Wall Street falls as Trump, Hong Kong dampen mood

by   |  VIEW 176

Wall Street falls as Trump, Hong Kong dampen mood

On Monday, the 11th of November 2019, all three key indexes of Wall St. remained gloomier, as possibilities of a quicker resolution to Sino-US trade war were evaporated following downbeat comments from US President Donald Trump, while a latest escalation at violent protests in Hong Kong which had been toiling Asia’s largest business hub following death of a protestor last week added to investors’ worries.

In point of fact, a muzzle in Monday’s (November 11th) Wall St. was anticipated after Trump had wiped out hopes of a China tariff roll-back from a “Phase One” interim trade deal between the world’s first- and second-largest economy, US and Chine respectively, concomitantly, adding further strains over a trade deal outlook, Trump was quoted saying on Saturday (November 9th) that US would only make a deal, had it been in US terms, which had also raised further concerns on whether the countries had really been making progress towards a trade deal.

Nonetheless, adding Hong Kong protest hit sentiments harder than a trade deal on Monday (November 11th) market, a chief market economist at Spartan Capital Securities in New York, Peter Cardillo said, “The protests in Hong Kong seem to be increasing the worries of a trade deal, but I think its just an excuse to take some money off the table.

We have been quite strong at those market highs last week, so it’s just a minor pull back, and I don’t think it’s going to be enduring. ” Quoting statistics, on Monday’s (November 11th) Wall St.

closure, Dow was down by 0.44 per cent to 27,560.33, S&P 500 faltered 0.36 per cent to 3,081.92, while tech-heavy Nasdaq composite was down by 0.29 per cent at 8,450.35 on Monday’s (November 11th) market wrap-up.