Published: Wed, November 28, 2018
Finance | By Jaime Brady

Rand slightly firmer despite Trump’s trade war comments

Rand slightly firmer despite Trump’s trade war comments

Kudlow said the administration has been "extremely disappointed" by China's engagement in trade talks but the meeting between Trump and Xi on the sidelines of the Group of 20 summit could be a game-changer.

"We are seeing a greater degree of stability in sterling, but it went below recent ranges on Trump's comments", said Neil Mellor, currency strategist at Bank of New York Mellon in London. The president told the Wall Street Journal that if his meeting with Xi doesn't have a positive outcome, he will raise tariffs on all remaining imported goods from China.

After those soothing words, the Dow rose by 108 points, or 0.4 per cent, to close at 24,748.

Nine of the index's 11 major sectors were lower, led by a 1.8-per-cent slide in the materials sector. Brent settled at $60.21, down 27 cents or 0.45 percent.

Apple Inc fell 1.6% and led the declines in the technology sector after Trump said tariffs could also be placed on laptops and iPhones imported from China. The pan-European STOXX 600 index .STOXX lost 0.26 percent and MSCI's gauge of stocks across the globe .MIWD00000PUS gained 1.17 percent.

European markets opened subdued, but dipped as trading progressed.

In his early years running Apple, Cook would respond to questions about increasing manufacturing in the U.S.by saying the skill sets in China are more conducive to producing the company's products.

The Black Caviar Apple Watch Series 4 with black
The Black Caviar Apple Watch Series 4 with black

In the slowly escalating trade war between the United States and China, laptops and iPhones could be the next casualty hit by tariffs. "Maybe. Maybe. Depends on what the rate is", he said.

Fed Chairman Jerome Powell is scheduled to speak on Wednesday and his commentary will be closely watched for further clues on the path of interest rate hikes and signs of slowing economic growth in the face of rising trade tensions.

Sterling was weaker across the board after Trump said on Monday the agreement allowing the United Kingdom to leave the European Union may make trade between Washington and London more hard.

In commodity markets, oil prices climbed almost 3 percent on Monday in what was seen as largely a technical correction after weeks of losses.

US crude oil futures settled at $51.56 a barrel, down 7 cents or 0.14 percent, after slipping as low as $50.30 earlier in the session.

"If need be, if things don't work out in this U.S".

In commodity markets, oil prices dipped, weighed down by uncertainty over the U.S.

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