Wall Street’s main indexes fell sharply on Monday, with the Dow Jones Industrial Average tumbling more than 500 points, as China’s willingness to let the yuan slide in response to the latest U.S. tariff threat fanned fears that it could further aggravate an ongoing trade war.
Stock markets around the world fell hard and the Chinese yuan weakened to an 11-year low on Monday as fears of an escalation in the U.S.-China trade war jolted financial markets.
China’s decision to let its yuan plunge through a previously sacrosanct level means a tit-for-tat trade conflict could morph into a currency war, injecting volatility into long-dormant foreign exchanges and piling pressure on world markets.
Walmart Inc , the largest firearms retailer in the country, said on Monday there has been no change in company policy on firearms sales after two mass shootings over the weekend.
Wall Street’s main indexes fell sharply on Monday, led by technology companies, as China’s willingness to let the yuan slide in response to the latest U.S. tariff threat fanned fears that it could further aggravate an ongoing trade war.
Oil prices fell on Monday on global growth concerns after U.S. President Donald Trump last week threatened China with more tariffs, which could limit crude demand from the world’s two biggest buyers.
Tesco , Britain’s biggest retailer, said it would cut around 4,500 jobs from its Metro stores in a new wave of redundancies designed to cut costs and reposition the group to compete in the highly challenging environment.
HSBC’s shock ousting of John Flint as chief executive was seen by some investors and bank insiders on Monday as a risky gambit by Chairman Mark Tucker given the political and economic uncertainties in the bank’s core markets.
Alphabet Inc’s Google on Monday announced that it would neutralize carbon emissions from delivering consumer hardware by next year and include recycled plastic in each of its products by 2022.
Tesco , Britain’s biggest retailer, plans to cut around 4,500 jobs as part of a restructuring of its Metro stores in the latest blow to the high street.
U.S. stocks opened lower on Monday, extending a sell-off from last week, weighed down by a drop in technology shares and as China’s yuan hit its lowest in more than a decade on escalating U.S.-China trade concerns.
U.S. stocks were set to open sharply lower on Monday as China’s yuan hit its lowest in more than a decade, spurring a continuation of a sell-off on trade concerns on Friday that generated the S&P 500’s worst weekly performance of 2019.
A consortium led by Bombardier Inc said on Monday it had won a contract to build and operate two monorail lines in Egypt for more than $4.5 billion.
Oil prices fell on Monday on global growth concerns after U.S. President Donald Trump threatened China with more tariffs, which could limit crude demand from the world’s two biggest buyers.
A consortium of Bombardier’s rail division , Orascom Construction and Arab Contractors said on Monday it had won a contract to supply and operate two monorail lines in Egypt for $4.5 billion.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
