AVN 54.75 Decreased By ▼ -0.72 (-1.3%)
BOP 10.65 Increased By ▲ 0.44 (4.31%)
CHCC 127.00 Decreased By ▼ -2.20 (-1.7%)
DCL 8.97 Decreased By ▼ -0.13 (-1.43%)
DGKC 102.98 Decreased By ▼ -1.77 (-1.69%)
EFERT 66.80 Decreased By ▼ -0.25 (-0.37%)
EPCL 31.25 Decreased By ▼ -0.50 (-1.57%)
FCCL 21.10 Decreased By ▼ -0.05 (-0.24%)
FFL 13.66 Increased By ▲ 0.51 (3.88%)
HASCOL 14.12 Increased By ▲ 0.48 (3.52%)
HBL 129.53 Decreased By ▼ -0.21 (-0.16%)
HUBC 81.90 Decreased By ▼ -0.70 (-0.85%)
HUMNL 9.48 Decreased By ▼ -0.03 (-0.32%)
JSCL 15.85 Increased By ▲ 0.17 (1.08%)
KAPCO 24.70 Increased By ▲ 0.35 (1.44%)
KEL 3.54 Decreased By ▼ -0.06 (-1.67%)
LOTCHEM 12.92 Decreased By ▼ -0.04 (-0.31%)
MLCF 33.00 No Change ▼ 0.00 (0%)
OGDC 112.29 Decreased By ▼ -1.26 (-1.11%)
PAEL 33.05 Decreased By ▼ -0.30 (-0.9%)
PIBTL 11.07 Decreased By ▼ -0.03 (-0.27%)
PIOC 81.00 Increased By ▲ 0.94 (1.17%)
POWER 9.11 Increased By ▲ 0.37 (4.24%)
PPL 99.25 Decreased By ▼ -0.05 (-0.05%)
PSO 181.42 Decreased By ▼ -2.10 (-1.14%)
SNGP 55.43 Decreased By ▼ -0.42 (-0.75%)
STPL 11.77 Increased By ▲ 0.22 (1.9%)
TRG 50.16 Increased By ▲ 1.81 (3.74%)
UNITY 12.60 Increased By ▲ 0.03 (0.24%)
WTL 1.05 Increased By ▲ 0.08 (8.25%)
BR100 4,139 Increased By ▲ 42 (1.02%)
BR30 21,249 Increased By ▲ 351 (1.68%)
KSE100 39,849 Increased By ▲ 271 (0.68%)
KSE30 17,278 Increased By ▲ 121 (0.7%)
COVID-19 TOTAL DAILY
CASES 281,136 675
DEATHS 6,014 15
Sindh 122,016 Cases
Punjab 93,571 Cases
Balochistan 11,780 Cases
Islamabad 15,122 Cases
KP 34,324 Cases
Markets

US stocks open lower as China announces new tariffs

NEW YORK: Wall Street stocks opened lower Friday after China announced another round of tariffs on US goods, the latest

23 Aug 2019

NEW YORK: Wall Street stocks opened lower Friday after China announced another round of tariffs on US goods, the latest escalation in the protracted trade war between the countries.

About 15 minutes into trading, the Dow Jones Industrial Average was at 26,149.07, down 0.4 percent.

The broad-based S&P 500 also slid 0.5 percent to 2,909.84, while the tech-rich Nasdaq Composite Index fell 0.6 percent to 7,944.74.

China's tariff announcement came just before a widely-anticipated speech by Federal Reserve Chair Jay Powell that is expected to offer clues on the likelihood of further interest rate cuts.

Beijing's punitive tariffs target $75 billion worth of US imports and will range from 5 percent to 10 percent on 5,078 items, China's state council tariff office said.

Beijing also announced it will impose a 25 percent tariff on US autos and a 5 percent tariff on auto parts starting December 15.

China had vowed action after President Donald Trump earlier this announced tariffs on $300 billion in Chinese imports, levies that will take effect in September and December.

Powell, meanwhile, is due to address an annual central banker gathering in Jackson Hole, Wyoming. The Fed last month cut interest rates for the first time in more than a decade.

Futures markets expect another rate cut in September, but some regional Fed presidents on Thursday expressed reticence about cutting interest rates again so soon.

Among individual companies, cloud computing company Salesforce surged 5.6 percent as it lifted its full-year revenue forecast after a 22 percent jump in second-quarter sales to $4.0 billion.

Hasbro dropped 5.7 percent after announcing it will acquire Entertainment One for $4.0 billion in cash, a purchase that includes the "Peppa Pig" and "PJ Masks" brands.

Copyright AFP (Agence France-Press), 2019