US stock indices pushed higher yesterday led by Apple , the largest company in the lead up to the release of new iPhone products today. Indices in Asia and Europe have been weaker and continue to struggle with the potential downside risk of the trade dispute. Investors think that both the US and China will be reluctant to show any weakness to each other and that the dispute is much more likely to get worse.
Trump has hinted that his ultimate goal is a zero tariff trading system which most people would see as positive , but it does seem a long way from reality.
The EU has just voted on a bill to approve a copyright law which will reduce the content on the large social media platforms which may hurt the stock prices of Facebook or Alphabet.
In economic data the US PPI for August came out weaker than expectations at -0.1% m/m (+0.2% exp) weakest in 18 months.
Latest prices are as follows:
Dow Jones 25970 flat / S&P500 2885 down 2 / Nasdaq 100 at 7496 down 11.
EUR 1.1590 down 13 / GBP 1.3006 down 23 / JPY stronger by 30 / DXY 95.12 down 11.
Gold 1194.00 down 4.20 / WTI Crude Oil at 70.04 up 80.