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Trump's Travel Ban Weighs on Global Stock Markets

Benchmark U.S. crude rose 13 cents to $53.30 a barrel in electronic trading on the New York Mercantile Exchange
By The News · 30 of January 2017 08:40:50
People stand by an electronic stock board of a securities firm, People stand by an electronic stock board of a securities firm in Tokyo, Monday, Jan. 30, 2017. (AP Photo/Koji Sasahara), photo: AP/Koji Sasahara

Global stock markets fell Monday after President Donald Trump’s decision to impose a travel ban on seven Muslim-majority countries. Investors are wary of what the move presages for global trade, not least because there is so much disagreement around the world over the move.

KEEPING SCORE: In Europe, Germany’s DAX fell 0.8 percent to 11,725 while the CAC 40 in France shed 0.9 percent to 4,798. Britain’s FTSE 100 was 0.7 percent lower at 7,132. U.S. stocks were poised for a lower open too, with Dow futures and the broader S&P 500 futures down 0.3 percent.

TRUMP TRAVEL BAN: The executive order signed by Trump on Friday placed a 90-day ban on travel to the U.S. by citizens of Iraq, Syria, Iran, Sudan, Libya, Somalia or Yemen. It imposed a 120-day suspension of the U.S. refugee program and blocked Syrians from entry indefinitely. The move triggered protests and confusion at U.S. airports and raised uncertainty about specific industries as well as triggering wider concerns over global trade.

ANALYST VIEWPOINT: “He’s sticking to his pledges, adding to concerns that he goes all in and pins chunky import tariffs on China — and elsewhere — to encourage Americans to buy domestic,” said Mike van Dulken, head of research at Accendo Markets.

ASIA’S DAY: Japan’s Nikkei 225 index fell 0.5 percent to 19,368.85. The S&P ASX 200 in Australia dropped 0.9 percent to 5,661.50 and India’s Sensex edged 0.1 percent lower to 27,849.92.

ENERGY: Benchmark U.S. crude rose 13 cents to $53.30 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, which is used to price international oils, was up 3 cents to $55.73 a barrel.

CURRENCIES: The euro was 0.6 percent lower at $1.0640 while the dollar fell 0.3 percent to 114.72 yen.