Market moving daily news roundup – events & news likely to move markets 2nd August 2019
Company performance, economic and political events but especially market sentiment will always influence market movement, good or bad.
This post is ongoing
Market moving news roundup, 2nd August 2019
Summary
Trump, trade, tariffs and tweets
Asian markets experience significant falls as Trump introduces additional tariffs on Chinese imports. A new tariff of 10% on $300 billion worth of Chinese imports will be introduced beginning 1st September 2019. Stock markets immediately reverse. UK, U.S. and EU markets all fall.
Will tariffs damage U.S. GDP?
Are Trump’s tariffs hurting the U.S.? I saw some stats recently that seemed to suggest that if Trump levels 25% tariff on ALL Chinese imports it could affect U.S. GDP by as much as 2%. Is this really what Trump wants? Or, is it more about trade/tech dominance?
Japan and South Korea
Toyota cuts full year profit forecast. Japan and South Korea trade rift moved up a notch today (Friday 2nd August), as Japan says it will remove South Korea from its list of trusted trade partners. Japan shares fall to close down at: 21087
RBS raises dividend
RBS – Royal Bank of Scotland raises dividend after reporting good second quarter results. BT reports pre-tax profit but down from same period last year.
UK construction data
UK construction data released this morning (2nd August) shows sector remains under pressure as output declines. EU retail sales up in June.
China responds
China responds to Trump’s tariff threat suggesting countermeasures would be taken if U.S. commits to placing more tariffs on Chinese goods. What happened to the G20 U.S. – China meeting and subsequent truce?
U.S. job data
U.S. creates 164,000 new jobs in July – broadly inline with consensus. Is U.S. job growth slowing?
Pound holds
UK – Sterling holds above $1.21
Beer day
And, apparently it’s international beer day!
Cheers!
FTSE 100 falls
FTSE 100 closes down 2.3% at: 7407 – a fall of around 177 pts on the day.
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