Global Morning Post: Market worries about trade wars, US stock futures plummeted

Investing.com – Since Friday was the Good Friday, Europe and the United States and some Asian markets were closed, so the asset varieties continued to fluctuate on Thursday, and the market was not enthusiastic.

On the last trading day of the month on Thursday, gold fell this week, and this month was slightly expanded, and it achieved three consecutive quarters of increase. Crude oil also rose this month, but overnight US stocks received a boost from technology stocks, this The last trading day of the month closed up, but the US stocks performed poorly this month. The S&P 500 technology sector fell more than 4% this month. In addition, the cryptocurrency market continued to fall this month. Bitcoin futures have fallen more than 30% since March, and fell below $7,000 in intraday trading yesterday, the lowest since February 6.

In terms of news, the market continues to pay attention to the latest developments in the trade war. Previously, the market believed that Sino-US trade frictions had eased, but US Commerce Secretary Ross said on Wednesday that Trump’s statement on China’s tariffs would soon announce that steel tariffs would not push up inflation. However, the Federal Reserve’s Huck has different views. He believes that Trump’s tariff measures may push up inflation and lead to an increase in interest rates. The trade war has made the market tense again.

In addition to the trade war, relations between Russia and Western countries have also received close attention. According to Russian Foreign Minister Lavrov on Thursday, Russia will expel 60 US diplomats in response to Western countries expelling Russian diplomats. In response, the US State Department stated that Russia’s expulsion of US diplomats indicates that Russia has no intention of conducting a dialogue. Market risk aversion has once again been pushed up.

Market closing

US stocks: The US Standard & Poor's 500 Index closed up 1.38%, the Dow Jones Industrial Average closed up 1.07%, and the Nasdaq Composite Index closed up 1.64%.

European stocks: The FTSE Pan-European 300 Index closed up 0.61%. The German DAX30 index closed up 1.31%. The French CAC 40 index closed up 0.13%. The UK's FTSE 100 index closed up 0.17%.

A-shares: The Shanghai Composite Index closed up 1.22%, the biggest one-day gain in more than a month; Shenzhen Composite Index closed up 1.18%, and the GEM closed up 0.38%. After receiving the US stock market overnight, the Nikkei 225 index opened 1.1% higher today; South Korea's Seoul KLCI opened 0.7% higher; Hong Kong and Australia stock markets closed today due to Good Friday.

Gold: COMEX June gold futures closed down 0.2% to $1327.30 per ounce, down 2.1% this week, but rose 0.7% in the first quarter, rising for the third consecutive quarter, the longest consecutive quarter since 2011 number.

Crude oil: WTI May crude oil futures closed up 0.87% to $64.94 per barrel, down 1.4% this week, but rose 5.6% in March and rose 7.7% in the first quarter. Brent May crude oil futures closed up 1.06% at $70.27 a barrel. This week, it fell 0.3%, and it rose 8.6% in March. It rose 6.3% in the first quarter.

Forex: The US dollar index was flat due to the Easter holiday, which was basically the same as the previous day. Currently reported 90.10.

(For more real-time market data and quotations, please visit cn.investing.com/markets/)

Global Financial News

China's Ministry of Commerce: Willing to conduct principled negotiations with the United States

US Secretary of Commerce: A tariff statement for China will soon announce a willingness to negotiate with the EU

Navarro: The 301 tariff will no doubt be directed at "Made in China 2025"

US economic data is mixed, personal consumption expenditure is less than the Fed inflation target

Federal Reserve Huck: Trump's tariff measures may lead to an increase in interest rates

Trump's 1.5 trillion infrastructure plan is postponed until after the November midterm elections

Crown Prince of Saudi Arabia: OPEC and Russia are discussing a 10- to 20-year limited production agreement

Russian Foreign Minister Lavrov: Russia will expel 60 US diplomats

Bitcoin futures have fallen more than 30% this month.

Focus today

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March CPI annual rate in Tokyo (%)

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March CPI annual rate initial value (%)

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On Good Friday, the New York Stock Exchange is closed for one day.

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On Good Friday, CME's precious metals, US crude oil and foreign exchange contracts were closed all day.

(Data from cn.investing.com financial calendar tool)

Financial news details

China's Ministry of Commerce: Willing to conduct principled negotiations with the United States At a regular press conference on Thursday, the Ministry of Commerce spokesman said that China is willing to negotiate with the United States, but this is principled, and China will not succumb to any aspect. Forced negotiations. "China will take all appropriate measures to resolutely defend the interests of the country and the people. We hope that the US will stand on the brink, otherwise we will accompany it to the end."

US Secretary of Commerce: China's tariff statement will soon announce its willingness to negotiate with the European Union. US Commerce Secretary Ross said that Trump will soon announce a tariff statement against China, aiming at countering intellectual property theft. The United States is not coercing China. It is in "self-defense." Ross also said that Trump terminated the TPP without ending the Transatlantic Trade and Investment Partnership Agreement (TTIP). This is a very deliberate and very obvious message, that is, we are open to negotiations with the European Commission. . The market is worried that Sino-US trade friction will continue to ferment, and US stock futures have plummeted.

Navarro: The 301 tariff will no doubt be directed at "Made in China 2025"
White House trade adviser Navarro said bluntly on Wednesday: "Trump's levy on tariffs on Chinese goods is of course aimed at China's manufacturing 2025 plan to promote the industry. China's 2025 plan is basically China's unscrupulous announcement that they will dominate all emerging industries in the future. ”

US economic data mixed with personal consumption expenditures less than the Fed inflation target on Thursday, a series of important data released, data show that US personal consumption expenditure growth in February was in line with expectations, the core PCE price index increased by 1.6%, slightly higher than the previous value of 1.5%, but Still not as good as the Fed’s 2% inflation target. In addition, the number of US initial jobless claims last week unexpectedly fell to a low in January 1973. At the same time, the final value of the University of Michigan consumer confidence index in March was 101.4, the highest since 2004. The current index of the current index is 121.2, which is also a record high. Tax cuts and one-time bonuses helped American consumers improve their confidence and partially offset concerns about trade tariffs and stock market volatility.

Federal Reserve Huck: Trump's tariff measures may lead to an increase in interest rate hikes Federal Reserve official Huck said on Thursday that Trump's tariff measures may lead to an increase in interest rates. Expected to raise the number of interest rate hikes in 2018 due to inflation stabilization. It is expected that interest rates will be raised twice in 2018, which is higher than previously expected. The US GDP growth rate is expected to be 2.6% and 2.4% respectively this year and next. The unemployment rate is expected to be as low as 3.5% in 2019.

Trump's $1.5 trillion infrastructure plan or postponed until mid-November elections US President Trump said on Thursday that his $1.5 trillion infrastructure plan may not be implemented until the mid-term congressional elections in November. According to Trump's infrastructure plan, the US federal government only invested 200 billion US dollars, and the remaining 1.3 trillion US dollars mainly relied on local government and private enterprise investment. According to senior officials of the White House, there will be no infrastructure projects this year. I believe that there will be only next year.

Crown Prince of Saudi Arabia: OPEC and Russia are discussing a 10- to 20-year limited production agreement. Saudi Crown Prince Mohammed reached a $12.5 billion military sales order during his first visit to the United States. He told the media that OPEC and Russia are discussing to convert the annual renewed agreement into a long-term agreement that lasts for 10 to 20 years. "There has been agreement on the overall situation, but the details have not yet been determined."

Russian Foreign Minister Lavrov: Russia will expel 60 US diplomats Russian Foreign Minister Lavrov said on Thursday that Russia will expel 60 US diplomats. Subsequently, Russian Deputy Foreign Minister Ryabkov summoned the US ambassador to Russia, Hong Bopei, to inform him that Russia will expel 60 US diplomats in Russia and close the US Consulate General in St. Petersburg as a response to the US expulsion of Russian diplomats.

Bitcoin futures have fallen more than 30% this month. Since 2018, the global regulatory pressure has been increasing due to increasing global regulatory pressures. The cryptocurrency market has continued to fall in 2018. So far, bitcoin has fallen by 48% since 2018. There are many, while other digital assets, including Ripple and Litecoin, have experienced even greater declines. Yesterday, CME and CBOE bitcoin futures all fell 7-8% in March, of which CME bitcoin futures BTC May contract closed down 31.22%. The CBOE Bitcoin futures XBT May contract closed down 30.32% for the month.

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