US equities fell 0.9% yesterday, amid renewed concern that President Trump’s administration will crack down on Chinese investment. The energy sector was a notable outperformer as oil and gas company shares gained with the increasing oil price.
White House economic adviser Larry Kudlow said that President Trump’s decision not to adopt a more stringent approach on trade did not represent a softer stance on China.
The US 10-year treasury yield fell to 2.83%, and the dollar appreciated against the Euro.
European stocks gained 0.8% on Wednesday, led by a 2.5% gain in the oil & gas sector, as investors weigh US demands for allies to end all imports of Iranian oil by Nov. 4.
News early yesterday that the US administration will adopt a softer stance than expected on Chinese technology investments buoyed European technology shares.
European leaders meet today in Brussels for an important European Council summit at which migration, European reform and Brexit will be key topics of discussion.
Asian stocks declined today as mixed messages on the US stance on trade weighted on investor sentiment. Japanese shares were broadly unchanged, while Chinese stocks fell 0.9%.
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