Michael Nagle | Bloomberg | Getty Images
Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Dec. 31, 2018.
“The fear factor over the trade war has crept back into the market,” said Peter Cardillo, chief market economist at Spartan Capital Securities. “That’s going to send the market for a bumpy ride.”
“We’re probably looking at a more defensive situation until we have more clarity on the trade negotiations,” Cardillo said.
Meanwhile, the European Commission on Thursday sharply downgraded its forecast for euro zone economic growth in 2019 and 2020, rekindling fears that the global economy may be slowing down.
“If the economy was stronger, these trade talks wouldn’t be as concerning,” said Benjamin Lau, chief investment officer of Apriem Advisors. “We think the economy is going to weaken a little bit here but … we’re still pretty optimistic about the future.”
The rising uncertainty around U.S.-China trade relations and the growing worries over the global economy coincide with a deteriorating earnings outlook for 2019.
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