Wall Street feels concerned about trade and politics


    The stock exchanges in New York are closed mainly on Monday. The global trading tensions were felt on the trading floor now that the latest American and Chinese import duties have come into effect. Furthermore, reports were made about the resignation of Deputy Minister Rod Rosenberg, who had previously proposed that President Donald Trump be deposed.

    The leading Dow-Jones index ended 0.7 percent lower at 26,562.05 points. The wider composite S & P 500 dropped 0.4 percent to 2919.37 points. The Nasdaq increased by 0.1 percent to 7993.25 points.

    The US levies are for $200 billion in Chinese products, while China has introduced rates of $60 billion in American goods. Beijing has announced that it will not hold talks with Washington as long as the Americans threaten new charges.

    Export-sensitive companies

    The renewed trade concerns put pressure on export-sensitive companies. For example, aircraft manufacturer Boeing and machine manufacturer Caterpillar dropped to 1.5 percent, and the Chinese companies in New York-listed companies Alibaba and JD.com were 0.9 and 7.5 percent respectively.

    Comcast also added 6 percent. The cable company won the bidding battle last weekend for the British channel Sky of 21st Century Fox at a special auction. Investors seemed concerned about the price tag of 39 billion dollars. Netflix rose 2.3 percent after an analyst made a comparison between Comcast and the streaming service that was favorable for Netflix.

    Oil companies such as ExxonMobil and Chevron rose to 1.7 percent on rising oil prices. Large oil trading houses are considering an oil price that can rise to $100 a barrel, due to the failure of Iranian oil due to US sanctions. A barrel of American oil cost 2.1 percent more at 72.27 dollars. Brent oil rose 3.3 percent in price to $81.42 per barrel.

    The euro was worth $1.1748, compared with $1.17766 earlier in the day at the close of the European stock exchanges.