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Author: StockFanatic   |   Latest post: Wed, 27 May 2020, 12:10 PM

 

Market Commentary: US stock market pauses amid US-China hurdle

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·         A fresh wave of China-US tensions that raised doubts about the trade deal reached early this year between the world's two largest economies. The Dow Jones Industrial Average fell 0.41% to end at 24,474.12 points, while the S&P 500 lost 0.78% to 2,948.51. The Nasdaq Composite dropped 0.97%, to 9,284.88.
·         The end run to impose long-stalled national security laws in the territory came amid a fresh exchange of barbs between China and the US. President Donald Trump said the US would react strongly if China imposes national security laws for Hong Kong in response to last year's often violent pro-democracy protests.
·         Responding to the latest round of accusations from Trump, an NPC spokesman warned that it will never accept lawsuits or unwarranted compensation demands related to the pandemic, said it will safeguard its sovereignty, security and interests, and threatened countermeasures. There's tension with Russia too, as Trump said he'll withdraw from the Open Skies treaty, an arms-control pact designed to promote transparency between the US and Russia. The move will take effect in six months.
·         Despite a grim economic outlook, stocks are on pace for big weekly gains, with investors citing optimism that coronavirus vaccines might be available later this year. The US Food and Drug Administration has fast-tracked the process for experimental vaccines, and drugmaker Moderna earlier this week reported positive results from the first human study of its experimental coronavirus vaccine.
·         In Asia, stocks fell, with China's Shanghai Composite Index closing down almost 0.6% and Japan's Nikkei 225 ticking down 0.2%.

·         Hong Kong stocks ended the session lower, snapping a three-day winning streak. The benchmark Hang Seng Index fell 0.5% to 24280.03 with exporters leading the losses amid the latest flareup in friction between the two superpowers.
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