Stocks mixed amid trade fears; oil prices rise


NEW YORK, Sept 12, 2018 (BSS/AFP) – Global stocks were mixed Tuesday on
worries over lingering trade conflict between the United States and China,
while oil prices advanced ahead of a major hurricane that threatens US

Investors were monitoring US trade relations on various fronts, with
Canada’s top diplomat Chrystia Freeland back in Washington Tuesday for more
talks, and after another round of negotiations between US and European
officials concluded Monday without a deal.

China plans to ask the World Trade Organization next week for permission
to impose sanctions on the United States over anti-dumping practices taken
against some Chinese products. The conflict marks another front in the
burgeoning dispute between the world’s two biggest economies.

“The strained trading relations between the US and China have taken a new
turn,” CMC analyst David Madden said of the move which he said “could trigger
a reaction from President Trump and investors are exiting equities as a

Key European markets London and Frankfurt both ended lower while Paris
managed to edge into positive territory.

Wall Street stocks opened the session in the red, but sentiment shifted
later in the day following strong data on small business confidence, said
Karl Haeling of LBBW.

“Stocks kind of wanted to go up anyway” amid largely positive data that
has shown the relative strength of the United States compared with other
economies, Haeling said.

Large technology shares, under pressure in recent sessions, pushed higher,
with Apple jumping 2.5 percent ahead of the expected launch on Wednesday of
new iPhones.

Amazon, Microsoft and Facebook all won at least one percent.

Petroleum-linked companies were another strong sector, with Dow member
Exxon Mobil rising 1.4 percent and Apache and Halliburton both winning 1.8
percent following a rise in oil prices.

The impending storm boosted gasoline prices due to panic buying of the
fuel, as well as worries about oilfield infrastructure due to Hurricane
Florence. Oil prices were also boosted by an expected hit to Iranian oil
exports due to sanctions, analysts said.

Earlier Tuesday, Asian investors also trod uneasily as concerns over trade
and emerging markets dragged on confidence.

Hong Kong fell 0.7 percent and is now more than 20 percent from its record
touched in January, putting it in a bear market.

Shanghai hit lows not seen since January 2016.

However, Tokyo rose 1.3 percent as exporters were supported by a weaker
– Key figures around 2040 GMT –

New York – Dow: UP 0.4 percent at 25,971.06 (close)

New York – S&P 500: UP 0.4 percent at 2,887.89 (close)

New York – Nasdaq: UP 0.6 percent at 7,972.47 (close)

London – FTSE 100: DOWN 0.1 percent at 7,273.54 (close)

Frankfurt – DAX 30: DOWN 0.1 percent at 11,970.27 (close)

Paris – CAC 40: UP 0.3 percent at 5,283.79 (close)

EURO STOXX 50: UP 0.1 percent at 3,311.66 (close)

Tokyo – Nikkei 225: UP 1.3 percent at 22,664.69 (close)

Hong Kong – Hang Seng: DOWN 0.7 percent at 26,422.55 (close)

Shanghai – Composite: DOWN 0.2 percent at 2,664.80 (close)

Euro/dollar: UP at $1.1600 from $1.1594 at 2100 GMT

Pound/dollar: DOWN at $1.3026 from $1.3027

Dollar/yen: UP at 111.57 yen from 111.13 yen

Oil – Brent Crude: UP $1.69 at $79.06 per barrel

Oil – West Texas Intermediate: UP $1.71 at $69.25 per barrel