U.S. Equity Markets tumbled on concern tensions with China are escalating just days before high-level talks between officials from the world’s biggest economies. Chipmakers led the S&P 500 Index to a 1.6% loss and Chinese companies that trade in New York sank to the lowest level since mid-August as the Trump administration put visa bans on Chinese officials linked to the mass detention of Muslims in Xinjiang province. That came after China said it strongly opposed a U.S. move to blacklist some of its technology firms and Bloomberg reported the White House is moving ahead with discussions about restricting capital flows to China. The flare-up overshadowed comments by Federal Reserve Chairman Jerome Powell that the Central Bank will seek to calm money markets while leaving his options open on Interest Rates weeks ahead of policy makers’ next meeting. Ten-year Treasury yields fell below 1.55% and the US Dollar rose. The U.K. stepped up preparations for a no-deal Brexit in three weeks’ time as negotiations with the European Union headed toward a breakdown. In a call on Tuesday morning, Boris Johnson told German Chancellor Angela Merkel a divorce agreement is essentially impossible if the EU demands Northern Ireland must stay in the bloc’s customs union. Johnson spoke later to Irish Prime Minister Leo Varadkar and the two agreed to meet for talks before the end of the week.
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