NEW YORK, May 16 ― US stocks gyrated yesterday before ending slightly higher, as investors worried about increased China-US trade hostilities and disappointing retail sales figures, while signs of a pick-up in crude demand boosted oil prices. The Trump administration yesterday moved to block...
Saturday, 16 May 2020 09:29 AM MYT
The Trump administration yesterday moved to block global chip supplies to blacklisted telecoms equipment giant Huawei Technologies, spurring fears of Chinese retaliation and hammering shares of US producers of chipmaking equipment. China said it would put US companies on an “unreliable entity list.” Oil prices rose to their highest levels since March on signs that demand from China is picking up and as countries around the world ease travel restrictions imposed to try to halt the pandemic.
A broad measure of European stocks ended a bruising week roughly 4 per cent lower, the biggest weekly fall since the mid-March rout as the coronavirus crisis spread worldwide. On Thursday, US President Donald Trump signaled a further deterioration in his relationship with China over the novel coronavirus, saying he had no interest in speaking to President Xi Jinping and suggesting he could even cut ties with Beijing.
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