U.S. Equity Markets fell on concern over global trade risks and disappointing Factory data. The US Dollar and Treasuries declined. The S&P 500 Index slumped on renewed concern the U.S. will slap fresh tariffs on Chinese goods and after President Donald Trump reinstated levies on steel and aluminium from Argentina and Brazil. The risk-off mood spread to Europe, where shares got dragged to the biggest drop in two months. The greenback slid against most major peers, while Treasury 10-year yields had the largest increase in more than three weeks. The latest developments on trade overshadowed hope that the world’s two biggest economies were close to signing the first part of a trade deal. Meantime, an unexpected decline in U.S. manufacturing showed the sector lacked momentum in an environment of corporate investment cutbacks, subdued global demand and a still-simmering trade war. The American manufacturing miss countered signs of recovery in China and Europe. It also revived concern about the U.S. economy and could reignite bets on further Federal Reserve easing, as yesterday afternoon President Trump again called on the Fed to loosen Monetary Policy. Elsewhere, oil rebounded from the biggest weekly loss since October on speculation OPEC+ could defy expectations by deepening production cuts.
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