Global markets 2% lower on rising US-China tensions

Vrasidas Neofytou
Head of Investment Research

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Market Brief, Friday, 24th of July, 2020

Chinese stock markets led losses in Asia with 2%, extending their downward trend after China’s Foreign Ministry canceled the license for the US consulate general in the southwestern city of Chengdu. 

US markets fell on Thursday in response to the worse-than-expected weekly jobless claims. The Nasdaq index led the losses with 2% due to a sell-off in major technology companies such as Microsoft and Apple. 

Crude oil prices fell 2% on Thursday as the growing coronavirus cases, geopolitical tensions, and rise in US oil inventories weighed on prices. 

Gold prices rose 1% yesterday, reaching the $1,900 per ounce level, its highest since 2011, in response to the weaker US dollar, falling US bond yields, and the rising US-China tensions.   

The Japanese Yen was stronger across the board yesterday, gaining support from safety flows amid the deterioration of US-China tensions, stock market losses, and the weaker US dollar. 

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