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U.S. dollar drops, yields rise after Trump comments on Fed policy and tariffs

 
Wall Street and European stock markets stalled, despite good corporate earnings, after Trump threatened to impose tariffs on all US imports from China.


Trump repeated his criticism on the eve of US policy in the Federal Reserve to raise interest rates, saying he was concerned that the central bank this year will raise interest rates twice, said the White House spokesman CNBC.


The US President also mourned the strength of the dollar and accused the European Union and China of manipulating their currencies.


The US dollar fell most in just three weeks against a basket of six major currencies, stopping a rally that brought the dollar to an annual high.


"Today, the dollar is an important issue, especially because we are on the rise for quite some time," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.


The dollar index fell by 0.77 percent, and the euro rose by 0.74 percent to $ 1.1727.


The benchmark of 10-year US notes fell 14/32 in price, to 2.8968 percent, from 2.847 percent at the end of Thursday.


The long end of the US Treasury yield curve, reflecting sentiment about the growth of inflation and the health of the US economy, saw the biggest jump in one day since May, and short-term maturities remained stable.


On Wall Street, the Dow Jones Industrial Average fell 6.38 points, or 0.03 percent, to 25,058.12, the S & P 500 lost 2.67 points, or 0.10 percent, to 2,801.82, while the Nasdaq Composite fell by 5.10 points, or 0.07 percent, to 7,820.20.


Microsoft shares rose supporting the stock indices after a strong earnings report at the end of Thursday, while shares in General Electric declined after the conglomerate reduced its key financial target.


In the last trading floor, Trump said he was willing to impose tariffs on all 500 billion dollars of imported goods from China.


"The reason we are not so much is the push that has taken place over the past two months," said Walter Todd, Greenwood Capital's chief investment officer in Greenwood, South Carolina. "That is, between what is clearly a very good earnings and economic background in the US, contrasts with the risk that trade continues to be a problem."


The pan-European index FTSEurofirst 300 lost 0.15 percent on the background of growing tension in trade.


European car shares, sensitive to trade tensions, as US officials are working to reduce tariffs for car imports, fell 2.1 percent.


MSCI's stock index around the world increased by 0.37 percent, helped by Asian markets.


Oil prices rose as a weakening dollar, and lower expected August export of oil from Saudi Arabia supported the market. But concerns about rising tensions in US trade and supplies in China meant that oil prices showed their third week loss.


US oil rose by 1.44 percent to $ 70.46, while Brent increased by $ 73.07, an increase of 0.68 percent.




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