Following several days of advancing prices, stocks slumped around the world in response to another $200 billion in tariffs the Trump administration will place on Chinese imports. Asian and European shares tumbled, while in the US stock prices dropped significantly, but nothing dramatic.
The Asia Dow fell 0.41%, led on the downside by Shanghai shares, down 1.76%. In Europe, the STOXX 600 dropped 1.26%, though all of the major exchanges were down more than that. Sharply lower oil prices, themselves a result of trade war tensions, added to the carnage. Despite a big decline in supplies, crude fell 4.6%. Copper, down a big 3%, was another victim of an anticipated worldwide economic slowdown a trade war could bring.
Precious metals started off the day down only modestly, but then joined the bearish rout nearing the close. Gold was down $12, silver down a quarter, and platinum lost $17/oz. as a sharply higher US ... Log in or subscribe to continue reading.
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