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Saturday, May 26, 2018

Global stocks sink

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World stocks fell on Tuesday as investors digested soft Chinese economic data and a lack of progress in US-China trade talks, while a rise in US borrowing costs supported the dollar. MSCI's world equity index US, which tracks shares in 47 countries, was down 0.3 percent. Europe's benchmark Stoxx 600 was 0.1 percent lower while Germany's DAX .GDAXI shed 0.2 percent as first-quarter economic growth in the country came in lower than expected.

MSCI's broadest index of Asia-Pacific shares outside Japan . US fell 0.8 percent. China reported weaker-than-expected investment and retail sales in April and a drop in home sales, clouding its economic outlook even as policymakers try to navigate debt risks and defuse a heated trade row with the United States.

Mixed messages in US-China trade talks also weighed on sentiment. The two countries are still "very far apart" on resolving trade frictions, US ambassador to China Terry Branstad said on Tuesday as a second round of high-level talks was set to begin in Washington.

US President Donald Trump drew ire from lawmakers after suggesting he would help Chinese firm ZTE Corp, that flouted US sanctions on trade with Iran and North Korea, with intelligence officials also saying the decision threatens national security. "Sino-US trade negotiations have provided mixed signals, the White House promising conciliation (over ZTE) then indicating.

-Reuters, London


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