Cabinet reaffirms Saudi position of resolving conflicts through diplomatic means    Saudi FM receives message from Iranian counterpart    AlUla becomes favorite global summer destination for photography enthusiasts    Foreign Trade Authority leads Saudi negotiating team in second round of GCC-Japan FTA Talks    Crown Prince extends period of study to regulate landlord-tenant relationship to 90 days    130 charities say controversial Gaza aid group must be shut down    Inzaghi hails 'historic' Al Hilal win over Man City: We climbed a mountain with no oxygen    Milinković-Savić says Al Hilal proved critics wrong after historic win over Man City    Al Hilal stuns Man City and stirs the world: 'One of the greatest nights in Saudi club football'    Michelin Guide launches in Saudi Arabia with phased rollout in 2025    Spanish PM's former aide detained without bail in corruption probe    US skips global UN meeting in Spain aimed at raising trillions to combat poverty    Al Hilal stun Manchester City in seven-goal thriller to reach Club World Cup quarterfinals    EU and Ukraine strike less ambitious but 'realistic' trade deal    'How fragile we are': Roskilde Festival tragedy remembered 25 years on    New Social Insurance Law comes into force on Tuesday    Over 190,000 Umrah visas issued since start of the season    PIF assets soar to $1.15 trillion in 2024    Historic Jeddah's visual identity re-imagined through global art installations at Al-Arbaeen Lagoon    Brad Pitt's Los Angeles home 'ransacked', police say    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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GLOBAL MARKETS-Stocks and oil fall, yen rallies as Trump threatens to further escalate China trade war
Published in Saudi Press Agency on 23 - 08 - 2019

Stocks and oil prices fell sharply on Friday while traditional safe havens rose after U.S. President Donald Trump threatened to further escalate his trade war with China "this afternoon," following a new round of retaliatory tariffs from Beijing.
Earlier on Friday China's Commerce Ministry said in a statement it would impose tariffs on about $75 billion in imports from the United States including some agricultural products, crude oil and small aircraft.
Trump responded mid-morning in a series of tweets, writing that "American companies are hereby ordered to immediately start looking for an alternative to China."
Trump cannot force U.S. companies to abandon China and he gave no detail on how he might proceed with any such order. But his series of tweets was seen as a harbinger for even further escalation of the trade war.
The Dow Jones Industrial Average fell 547.71 points, or 2.09%, to 25,704.53, the S&P 500 lost 65.23 points, or 2.23%, to 2,857.72 and the Nasdaq Composite dropped 215.03 points, or 2.69%, to 7,776.36.
The pan-European STOXX 600 index turned sharply lower after Trump's tweets, dropping 1% in the last half hour of trading to close down 0.78%, while MSCI's gauge of stocks across the globe dropped 1.29%.
Emerging market stocks lost 0.48% and U.S. dollar-denominated Nikkei futures fell 1.8%.
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23:02 LOCAL TIME 20:02 GMT
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