Markets Rattled After Trump Backs Hong Kong Protesters
By Avantika Chilkoti
Global stocks dipped Thursday on fresh concerns over U.S.-China
relations after President Trump signed a bill supporting Hong Kong
The pan-continental Stoxx Europe 600 declined 0.2%, and the
Shanghai Composite Index ended the day down almost 0.5%. While U.S.
markets are closed for the Thanksgiving holiday, futures linked to
the Dow Jones Industrial Average dropped 0.3%.
Mr. Trump's support for the bill, which details U.S. policy
toward Hong Kong and orders an assessment of political developments
there, may raise fresh hurdles in the trade negotiations between
the world's two largest economies. China's Foreign Ministry has
said Beijing is opposed to the bill's signing and threatened
countermeasures if the U.S. doesn't change course. It didn't
specify what those might be.
While an initial trade deal may not off the table, it might be
delayed further by the rising tensions between the U.S. and China
in recent days, according to analysts at Commerzbank.
Investors' concerns about the impact on the continuing trade war
on the global economy weighed on oil prices, with Brent crude
futures dipping 0.4% to $62.73 a barrel.
Over in the U.K., the FTSE 100 equity benchmark declined 0.5%
after a closely watched poll suggested that Prime Minister Boris
Johnson's Conservative Party are poised to secure a majority in
next month's general election. The British pound rose to a
six-month high against the euro overnight.
Among the biggest gainers in Europe was Virgin Money. The
financial-services company gained over 24% in London after
reporting some financial metrics including net interest margin and
capital measures that were better than analysts had expected.
Meanwhile, Rémy Cointreau slipped 2.3% in Paris after the French
beverage company's fresh forecasts for the year disappointed
Write to Avantika Chilkoti at Avantika.Chilkoti@wsj.com
(END) Dow Jones Newswires
November 28, 2019 05:10 ET (10:10 GMT)
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