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With the US suspending imports of American agricultural goods, China retaliated against the superpower, leaving U.S. Futures slumped.
As a result, the Yuan's value decreased below 7 per US dollar for the first time in 11 years. Despite the trading band being set by People's Bank of China at 6.9225 per dollar, the onshore yuan market is strictly controlled thus qualifying a quasi-official seal of approval to its Day Trading range.
This came just days after US President Donald Trump proposed another 10% tariffs on what remained from all U.S. imports of Chinese goods, amounting to $300 Billion. President Trump, known to make snarky and sarcastic comments had expressed in his suspicions of China weakening its currency as leverage in international trade.
Note the following figures:
Nasdaq 100 Futures: Down by 132 points or 1.7% by 6:41 AM ET (10:41 GMT),
Dow Futures: lost 324 points or 1.2%
S&P 500 Futures: down 38 points or 1.3%.
The rise of the trade war may overshadow U.S. earnings continuing Monday Tyson Foods (NYSE:TSN), Loews (NYSE:L), and others.
Technology stocks are also down in premarket trade:
Facebook (NASDAQ:FB): 2.3%
Tesla (NASDAQ:TSLA): 2.3%
Microsoft (NASDAQ:MSFT): 1.9%
Intel (NASDAQ:INTC): 1.4%
Cisco (NASDAQ:CSCO): 1.2%
Major Players also took a plunge:
JP Morgan Chase (NYSE: JPM): down 1.8%
Caterpillar (NYSE:CAT) 1.4%
Ford Motor Company (NYSE:F) 1.4%
China-focused HSBC Holdings (LON:HSBA) (NYS:HSBC) 1.9%
Interesting to note, HSBC Holdings took the dive after the board ousted CEO John Flint, with 30-years worth of tenure and being in the leadership post for 1 year and a half.
The IHS Markit composite PMI was released at 9:45 AM ET (13:45 GMT) and the ISM non-manufacturing PMI at 10:00 AM ET (14:00 GMT).
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KYC Policy