European shares opened higher on Tuesday, attempting to claw their way back from...
LONDON - European shares opened higher on Tuesday, attempting to claw their way back from three days of falls though the mood remained gloomy after U.S. President Donald Trump showed he was ready to open new trade war fronts despite signs of economic damage.
France said it would respond strongly to duties on its goods such as champagne, handbags and other products, mooted because of France’s new digital services tax that Washington says harms U.S. tech companies. “Today you have a bounce, but it’s fairly mechanical,” said Stéphane Barbier de la Serre, macro strategist at Makor Capital Markets. “The fall was really steep yesterday, and now the biggest risk is that the market wakes up to the reality that macro is really bad.”But that follows a gloomy session in Asia where an MSCI index of Asia-Pacific shares ex-Japan was down 0.4%, Japan’s Nikkei shed 0.6% and Australian shares posted their worst day in two months with a 2.2% drop.
But the U.S. Institute for Supply Management cast a pall on hopes for an economic upturn, showing that manufacturing had contracted for a fourth straight month as new orders slid. That pushed U.S. shares off recent record highs, with all three indexes losing 0.6% to 0.9% [.N]. Hopes are pinned on the U.S. consumer to keep the economy afloat. Cyber Monday sales were expected to hit a record following $11.6 billion in online sales during the Thanksgiving and Black Friday shopping bonanza.The improved mood in Europe did not much affect the German bond market, with yields staying at three-week highs as chances grew of the SPD party leaving the ruling coalition, raising the prospect of early elections or a minority government..
In currency markets, the dollar traded near a one-week low versus the yen and near the lowest in almost two weeks against the euro, undermined by the weak U.S. manufacturing data.
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