Major world stocks pull back on trade worries and the dollar hits a year high
The dollar gains against a group of major currencies but Wall Street is hit by weak earnings and escalating trade tension; copper hits a one-year low
New York — The dollar hit a year high on Thursday against a basket of major currencies, but copper prices tumbled and major world stock markets pulled back amid concerns over China’s economy and continued global trade tensions. Wall Street’s main equity indices fell as investors also responded to a raft of corporate earnings and news that the EU may retaliate if the US slaps tariffs on EU cars. Chinese policy makers are pumping more liquidity into the financial system, and Beijing looks set to further loosen monetary conditions to mitigate threats to growth from a heated China-US trade war. China’s yuan fell to a one-year low against the dollar. "Over the past month or two, you have had strength in equities that hasn’t been supported by what you have seen in commodities and what you have seen in bonds," said Willie Delwiche, investment strategist at Robert W Baird in Milwaukee. "With this headline from China, people’s eyes are opened a little bit ... For today at least, it looks lik...
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