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US Equity Handover: China’s Retaliation Leads to 2019’s Worst Day for Global Stocks


Headlines

  • US indices got dumped, with major US indices closing roughly 2-4% lower in the worst day of the year for global equities (ACWI).
  • For the second day in a row, utilities (XLU) led the way by eking out a small gain. Technology stocks (XLK) were the worst performers, losing more than 3% on the day.
  • Risk aversion dominated today’s trade as China vowed to raise tariffs on US imports. State-run media suggested that China was considering even more extreme measures such as banning US agricultural imports or dumping US treasury holdings.
  • Uber (UBER) shed another 12% on the day after Friday’s IPO while rival LYFT shed 6% of its own. LYFT now trades 33% below March’s IPO price

Corporate Calendar (Asian session)


BOM = Before Market Open

Macroeconomic Calendar


*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.


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