European stock markets and oil prices dropped on Monday as trade war fears re-ignited after a spat between U.S. and China s top officials.
European shares were down 2.5%, while U.S. stock futures fell 1%.
MSCI s broadest index of Asia-Pacific shares outside Japan lost 2.5%.
U.S. Secretary of State Mike Pompeo said that there was enough evidence that the new coronavirus strain originated from a laboratory in Wuhan.
An editorial in China s Global Times called on the United States to present evidence for its claims.
Companies under the pan-European STOXX 600 are expected to decline by 40% in their second-quarter earnings.
Recent economic data showed a heavily affected global economy due to lockdowns.
U.S. manufacturing declined to an 11-year low as over 30 million Americans filed claims for unemployment.
Oil prices fell amid worries of a persisting oversupply despite easing lockdowns.
U.S. West Texas Intermediate crude futures dropped to $18.66 per barrel. Brent crude futures lost 1.7%, at $26 per barrel.
https://www.umarkets.com/en/news/stocks-decline-as-us-china-tensions-resume
Source
Copying/Pasting full or partial texts with adding very little original content is frowned upon by the community. Repeated copy/paste posts could be considered spam. Spam is discouraged by the community and may result in the account being Blacklisted.
If you believe this comment is in error, please contact us in #appeals in Discord.