China, Europe warn trade war could trigger global recession

China, Europe warn trade war could trigger global recession

China, Europe warn trade war could trigger global recession

"Downside risks to the economic outlook are rising, with escalating trade tensions now at the forefront of investors' minds", wrote Citi analysts in a research note.

Treasury Secretary Steven Mnuchin took to Twitter today to contradict reports that companies with at least 25 percent Chinese ownership will be barred from buying US companies with "industrially significant technology".

A senior Pentagon official said they see China as continuing to enforce sanctions on Pyongyang as negotiations on a denuclearization plan continue.

Since June 17, a group of navy warships, including a Type 054A frigate and a Type 052C destroyer, have been conducting exercises near Taiwan, including in the Bashi Channel and the Taiwan Strait, said 81.cn, an official publication of the Chinese army.

This was reported by the Wall Street Journal, reports Interfax-Ukraine.

Technology stocks bore the brunt of the damage.

Consequently, PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ: QQQ) closed down 2.3 percent, the S&P 500 Index 1.3 percent and the Dow Jones Industrial Average 1.3 percent.

He told the AP: "It is not in the interests of the United States to just be playing defense and creating a fortress America while the EU, China and others play offense and attempt to set the rules of the game for the next century". Its central bank said on Sunday it would cut the amount of cash some banks must hold as reserves by 50 basis points to spur lending to smaller firms.

He said investors should be bullish on the USA economy, claiming Trump's aggressive trade maneuvers had created new domestic investment. This trip, the first made by a US defense secretary in four years, comes as trade and military tensions with the Asian superpower are mounting.

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United States overtures towards Taiwan, from unveiling a new de facto embassy to passing the Taiwan Travel Act, which encourages US officials to visit, have further escalated tension between Beijing and Taipei.

Harley-Davidson shares fell nearly 6% after the firm said it would absorb the higher costs of new tariffs on motorcycles imposed by the European Union, adding millions to its expenses.

The growing disputes have led investors to take refuge on safer ground. He'll then head to Japan, the U.S.'s closest ally in the region, before heading back to Washington.

Gold hovered near last week's six-month low as investors chose Treasuries over bullion.

Oil prices meanwhile slid Monday after the Organization of Petroleum Exporting Countries (Opec) cartel agreed Friday with non-opec members including Russian Federation to lift crude output by one million barrels per day.

US crude CLcv1 fell 0.73 percent to settle at $68.08 per barrel and Brent LCOcv1 settled at $74.73, down 1.09 percent on the day.

The dollar fell almost half a percent to 109.48 yen, hitting its lowest levels in two weeks as the Japanese currency firmed on concerns about the global trade frictions.

The euro, meanwhile, extended its overnight gains, last trading above the $1.17 handle at $1.1716.

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