• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      CBN says cryptocurrency ban in interest of Nigerians

      February 25, 2021

      Companies-in-Action

      Zenith Bank in strong operational performance as profit rises 10.4% to N230.56bn in FY20

      February 25, 2021

      Companies

      United Capital posts strong numbers as earnings rise 50% to N12.87bn in 2020

      February 23, 2021

      Finance

      CIBN revives mentorship initiative for bank workers

      February 20, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Insurance Business

      Enterprise risk management surges amid pandemic, RIMS reports

      February 25, 2021

      WORLD BUSINESS & ECONOMY

      Hyundai to recall 82,000 electric cars over battery malfunction

      February 25, 2021

      Frontpage

      Global health insurance premiums fall amid pandemic, says new report

      February 24, 2021

      Frontpage

      Insurance M&A record highest growth in Africa, Middle East in 2020

      February 23, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Oil and Gas

      REA delivers 100kW hybrid solar mini grid to Edo community

      February 25, 2021

      Oil and Gas

      OPL 310: LEKOIL engages Optimum Petroleum over CRSA agreement

      February 25, 2021

      Frontpage

      Nigeria still losing 200,000bpd crude daily as NNPC enlists army’s intervention

      February 25, 2021

      Frontpage

      Nigeria to sell 170MW electricity capacity to Togo from Calabar plant

      February 24, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      The bull run still has legs despite inflation concerns

      5 hrs

      Analyst Insight

      Incorporating three lines of defence in data privacy schemes

      5 hrs

      Analyst Insight

      Coronation MB analysts project sharp rates rise after Nigeria recession exit

      February 25, 2021

      Analyst Insight

      How NITDA can further foster data protection compliance in Nigeria

      February 22, 2021

Frontpage

Trump-Kim talks collapse: global stocks sink for third day as investors temper trade optimism

February 28, 2019612 views0 comments

Global stocks fell for a third straight day on Thursday as investor optimism about U.S.-China trade talks receded, while an early end to the U.S.-North Korean summit in Vietnam and weak Chinese economic data also weighed on sentiment.
The Japanese yen and the Swiss franc, both safe-haven currencies, gained after the United States and North Korea failed to reach an agreement on denuclearization of the Korean peninsula after two days of meetings.
U.S. President Donald Trump and North Korean leader Kim Jong Un had constructive discussions on denuclearization, the White House said, but news of the summit’s early break-up triggered flight-to-quality bids in lower-risk assets.
Riskier assets took a hit, with stocks across the board lower in Europe after the start of trading. The pan-European STOXX 600 index fell more than half a percent.
That followed a retreat in Asian equities, which took a hit as progress stalled on trade issues between China and the United States and data showed Chinese factory activity contracting to a three-year low. The Shanghai Composite Index fell half a percent. S&P futures indicated a lower open on Wall Street. [.N]
“The abrupt ending to the Trump-Kim summit encouraged a little selling as it suggests that politics in the region isn’t as stable as previously thought, just like the U.S.-China trade situation – not as robust as investors had believed,” said David Madden, markets analyst at CMC Markets in London.
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, February 27, 2019. REUTERS/Staff
“The recent declines must be taken in the context of the major rally since late December.”
The Chinese data also showed export orders fell at their fastest pace since the global financial crisis a decade ago, adding to worries about the nearly year-long trade dispute between China and the United States.
U.S. issues with China are “too serious” to be resolved with promises from Beijing to purchase more U.S. goods, and any deal between the two countries must include a way to ensure commitments are met, U.S. Trade Representative Robert Lighthizer told U.S. lawmakers on Wednesday.
Lighthizer said the office of the United States Trade Representative (USTR) was taking legal steps to implement Trump’s decision on Sunday to delay a tariff increase on more than $200 billion worth of Chinese goods that had been scheduled for Friday.
But USTR later clarified in a statement that it was not abandoning the threat of increasing the tariffs to 25 percent from 10 percent.
“This is likely to be the sort of trade deal that comes through: enough of a deal, or delays of further taxes to enable equities to stay supported while still allowing enough room for U.S. President Trump to criticize China on the campaign trail next year,” said Paul Donovan, chief global economist at UBS Wealth Management.
Global equities had scaled a four-month high earlier this week helped by upbeat expectations about the U.S.-China trade talks.
According to equity market analysts in Reuters polls, global stock markets in 2019 will at best only recoup losses from the deep sell-off late last year. They reckon the risk is skewed more toward a sharp fall by mid-year.
In currency markets, the dollar index against a basket of six major currencies fell 0.3 percent at 95.834.
The U.S. currency dipped 0.2 percent to 110.80 yen.
The yen often attracts demand in times of political tensions and market turmoil. It showed little response to data showing Japan’s factory output posted the biggest decline in a year in January.
The Swiss franc rallied by 0.85 percent against the dollar on Thursday after news of the end of the summit between Trump and Kim. [FRX/]
The euro was 0.4 percent higher at $.1.14120 after slipping 0.2 percent on Wednesday.
Britain’s pound was 0.1 percent lower $1.3297.
Sterling has rallied this week as investors ramped up bets that a no-deal Brexit is becoming less likely and that Britain’s departure from the European Union may be delayed. [GBP/]
Goldman Sachs on Thursday joined a growing number of banks and asset managers that reduced their probability of a no-deal Brexit.
Oil prices fell on Thursday amid weakening factory output in China and Japan and record U.S. crude output, although markets remained relatively well-supported by supply cuts led by producer club OPEC. [O/R]
U.S. crude oil futures slipped 0.3 percent to $56.78 per barrel, losing a bit of steam after surging 2.5 percent on Wednesday.
Brent was 0.7 percent lower at $65.94.[O/R]

Read Also:

  • Positive buying sentiments in large-cap stocks drive up market cap,…
  • Nigeria bourse in red as selloffs in banking, consumer goods stocks see…
  • Social Media Helps Global “Dream Teams” Come Together
  • Spotify targets one billion listeners across 80 new global markets
  • Global health insurance premiums fall amid pandemic, says new report
Share on Facebook Tweet Email
PreviousGovt revenue drops by N42bn as FAAC allocates N610bn
NextOil dips as trade talks drag, China’s economy shows weakness

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Social Media Helps Global “Dream Teams” Come Together
  • What’s Next for Jeff Bezos and Amazon?
  • What Makes Some Ads More Shareable Than Others?
  • Sincere commitment to reduce corruption in Nigeria
  • FGN: A confused investor in the oil industry

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Credit risk skyrockets in financial services industry globally, hits 20% in 2020

Frontpage February 3, 2021

1
2

Concern mounts over failure of N3bn Lagos airport’s aircraft landing aids

Frontpage January 13, 2020

3

Nigeria’s major manufacturers lobby, MAN, insists AfCFTA should not be signed over unaddressed concerns

Frontpage July 25, 2018

4

Oil prices slip to $71.43

Frontpage April 18, 2019

5

World Bank’s approved 540mw Nigeria power plant gets underway in Akwa Ibom

Frontpage July 17, 2018

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.