[ad_1]
© Reuters. By Peter Nurse
Investing.com – US stocks will open lower on Monday as the US-Chinese war on words over the coronavirus intensified, threatening to restart a trade dispute last year.
At 7 AM ET (1100 GMT), 25 points, or 0.9%, were traded below, 75 points, or 0.9%. The contract fell 276 points, or 1.2%.
The latest outbreak came on Sunday from Secretary of State Mike Pompeo, who said there was “a significant amount of evidence” that the virus emerged from a laboratory in the central Chinese city of Wuhan.
Late last week, President Donald Trump threatened new tariffs on Beijing, whom he blames for the spread of the virus.
The two economic superpowers signed the first phase of a trade deal only in January, seemingly ending a costly trade war that had slowed economic growth globally.
The corporate earnings season continues this week, although Monday is relatively quiet.
Instead, the airline industry will be in focus after billionaire investor Warren Buffett said over the weekend that his company Berkshire Hathaway (NYSE 🙂 had sold all of its shares in the four largest US airlines. USA
Speaking at the annual shareholders meeting, Buffett said “the world has changed” due to the coronavirus.
Berkshire Hathaway had an 11% interest in Delta Air Lines (NYSE :), 10% in American Airlines (NASDAQ :), 10% in Southwest Airlines (NYSE 🙂 and 9% in United Airlines (NASDAQ :), according to its annual report and company presentations.
There was some positive news on Monday as analysts at JPMorgan (NYSE 🙂 raised their rating on US stocks to “neutral”, saying they expected global equity markets to consolidate from current levels, without rule out further weakness.
Looking at the economic data, the latest US factory order data is expected. USA Show a 9.7% drop in March at 10 a.m. ET (1400 GMT).
However, the main focus will be on the non-farm employment report for April Friday, and economists forecast a staggering loss of 21 million jobs for the month.
Oil futures retraced on Monday, with the potential for a trade war and a new impact on global demand.
At 6:55 AM ET, June futures were trading 5% lower at $ 18.79 a barrel. The international benchmark contract fell 2.5% to $ 25.77.
Elsewhere, it rose 0.8% to $ 1,714.80 / oz, while it was trading at 1.0934, down 0.5%.
Fusion media or anyone involved with Fusion Media will accept no responsibility for loss or damage as a result of reliance on information, including data, quotes, charts, and buy / sell signals contained on this website. Having full information about the risks and costs associated with trading the financial markets is one of the riskiest forms of investment possible.
[ad_2]
