The Morning Report

Friday, 1 June 2018

Asian markets slipped on Friday as trade tensions returned to the spotlight after the U.S. announced tariffs on steel and aluminium imports on several of its allies would be reapplied.

Trade concerns returned to the fore after the Trump administration said tariffs on steel and aluminium from  Canada, Mexico and the European Union would take effect Thursday midnight U.S. time. The countries had previously been exempted from those tariffs, originally announced in March.

Canada plans to impose dollar-for-dollar tariffs on the U.S. in retaliation, according to the country’s foreign minister. The EU, another U.S. ally, said it would introduce counter measures.

U.S. stocks closed lower amid concerns the moves could lead to a trade war: The Dow Jones industrial average declined 1.02 percent, or 251.94 points, to close at 24,415.84.

The dollar index, which tracks the greenback against a basket of currencies, stood at 93.958. The People’s Bank of China (PBOC) set the Yuan reference rate at 6.4078 vs. previous day’s fix of 6.4144.

Brent crude futures added 0.22 percent to trade at $77.73 per barrel. U.S. West Texas Intermediate crude futures were mostly steady at $67.06 after settling 1.72 percent lower in the last session. U.S. crude fell 2.23 percent in May, breaking a two-month win streak.

Source : Reuters

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