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(Bloomberg) – US stock index futures have extended their losses following a further escalation of trade tensions that has fueled investor anxiety, and the Chinese government has blamed the United States for the latest failed trade talks.
S & P 500 index contracts fell 0.8% after Beijing published a white paper on Sunday, saying the escalation of the trade war between the world's two largest economies has not "restored glory to America "- appropriating the slogan of President Donald Trump's 2016 campaign. Both the Nasdaq 100 and Dow Jones Industrial Average futures contracts declined to 0.9%.
In Europe, the Stoxx Europe 600 index declined 0.9%, reaching its lowest intraday level since February 15, led by the oil and gas and automotive sectors. The index prolonged its losses after closing May with a drop of 5.7%, recording its worst month since January 2016. Infineon Technologies fell 5.4% after agreeing to buy Cypress Semiconductor, while oil stocks hit their lowest level since January after flirting oil futures with bear market territory.
The S & P 500 lost 1.3% on Friday after Trump threatened to raise tariffs on Mexico, while US stocks were capping their first monthly decline since the market crash last December. The Dow posted its sixth consecutive weekly loss, the longest decline since 2011.
China argues that Washington's trade moves have seriously harmed the US economy by increasing production costs, causing price increases, harming population growth and livelihoods, and creating barriers to US exports to China.
–With the help of Michael Msika.
To contact the reporter about this story: Jackie Edwards in Sydney at [email protected]
To contact the editors responsible for this story: Tom Redmond at [email protected], Naoto Hosoda, Tim Smith
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