On Friday, the 8th of February, a stockpile of global stocks fell, as global economic growth and trade tensions had been dampening the market momentum and souring the investors’ optimism of a plausible rebound. The renewed worry surrounding the trade conflicts had pushed the global stocks to post their first weekly fall this year, meanwhile the American dollar headwinds & well on-route to secure their largest weekly gain since last August, following an upbeat US job data and a retreat of weekly unemployment rate to 1 and ½ year low.
Over the course of intra-day trading, the MSCI’s gauge of global index had shredded off 0.60 percent of their earlier gains and dragged the index down to set for its first weekly loss following six weeks of consecutive gains.
This week had many repercussions to digest for the investors, since the eurozone had downsized their growth forecast and the Wall St. had to grapple with a basket of softer-than-expected earnings, meanwhile trade tension had heaved itself into a whole new scale, following Trump’s downbeat declaration, which unveiled that he would not want to meet Chinese President before the trade truce deadline.
Adding further stresses into the geo-political worries, the British PM had been sent to Brussels to renegotiate a Brexit amendment regarding the disputed Norther-Irish border, while the EU commission asked for insurance over the border issue, further complicating the complexion of the meeting and, multiple businesses had been found moving their assets from UK to other eurozone countries to remain operational, leaving the Britain dried out.
Citing statistics, Dow Jones Industrials among the three major indexes of Wall St., had been on the red at the late US trading session, down by 0.25 percent to 25,106.33, meanwhile the S&P 500 and Nasdaq composite remained nearly flatlined.
In Europe, UK’s FTSE 100 fell by 0.32 percent to 7,071.18, and the Frankfurt’s DAX 30 had been 1.05 percent down, while the Paris CAC 40 curbed 0.40 percent. Markets in Asia-Pacific region had been scaled to the lowest notes, while the Nikkei 225 posted a plunge of 2.01 percent to 20,333.17.
The American dollar was 0.11 percent down against Euro to 1.1328, and 0.05 percent down against Great Britain Pound to 1.2947, meanwhile the US dollar felt against the safe-haven currency Japanese Yen by 0.07 percent to 109.72, signaling a heightening appeal for safe haven assets like Japanese Yen and gold.
However, gold concluded the day with a 0.30 percent rise to $1313.60 an ounce, and the US crude was 0.13 percent to 52.71.