Need to Know: Negative stock calls based on trade-talk setback are piling up
That’s especially true as investors bailed out of global equities Thursday, and sought safe haven assets on the growing realization that the trade spat between the U.S. and China could stick around for a while. That shift in mind-set is at the heart of our call of the day, provided by banking giant Nomura.
Nomura doesn’t expect tariff escalations between now and June, when Trump and China President Xi Jinping are due to meet at a G20 gathering . But neither do they see tensions easing off, predicting a final round of U.S. tariffs in the third quarter of this year, followed by China retaliation. The bank isn’t alone as JPMorgan Chase has also told its clients to brace for additional tariffs at the end of June.
Jeroen Blokland, Robeco portfolio manager, said his firm shifted to neutral on equities after Trump’s tweet earlier this month that tipped off fresh trade tensions. The dollar DXY, +0.14% is higher across the board. The euro EURUSD, -0.1255% is also down, not helped by weak economic data and European parliamentary elections that are getting underway. Gold GCM19, +0.21% is wobbling and U.S. crude CLN19, -1.60% is hitting a two-month low.
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