China hits back in trade war with US

Defense Secretary James Mattis welcomes Chinese Minister of National Defense Gen. Wei Fenghe to the Pentagon

"As China's economic and geopolitical rise butts up against existing USA interests, eleventh hour negotiations and brinkmanship will be a recurring theme which the markets will learn to price in", they said.

The prospects of global economy being derailed by the United States and China sliding into a fiercer, more protracted dispute had rattled investors on Monday after China announced plans to hit back with tariffs on USA goods. Hong Kong's Hang Seng Index is at 28056.40, down 493.84 or -1.73 percent. Banks also rose. JPMorgan Chase, Bank of America and others moved higher. Others are looking for cheap stocks that can hold up if economic growth slows in the coming months. The Dow and the S&P 500 each fell more than 2% as investors sold trade-sensitive shares. China said in a statement that the U.S.′ decision jeopardized the interests of both countries and does not meet the "general expectations of the global community", according to a Google translation.

Megan Horneman, director of portfolio strategy at Verdence Capital Advisors, said the firm has lowered stock positions in recent weeks and increased cash holdings.

For more stories, go to Business Insider SA. They also have caused senior Republicans like Chuck Grassley, the powerful head of the Senate Finance Committee, to say they will block any vote for Trump's re-branded Nafta, the US-Mexico-Canada Agreement. South Korea's KOSPI Index is trading 2081.84, up 2.83 or +0.14 percent. Last week marked the index's largest one-week decline since December 21.

McKesson Corp. stock rose 3.4% after the supply-chain management company reported first-quarter earnings above expectations.

Volume on United States exchanges was 8.24 billion shares, compared to the 6.97 billion-share average over the last 20 trading days.

World stock markets hovered near two-month lows on Tuesday, although slightly more optimistic comments from the U.S. and Chinese officials on trade brought some comfort a day after equities suffered their worst sell-off so far this year.

One Australian dollar is buying 69.30 USA cents.

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"There's still a sense that the USA economy is the driver of the global economy, that its resiliency is surprising to many", said Joseph Amato, chief investment officer of equities at asset manager Neuberger Berman.

President Trump said on Monday that he still had not decided whether to hit China with an additional $300 billion worth of Chinese.

Nine of the 11 major S&P sectors were higher, led by a 1.1% gain in energy stocks.SPNY as oil prices rose. It fell to 6.5 Monday.

"Ongoing trade flare-ups may continue to swing the stocks in the near-term, but we think the market may have priced a lot of this in", Citi said.

But "an accompanying "reinversion" of the Treasury yield curve suggests that the best days for USA equities may be over even if the two economies eventually resolve their dispute".

The consumer confidence reading for May came in better than forecast. Yesterday, Beijing raised tariffs on some American goods in retaliation for the Trump administration's decision last week to increase duties on Chinese products.

The miners, health care, and tech sectors were also all up more than one per cent and every sector was in the black. "That weighs on the global economy and could then weigh on the USA economy".

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