The start of the US trading session has been positive for traders of Tesla and Microsoft.
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.
During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
More tariffs were introduced
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The Reserve bank of New Zealand will release the monetary policy statement and its interest rate at 3:00 MT on November 13.
A calm trading session with the US-China trade updates in focus