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American futures head south, as Trump comes up with new duties on Chinese products
On Friday, American futures suddenly slumped after US leader threatened to slap duties on all Chinese goods.
The S&P 500 futures headed south by 0.23% hitting 2,798.75, Dow futures slumped by 0.40% trading at 24,959.0. Additionally, the tech heavy Nasdaq 100 rallied by 0.09% showing 7,374.50.
US leader told that he’s on the verge of slapping duties on $500 billion worth of China’s products to America if this Asian country doesn’t become less radical with its trade policies.
America has already slapped duties on $34 billion of China’s products and another $200 billion being currently considered. On the contrary, China has already responded with $34 billion of its own duties on American products.
In addition to this, General Electric managed to ascend by 2.77%, while Honeywell International Inc tacked on by 0.72% in the pre-market trading session right after their profits turned out to be higher than anticipated. Besides this, State Street Corporation as well as Baker HughesA Ge Company LLC are expected to come up with their results on Friday.
Microsoft turned out to be among the top performers before the morning bell, soaring 3.69% having posted higher than anticipated revenues, while Facebook ascended by 0.23%.
At the same time, other technology equities sank, with Tesla diving 0.07%, Intel losing 0.12%, Netflix declining 0.32%.
EU equities dived too after Trump’s comments. In Germany, the DAX edged down by 0.55%. In France, the CAC 40 went down by 0.79%. The FTSE 100 headed south by 0.31% in London. Aside from that, the Euro Stoxx 50 dived by 0.44%. In Spain, the IBEX 35 inched down by 0.42%.
Gold futures edged down by 0.01% being worth $1,223.90 a troy ounce. As for crude futures, they went down by 0.40% reaching $67.97 a barrel.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…