European Union chief negotiator Michel Barnier.
POOL/AFP via Getty ImagesGlobal stocks slipped on Monday on trade tensions, as the U.S. reportedly readies fresh sanctions on China, and the European Union failed to strike a trade deal with the U.K. over the weekend.
The Nikkei 225 declined 0.8% in Tokyo and the Hang Seng lost 1.2% in Hong Kong.
The Stoxx Europe 600 fell 0.7%.
U.S. stock futures also were lower.
Over the weekend, U.K. Prime Minister Boris Johnson held talks with European Commission President Ursula von der Leyen, as negotiators try to reach a deal on a level playing field, dispute mechanisms, and fishing. Irish Foreign Minister Simon Coveney told Irish broadcaster RTE that the update on Monday from the EU’s chief negotiator, Michel Barnier, was “very downbeat.”
The pound dropped sharply, which gave a boost to the U.K. FTSE 100 stock market index, as many top U.K.-listed companies rely on revenue outside Great Britain.
“As time begins to run out, the base case scenario for the majority of investors is still that an agreement will be reached before time runs out. However, the clock is ticking and every day that passes without an agreement being reached increases the pressure and raises the stakes, forcing investors to start factoring in the possibility of there being no deal in place by December 31, at the end of the transition period,” said Ricardo Evangelista, senior analyst at ActivTrades.
Reuters reported the U.S. was preparing economic sanctions on a dozen more Chinese officials, in response to Beijing’s crackdown on dissent in Hong Kong. China’s foreign ministry said it opposed any U.S. interference in its domestic affairs. Separately, China reported a 21% jump in exports in November.
Networking hardware company Cisco Systems struck a £543 million deal for IMImobile, a U.K. communications software company, at a 48% premium to Friday’s close.
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December 07, 2020 at 05:21PM
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Global Stocks Slip on Trade Tensions - Barron's
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