ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Stock Market Outlook: Our dependence on US market limited now, next 10-15 years belong to India, says Anil Singhvi | Here's why
  • Toyota Hyryder Unveiled: Toyota India unveils new self-charging hybrid electric SUV in India; check details
  • Virtual Digital Assets: VDAs to attract 1% TDS from today; know what CBDT says about new norms
  • Gold Price Today: Yellow metal surges by over Rs 1000 as excise duty hiked to 12.5% - check gold rate in your city
  • Monsoon session of Parliament to begin on July 18; to end on August 12
Read in App
Business News » World News

Global Markets: Stock edge lower, gold gains on global growth slowdown, geopolitical fears

China`s industrial output growth slowed to a more than 17-year low, well below expectations, suggesting Beijing was feeling the sting of the protracted trade spat with the U.S. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Global Markets: Stock edge lower, gold gains on global growth slowdown, geopolitical fears
Tariff-sensitive tech stocks pulled all three major U.S. indexes lower and gold prices hit a 14-month high as investors fled equities for less risky assets. Image source: Reuters

Equity markets struggled and safe-haven assets like gold were in demand on Friday as weak Chinese data stoked investor anxieties over a global growth slowdown and fears of a U.S.-Iran confrontation added to geopolitical uncertainty. Attacks on two oil tankers in the Gulf of Oman lifted oil prices, although they remained on track for a weekly loss on worries a sluggish world economy could hurt demand.

China`s industrial output growth slowed to a more than 17-year low, well below expectations, suggesting Beijing was feeling the sting of the protracted trade spat with the U.S.  "Any time you have weak economic news coming out of China it highlights the fact that the trade tensions are having a negative impact on the global economy," said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York.

"The dollar is strengthening. It’s seen as a safe haven. Treasury yields are moving lower. This is all indicative of concerns the global economy is slowing," Pavlik added.

A warning of a broad slowdown in chip demand from chipmaker Broadcom Inc underscored the effects of the U.S.-China tariff dispute, dragging on European as well as U.S. equity indexes.

Tariff-sensitive tech stocks pulled all three major U.S. indexes lower and gold prices hit a 14-month high as investors fled equities for less risky assets.

The Dow Jones Industrial Average fell 18.96 points, or 0.07%, to 26,087.81, the S&P 500 lost 4.11 points, or 0.14%, to 2,887.53 and the Nasdaq Composite dropped 29.82 points, or 0.38%, to 7,807.32. MSCI`s broad gauge of stocks across the globe shed 0.33%, while the pan-European STOXX 600 index lost 0.35%. 

EYES ON THE FED
The Federal Reserve is set to hold its two-day monetary policy meeting June 18-19, with investors closely watching its outcome for clarity on expectations for a near-term rate cut.

A Reuters poll showed a growing number of economists expect the Fed to cut interest rates this year, although the majority still expect it to stay on hold. "There`s optimism (Fed Chair Jerome) Powell will come to the rescue on his white horse next week with a dovish statement, not a rate cut yet," Pavlik said. "That`s keeping equity losses in check."

Growing worries about a new U.S.-Iranian confrontation set crude prices on a rollercoaster ride, with Brent futures gaining 0.2% to $61.42 per barrel. Brent surged 2.2% on Thursday after the Norwegian- and Japanese-owned tankers both experienced explosions. 

The dollar index, tracking the greenback against six major peers, climbed to its highest in a week after encouraging retail sales data for May eased fears that the U.S. economy is slowing sharply, ahead of the Fed’s meeting next week.

The dollar index rose 0.35%, with the euro down 0.47% to $1.1222. Short-dated U.S. Treasury yields jumped, flattening the yield curve, after data showed a pick-up in consumer spending that subdued investor fears of rapid economic decay in the second quarter.

Benchmark 10-year notes last fell 1/32 in price to yield 2.0925%, from 2.091% late on Thursday. Gold pared some gains, but stayed on track for its third straight advance. Spot gold added 0.4% to $1,347.49 an ounce. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Global StocksMarketsUS-China Trade war
Written By: Reuters
Updated: Fri, Jun 14, 2019
11:02 pm
New York, Reuters
RELATED NEWS
Global stocks extend sell-off as U.S. warns of imminent Russian invasion of Ukraine Global stocks extend sell-off as U.S. warns of imminent Russian invasion of Ukraine
Global stocks rally after tech sell-off, dollar gains Global stocks rally after tech sell-off, dollar gains
US job data eases financial market concerns; Oil settles up but crude ends week down 5% US job data eases financial market concerns; Oil settles up but crude ends week down 5%
Asia stocks edge higher but markets on tenterhooks ahead of US payrolls Asia stocks edge higher but markets on tenterhooks ahead of US payrolls
Asian stocks slide one-month low as US tariffs on EU fan global growth worries Asian stocks slide one-month low as US tariffs on EU fan global growth worries

LATEST NEWS

Petroleum products exporters ONGC, RIL, MRPL, Vedanta shares fall after government imposes cess on diesel, petrol; know what is triggering correction

Toyota Hyryder Unveiled: Toyota India unveils new self-charging hybrid electric SUV in India; check details

Battlegrounds Mobile India update: BGMI crosses over 100 million users mark - Check details

Exclusive: June GST collections estimated at Rs 1.37-1.39 lakh cr, sources tell Zee Business ahead of announcement on 1 July

EV battery swapping startup Battery Smart raises USD 25 mn from Tiger Global, others

PAN-Aadhaar Link: Don't know if your PAN linked with Aadhaar? Check steps here now or else pay double penalty from July 1

GST Council Meeting Outcome: Big boost for Rakesh Jhunjhunwala's stock as sewage treated water gets exemption from GST

Gold Price Today: Yellow metal surges by over Rs 1000 as excise duty hiked to 12.5% - check gold rate in your city

HSBC to relaunch India private banking business within a year, says India CEO

Closing Bell: Nifty, Sensex pare losses to end flat; oil & gas biggest loser, FMCG top gainer

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV