Trade war fears send markets reeling as China’s exports fall – business live
Rolling coverage of the latest economic and financial news, as US-China trade fears roil markets
- New: China’s trade surplus has narrowed
- US stock markets suffered biggest fall since January last night
China has suffered a surprise fall in exports, creating fresh concerns that the global economy is weakening.
New figures from the customs administration show that chinese exports fell by 2.7% year-on-year in April, new figures from the Customs Administration show. Economists forecast a 3% rise, so this shortfall implies weaker demand for China-made goods than expected.
“Even if a last-minute deal is struck this week to avoid further tariffs, the downbeat prospects for global growth will probably mean that export growth remains subdued.”
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Asian trading session has been feeble as a result of this and European markets are picking up the momentum where they left off yesterday. Major US benchmark indices also closed lower yesterday and the US futures are not looking pretty as well. If no common ground is established between the US and China, these worries would crush the markets and this could easily intensify the sell-off.
However, market participants still firmly believe that a deal is the final outcome.