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American futures head south on resumed trade war worries
On Thursday, American futures declined because trade worries resumed and market participants awaited a bunch of revenue releases.
The S&P 500 futures headed south by 0.64% being worth 2,792.75. Dow futures slumped by 0.71% coming up with an outcome of 25,110.0. Simultaneously, tech heavy Nasdaq 100 futures went down by 0.76% reaching 7,222.0.
Trade uncertainty kept putting pressure on market participants’ minds after news that the White House intends to come up with 25% duty instead of the initial 10% on $200 billion of imported China’s products. The two major economies of the world have been in a fierce trade conflict for the last few months that has put pressure on financial markets.
China told that it wouldn’t respond if America keeps imposing fresh trade tariffs. As a matter of fact, the Chinese Yuan approached a one-year minimum because of trade war worries. The currency pair USD/CNH rallied by 0.45% being worth 6.8553.
Meanwhile, Tesla managed to ascend by 8.36% during pre-market trade having posted higher than anticipated profit and in the face of apologies from CEO Elon Musk for his previous misconduct.
At the same time, Ferrari added 3.88%, Logitech International SA jumped by 2.20%.
Besides this, Apple slumped by 0.84%. In addition to this, Microsoft declined by 1.11%, Boeing edged down by 0.64%.
Meanwhile, European equities generally slumped. The DAX headed south by 1.71% in Germany, France’s CAC 40 inched down by 0.79%. The FTSE 100 slumped by 1.31%. Additionally, the Euro Stoxx 50 edged down by approximately 1.25%. The IBEX 35 went down by 1.25%.
Moreover, gold futures inched down by 0.23% hitting $1,224.80 a troy ounce. At the same time, crude futures lost approximately 0.84% reaching $67.09 a barrel.
Assessing the US currency’s purchasing potential versus a group of its main counterparts, the USD index managed to gain 0.31% trading at 94.75.
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…