounce. Oil prices gave up earlier gains as investors considered the effectiveness of potential supply cuts from OPEC and other exporters. Brent crude fell 70 cents a barrel at $ 66.06. US crude futures traded 15 cents lower at $ 56.31 a barrel.

Reported by April Joyner; Additional reporting by Marc Jones
in London; Editing by Peter Graff and Nick Zieminski


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