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The bad weather continues on European stocks as renewed fears of a trade war between China and the United States after US President Donald Trump threatened to target another $200 billion worth of Chinese goods with 10% import tariffs. The prospect of a trade war sent jitters through markets across the globe, with the Dow Jones dropping over 400 points during yesterday's session on Wall Street.
The DAX lost 1.22% at the end of the day; Adidas, Volkswagen, Thyssenkrupp, and Infineon all led Germany's blue-chip index lower as they declined over 2%. Meanwhile, the CAC 40 fell 1.05% as STMicroelectronics plunged 3.93%. In London, the FTSE 100 slumped 0.36% with packaging company DS Smith dropping 4.66% as the worst performer.
Not only U.S. vs China
Russian Minister of Economic Development Maxim Oreshkin announced that Moscow will introduce an additional duty on goods from the United States in response to Washington's move on steel and aluminium tariffs. According to the official, Russia will impose "balancing measures" as a retaliation to the US' protectionist measures.
Natural gas vehicles for UPS
UPS announced in a press release that it plans to add 700 natural gas vehicles to its fleet and to build five additional compressed natural gas fuelling stations. The investment planned will be worth approximately $130 million. The investment builds upon two UPS alternative fuel investments in 2016 and 2017.
As stated by the company, a natural gas fleet is a key element to help the company achieve its long term goals for reducing the CO2 emissions. UPS has a goal to replace 40% of all ground fuel with non-conventional energy sources. The company also plans for one in four of their vehicles to run on alternative fuel.
West Texas Intermediate declined approximately 1% on Tuesday and Brent also traded lower as the global output is expected to rise after comments from Russia and Saudi Arabia.
Meanwhile, the production output increase may not be welcomed by Iran and Venezuela at the next OPEC meeting on June 22. At the summit, the OPEC technical committee will report on their opinion regarding the fair level of global oil inventory. United Arab Emirates Minister of Energy and Industry Suhail Mohammad Faraj Al-Mazroui noted that this level is necessary to support future suppliers and provide insurance should an unexpected supply disruption occur.
The UAE minister stated that he "remains optimistic" that OPEC will continue to deliver sustainable oil market stability intended to serve the global economy.
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