Saudi Arabia, US-China trade war, currencies in focus

Overnight on Wall Street, the Dow Jones Industrial Average declined by 126.93 points to close at 25,317.41, while the S&P 500 slid by 0.4 percent to end at 2,755.88. The Nasdaq Composite advanced by 0.3 percent to close at 7,468.36.

Investors remain cautious over mounting geopolitical tensions around the world.

A Saudi official provided this weekend a new account of the death of journalist Jamal Khashoggi, deviating from a prior official statement from Saudi Arabia. Khashoggi’s death has led to global criticism toward Saudi Arabia and has sent ripple effects throughout global markets. Last week, foreign investors reportedly dumped more than $1 billion worth of Saudi stocks.

Meanwhile, the U.S.-China trade war remain a focus for markets. A Chinese official told American investors at a meeting that Beijing did not “fear” a trade war with Washington.

“China never wants a trade war with anybody, not to mention the U.S., who has been a long term strategic partner, but we also do not fear such a war,” Zhang Qingli, a leading member of a Chinese committee tasked with forging alliances with other nations, said through a translator at the meeting in Beijing. That was according to a meeting attendee who declined to be named.

Source : CNBC

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