Global stocks fell for the second consecutive day on Tuesday as investors continue to worry about the upcoming trade war between the United States and China and the public’s review of technology companies.
Mainly due to a series of tariffs and Facebook data privacy scandals announced by President Donald Trump, which has caused the prospect of tightening supervision on social media and other technology stocks, the stock price has been declining.
Last week, Trump repeatedly tweeted that his favorite new opponent, Amazon, Amazon’s boss also owns the Washington Post, and the Washington Post has been criticizing the Trump administration.
Trump has already approved that the United States may impose higher taxes on the US $50 billion in Chinese products in response to complaints from Beijing that it has stolen or forced foreign companies to hand over the technology. These tariffs are higher than previously proposed proposals to increase the tariffs on imported steel and aluminum.
In response, China announced that it would increase tariffs on US$3 billion in U.S. goods, including pork, apples and steel pipes, which increased the risk of wider conflicts that could lead to a decline in global trade.
Chris Beauchamp, Chief Market Analyst at IG, said: “The sentiment is still clearly bearish and there are indeed terrible reasons. “When investors are faced with choices – whether they are waiting for development or reinvesting, this is the era. ”
The stock market performed significantly on Tuesday.
From the return of the long weekend of the Easter holiday, European stocks followed other stocks lower, although the expected rebound in Wall Street subsequently caused the loss to shrink.
In Europe, Germany’s DAX fell 0.8% to 11,999 points, while the London’s FTSE 100 index fell 0.2% to 7,037 points. France CAC 40 fell 0.5% to 5,140.
Wall Street stocks, which were released on Tuesday, closed steady with gains of 0.5% in Dow Jones Futures and Standard & Poor’s 500 Index futures. On Monday, Standard & Poor’s announced the worst quarter since October 2011, the index fell below the 200-day moving average for the first time in the past two years.
U.S. technology companies have received attention, especially Amazon, and on Monday after Trump expressed his concerns about the company on Twitter again, the company announced a huge loss of about 5% on Monday.
After Facebook’s data scandal last month, the industry has become the eye of investors, which has increased supervision. Netflix, Microsoft and Google parent Alphabet all saw their share prices fall.
Craig Erlam, Senior Market Analyst at OANDA, said: “The industry’s pressure does not seem to disappear in the short term, which will continue to drag on the index.
Earlier in Asia, the Shanghai Composite Index fell 0.8% to 3,163.63 points, and the Tokyo Nikkei 225 Index fell 0.4% to 21,292.29 points. Sydney’s S&P-ASX 200 fell 0.1% to 5,751.90. Elsewhere, Seoul’s Kospi closed down 27 points at 2,442.43. Hang Seng in Hong Kong rose against the market and closed at 30,137.49 points, an increase of 0.2%.
Elsewhere, the euro was unchanged at $1.23 and the dollar rose 0.3% to 106.23 yen. In the oil market, U.S. crude oil in the electronic exchange on the New York Mercantile Exchange rose 22 cents to US$63.23 per barrel, while Burren Crude Oil, which is used to price international oil products, rose 29 cents to 67.93 US dollars in London.