World stocks markets ease, dollar gains amid trade tensions

Published: June 09, 2018 12:19:44 | Updated: June 12, 2018 12:20:44


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Global stocks mostly eased while the dollar rose on Friday as expectations that trade tensions will dominate the Group of Seven countries’ summit weighed on sentiment.

MSCI’s gauge of stocks across the globe shed 0.31 per cent. It was still on track, however, to break a three-week streak of losses. US stocks were nearly flat, reports Reuters.

Investors were anxious about the G7 summit, kicking off Friday in Quebec, where mounting risks of a tariff war between the United States and its major trade partners are in the spotlight.

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European markets edged lower amid the trade tensions where the pan-European FTSEurofirst 300 index lost 0.25 per cent.

The Dow Jones Industrial Average rose 24.95 points, or 0.1 per cent, to 25,266.36, the S&P 500 gained 0.54 point, or 0.02 per cent, to 2,770.91 and the Nasdaq Composite dropped 6.82 points, or 0.09 per cent, to 7,628.25.

The US dollar rose after a four-day losing streak, while perceived safe-haven currencies such as the yen gained as investors grew cautious.

The dollar index rose 0.18 per cent, with the euro down 0.24 per cent to $1.1769.

The Japanese yen, considered a safe haven, strengthened 0.21 per cent versus the greenback at 109.47 per dollar.

US Treasury yields were little changed as traders awaited outcome of the summit.

Benchmark 10-year notes last rose 2/32 in price to yield 2.926 per cent, from 2.933 per cent late on Thursday.

In the oil market, US crude fell 0.59 per cent to $65.56 per barrel and Brent was last at $76.51, down 1.05 per cent.

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