European stocks close lower amid Trump remarks about China and the Fed

Shares in Europe closed lower on average on Friday afternoon following remarks from President Donald Trump over imposing tariffs on $ 505 billion worth of goods.

The pan-European Stoxx 600 ended provisionally lower by 0.09 percent at 385.2. The FTSE 100 in London ended flat, lower by just 0.04 percent.

Auto stocks were the worst-performers, down more than 2 percent amid reports that the European Commission is preparing retaliatory tariffs in case the U.S. moves ahead with duties on European carmakers. Banking shares were also under pressure amid comments from President Trump that he was not “thrilled” about the policy the Fed has followed.

Source : CNBC

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Russia, China Delay US Push for Halt of Refined Petroleum to North Korea

Russia and China have requested more time to consider a U.S. request to stop deliveries of refined petroleum products to North Korea, diplomats said Thursday.

The U.S. asked a U.N. sanctions committee last week to halt the shipments after accusing North Korea of exceeding a U.N. limit on fuel deliveries through illegal imports.

The U.S. claimed the imports go beyond the quota of 500,000 barrels per year allowed under U.N. sanctions and asked the committee to inform all U.N. member nations and the public that North Korea has violated the quota.

The U.S. also asked the committee to urge member states to exercise “enhanced vigilance” against Pyongyang’s attempts to obtain the products and to prevent ship-to-ship transfers.

The quota was among the sanctions imposed by the Security Council last December in response to North Korea’s launch of a missile North Korea said is capable of striking anywhere on the U.S. mainland.

At the June summit between U.S. President Donald Trump and North Korean leader Kim Jong Un in Singapore, Kim agreed to denuclearization. The Trump administration, however, has said sanctions will remain in place until the denuclarization process, which has yet to begin, is completed and verified.

Source : VOA

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Most Asia Stocks Fall as China Weakens Yuan by Most in Two Years

Most Asian equities fell as China weakened its daily reference rate for the yuan by the most in two years. Chinese shares declined for a sixth day while equities in Japan headed for the biggest loss in more than week.

The MSCI Asia Pacific Index was little changed at 164.74 as of 11:02 a.m. in Hong Kong as about three stocks fell for every two that advanced, with utilities leading gainers and material companies pacing losers. The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong headed for six-day drop, its longest losing streak in three weeks, while Japan’s Topix index retreated for a second day.

The yuan fell as much as 0.7 percent against the dollar in offshore trading after China set the daily reference rate to 6.7671.

Taiwan’s Taiex index +0.9%, South Korea’s Kospi index +0.1%, Kospi 200 +0.1%, Australia’s S&P/ASX 200 Index +0.4%, New Zealand’s S&P/NZX 50 little changed.

Straits Times Index +0.5%, Malaysia’s KLCI -0.4%, Philippine Stock Exchange Index -0.6%, Jakarta Composite -0.3%, Thailand’s SET +0.7%, Vietnam’s VN Index -0.3%.

Source: Bloomberg

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