Ger30, UK100 and SP500 are CFD’s, written over the Dax30, Footsie100 and S&P500 Index futures:
The escalation of trade tensions between the US and China influenced the begining of the week, although some European markets managed to close on positive ground in a session that was marked by the closing of the North American market. Recall that Bloomberg reported that the Trump Administration would be studying the implementation of additional tariffs on 200 000 M.USD of imports from China. Bloomberg mentioned that the President had not yet made a final decision on the matter. Leading the losses were auto makers after Donald Trump rejected the European Union’s proposal for a reciprocal zero-tariff policy on car imports from the two economic blocs. However, the market sentiment was conditioned by the instability experienced in emerging markets, after the recent and strong devaluation of the Argentine Peso and the Turkish Lira. On the macroeconomic front, the PMI index for manufacturing activity in August fell from 55.1 to 54.6, the low of the last 21 months.
The US market was closed today to commemorate the Labor Day.