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Wall Street opened lower on fears of economic slowdown

2019-05-31 02:13 pm | Resource: NEWS | No Views : 71

Wall Street opened lower on fears of economic slowdown

Markets opened in the US withheavy losses on Friday as fears of a trade war and concerns about a global economic slowdown weighed on equities.

Investors continued US President Donald Trump's decision to impose a 5% tariff on all imports from Mexico as of June 10, while trade tensions between the United States and China continued to rise with the expectation that Beijing would publish a list of "unreliable entities" Supply or damage to the interests of Chinese entities.

Personal spending slowed in the US during April

On the data front, household spending slowed in the US in April, another sign of the US economy losing its momentum in the second quarter after a strong start earlier this year.

US Department of Commerce data showed personal consumption spending rose on a seasonally adjusted monthly basis by 0.3% in April, a sharp slowdown from strong 1.1% gains in March, the best monthly increase since 2009. Personal income in the US rose 0.5% last month Compared to an increase of 0.1% in March, versus expectations of a rise of 0.3%.

Trump: It's time for Mexico to do what needs to be done

US President Donald Trump said on Friday that Mexico had benefited from the United States for decades and that recent immigration laws were inadequate. Mexico could easily correct the problem and it was time to do what needed to be done.

Trump "Mexico has benefited from the United States for decades, and because of the Democrats, our immigration laws are bad Mexico makes FORTUNE from the US, and they have contracts, they can easily solve this problem. .

Trump's comments came after he announced earlier in the day that the United States would impose a 5 per cent tariff on all Mexican goods from June 10 and that tariffs would remain in place until the issue of illegal immigrants from Mexico was resolved. His Mexican counterpart Andres López Obrador then called for dialogue with the United States to explore alternative solutions to the issue.
  • The Dow Jones fell 1.02% or 258 points, leading Verizon losses as it fell 3.18%.
  • The Nasdaq 100 fell 1.20%; Tesla lost 1.51%, hitting its lowest level since December 2016.
  • The S & P 500 fell 1.07%. Gap pulled the index down, dropping 14.95% at 15:31 CET.

The euro rose 0.24% against the dollar to sell against 1.1155 at 9:32 am Eastern time.


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