Global stocks fell Friday amid worries about the potential impact of U.S. trade policies and as investors became more cautious about the market’s recent rally.
KEEPING SCORE: France’s CAC 40 slumped 1.4 percent to 4,822, while Germany’s DAX fell 1.5 percent to 11,770. Britain FTSE100 shed 0.7 percent to 7,218. U.S. shares were set to drift lower as well, with Dow and S&P 500 futures both down 0.4 percent.
TRUMP WORRIES: President Donald Trump’s stance on trade has unnerved many U.S. trading partners, as he has repeatedly accused countries like China and Japan of unfair competition and currency manipulation that he says are hurting U.S. jobs. Some investors are also wondering how soon Trump will deliver on promises to cut taxes for businesses and invest in infrastructure. With U.S. markets repeatedly hitting record highs, some investors seem to be turning more cautious.
JITTERY TIMES: “While shares have generally continued to push higher they remain at risk of a short term correction being technically overbought again, and with short term investor sentiment at levels often associated with corrections,” Shane Oliver of AMP Capital said in a commentary.
ASIA’S DAY: Japan’s benchmark Nikkei 225 edged 0.5 percent lower to finish at 19,283.54, while South Korea’s Kospi fell 0.6 percent to 2,094.12. Australia’s S&P/ASX 200 dipped 0.8 percent to 5,739.00. Hong Kong’s Hang Seng stood at 23,993.99, down 0.5 percent, but the Shanghai Composite index was little changed at 3,253.43.
ENERGY: Benchmark U.S. crude oil futures lost 37 cents to $54.08 a barrel. It rebounded 86 cents in New York overnight. Brent crude, the standard for pricing international oils, fell 44 cents to $56.14 a barrel in London.
CURRENCIES: The dollar dropped to 112.34 yen from 113.26 yen late Thursday. The euro rose to $1.0608 from $1.0554.
