London — Global stocks and the dollar fell on Wednesday after a strong advocate of free trade resigned from the White House, fanning fears that US President Donald Trump would proceed with protectionist tariffs and risk a trade war. Economic adviser Gary Cohn, seen as a bulwark against protectionist forces within the Trump administration, said on Tuesday he was leaving, sparking a global sell-off across a number of major asset classes. MSCI’s world equity index, which tracks shares in 47 countries, was down 0.2%, having seen some strength in Asian trading following news that South and North Korea would hold their first summit in more than a decade. The pan-European Stoxx 600 was down 0.4%, with Germany’s DAX, home to many export-led companies, down 0.5%. European car makers, which face the risk of a hike in import tariffs to the US, were among the worst performers, falling 1.1%. Equity futures pointed to the US S&P 500 index opening 0.8% lower. "The implication is that without the r...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.