The new round of tariffs promises more volatility

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The new round of tariffs promises more volatility when stock markets resume trading on Monday, although Wall Street is closed for the Laborday holiday. Independent Australian market strategist, Greg McKenna, said that market concerns had been repeatedly soothed by conciliatory words from Beijing and Washington. But he said reality could begin to bite with Sunday’s new round of tariffs. “All the while the tariffs are actually being imposed and the global growth, earnings, and interest rate cycles are pointing down again,” he said. “On top of that, the inverted US yield curve suggests to many that at best the US economy is slowing materially and at worst that the recession count down has begun.” The trade tariffs on China have contributed a slowing of the Chinese economy , as well as other countries’ economies in the region. A snapshot of the country’s giant manufacturing sector released on Saturday showed that activity contracted for the fourth month in succession in August. The Chinese yuan has also come under pressure and fell to an 11-year low against the US dollar last week . South Korea said on Sunday that its exports had fallen for the ninth month in a row.
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