Dollar on defensive against yen, euro after Trump comments
Dollar on defensive against yen, euro after Trump comments
US dollar down on as Trump makes fresh threats vs China
23 July, 2018, 15:28
WALL STREET: U.S. indexes finished mostly lower.
AUTO TARIFFS REJECTED: The U.S. Commerce Department sought feedback on PresidentDonald Trump's plans to consider taxing auto imports on Thursday.
Companies including Microsoft and Honeywell rose as investors were pleased with their quarterly reports, but General Electric stumbled.
The trade dispute has complicated efforts by the People's Bank of China to make the exchange rate system more flexible, market-oriented and efficient.
The pan-European FTSEurofirst 300 index lost 0.13 percent, amid rising trade tensions.
Friday's losses came a day after Trump had also said he was concerned that the "Chinese currency was dropping like a rock", he did not like rising USA interest rates and that the strong USA dollar "puts us at a disadvantage".
"So fundamentally speaking, we do think CNY is like many other exchange rates in the world, it can go up and down depending on the macro outlook and things like that". "This is one more item that just creates noise in markets".
The euro remained largely unchanged however, and was up 0.2 percent on the day at $1.1658. The Dow Jones Industrial Average lost 6.38 points to 25,058.12.
Italian 10-year yields increased eight basis points to 2.59 percent.
Long-term bond prices dropped.
The British pound strengthened 0.9 percent to $1.3136.
On Friday morning, the yuan fell to 6.7943 CNY for one United States dollar, down 0.28% from the previous day, and then slightly recovered to close to 6.78 CNY at the end of the day, generating rumors that the central bank to intervene in the foreign exchange market.
West Texas Intermediate crude rose for a fifth day, climbing 1 percent to $70.46 a barrel. The stock climbed 1.8 percent to $106.27. GE, which has been selling and splitting off businesses, also cut its forecast for how much cash its businesses will generate.
The Department in its last report in April refrained from branding China with the label, but stepped up criticism of the Asian nation's lack of progress in rectifying its trade imbalance with the U.S.
China is Nigeria's biggest trading partner after the USA, with volumes between the two totaling $9.2 billion in 2017, according to data compiled by Bloomberg.
With China showing little signs of arresting its currency's depreciation, the yuan promptly retreated to a near 13-month low. If the yuan continues to depreciate, goods exported to China will become more expensive to consumers there and Chinese exports would also be relatively cheaper.
China's shock devaluation of the yuan in 2015 provides a good template for what the contagion might look like, according to Robin Brooks, the chief economist at the Institute of International Finance and the former head currency strategist at Goldman Sachs Group Inc.
Oil posted its third consecutive weekly loss amid concern the escalating trade rows will undercut energy demand, undermining reassurances from Saudi Arabia that it won't flood global crude markets.
Wholesale gasoline rose 1.2 percent to $2.07 a gallon.
Gold increased for the first time in six trading sessions, climbing 0.6 percent to $1,230.21 an ounce. The Shanghai Composite Index edged 0.1 percent lower to 2,769.06. South Korea's Kospi added 0.3 percent and Hong Kong's Hang Seng gained 0.8 percent.
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That threat came only days after both countries slapped tit-for-tat tariffs on $34 billion worth of each other's goods. The U.S. says its tariffs on steel and aluminum are fair but that the other countries' were not.
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President Donald Trump has invited the Russian leader Vladimir Putin to the White House this fall for a second get-together. White House staffers are bracing for the president's reaction to Coats' performance, according to the Washington Post .
Pike arrives in the classic yellow Star Trek: The Original Series uniform but quickly ditches it for the Discovery blue and gold. Aldis Hodge will appear in a second episode as a man named Craft, who finds that he is the only person aboard an empty starship.
That statement was puzzling since the White House and Pentagon have not announced any concrete agreements from the summit . Meanwhile, Secretary of State Mike Pompeo said Trump's goal was to "redirect" two countries "that'd been on a bad path".
Mourinho said the 25-year-old was "absolutely brilliant" in Les Bleus' final three matches in Russian Federation . I've had a good chat with him and I look forward to the new season and getting back to my best'.
US President Donald Trump and the Russian Federation President Vladimir Putin will meet on Monday in Finland's capital Helsinki . What did the president say about Russia's illegal annexation of Crimea? " Many countries are not paying what they should".
She met Russian President Vladimir Putin at the Kremlin on Sunday before attending the World Cup final between Croatia and France. However, the country still won hearts as it hosted the World Cup with its boisterous attitude, cheering away to glory.
Gunman dead after shooting 9, including girl, in Toronto
This past weekend Toronto police deployed dozens of additional officers to deal with a recent spike in gun violence in the city. Toronto Mayor John Tory said the shooting on Sunday shows that there is "evidence of a gun problem" in the city.
Mahrez pleased with start to life at City
Pep Guardiola fears his preparations for Manchester City's Premier League title defence have been affected by the World Cup. Two lacklustre loan spells at both Torino and West Ham have decimated not only his reputation but also his transfer value.
Israel adopts divisive Jewish nation-state law
The pan-Arab body warned that the bill will ignite discrimination and more attacks against Palestinians within the green line. Even after the changes, critics said the new law will deepen a sense of alienation within the Arab minority.
Klopp's jigsaw puzzle almost complete with Alisson signing
They play the World Cup, then the Nations League, next summer is the final of the Nations League which is really insane . However, it was Liverpool who once again stepped up to break the mould that was seemingly set across European football.
Spider-Man PS4 Pro and PS4 are simply fantastic
Last but certainly not least, Marvel announced a Spider-Man PS4 Pro bundle, which will launch alongside the game on September 7. We used to get a lot of custom, limited edition consoles, whether they were colour schemes or branded offerings like this.
Trump says misspoke on Russian meddling
The ministry said in a statement Tuesday that it's ready for "practical implementation" of agreements reached by Trump and Putin. However, it remains unclear if Trump secured Putin's help to maintain global sanctions and pressure on the Kim Jong-un regime.
Trump says NATO is better funded 'only because of me'
By 230-183, the House rejected a Democratic measure endorsing House Speaker Paul Ryan's remarks criticizing Russian Federation . Mr Putin described the Helsinki meeting as "candid and useful" while Mr Trump said there had been "deeply productive dialogue".