Stocks Slip After Trump Backs Hong Kong Protesters

Date : 11/28/2019 @ 1:22PM
Source : Dow Jones News
Stock : FTSE 100 Index (UKX)
Quote : 7259.61  43.36 (0.60%) @ 11:59AM
FTSE 100 share price Chart

Stocks Slip After Trump Backs Hong Kong Protesters

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1 Month : From Nov 2019 to Dec 2019

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By Avantika Chilkoti 

Global stocks dipped Thursday on fresh concerns over U.S.-China relations after President Trump signed a bill supporting Hong Kong protesters.

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 0.2%.

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, but didn't specify what those might be.

"It is certainly a notable added complication," said Richard McGuire, a rates strategist at Rabobank. "But whether China responds immediately -- and how they respond -- is obviously the key question."

Investors' concerns about the impact on the continuing trade war on the global economy weighed on oil prices, with Brent crude futures declining 0.3% to $62.85 a barrel.

In the U.K., the FTSE 100 equity benchmark declined 0.3% after a closely watched poll suggested that Prime Minister Boris Johnson's Conservative Party is poised to secure a majority in next month's general election. The British pound rose to a six-month high, and is trading at about GBP0.85 to the euro.

Among the biggest gainers in Europe was Virgin Money. The financial-services company advanced about 20% 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 over 3% in Paris after the French beverage company's fresh forecasts for the year disappointed investors.

Write to Avantika Chilkoti at Avantika.Chilkoti@wsj.com

 

(END) Dow Jones Newswires

November 28, 2019 08:07 ET (13:07 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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