World stock markets edge higher as U.S.-China trade tariffs take effect
By David Randall
NEW YORK, July 6 (Reuters) – World stock markets rose and the euro climbed to a three-week peak on Friday as the threat of tariffs by the United States and China on billions of dollars of trade became a reality, though concerns about the conflict escalating capped the appetite for risk.
MSCI’s measure of world equities markets rose 0.4 percent to the highest level in a week while Asian stocks climbed nearly half a percent, led by a rebound in Chinese shares.
Stocks dipped broadly in Europe, with the pan-European FTSEurofirst 300 index lost 0.28 percent.
U.S. equities edged higher in morning trade after monthly jobs data showing a 213,000 gain in non-farm payrolls in June and stable wage growth.
The Dow Jones Industrial Average fell 3.69 points, or 0.02 percent, to 24,353.05, the S&P 500 gained 7.6 points, or 0.28 percent, to 2,744.21 and the Nasdaq Composite added 41.21 points, or 0.54 percent, to 7,627.64.
“The trade headlines are at this point keeping the market uncertain,” said Quincy Krosby, chief market strategist at Prudential Financial.
Signs of nervousness about the trade outlook were evident elsewhere in global markets with the Japanese yen and the Swiss franc firm against the dollar while core U.S. and German bonds were in demand.
Benchmark 10-year Treasury notes last rose 7/32 in price to yield 2.8145 percent, from 2.84 percent late on Thursday.
“Trade war concerns have shot up to the top of our concerns for investors,” said Isabelle Mateos y Lago, chief multi-asset strategist at BlackRock Investment Institute in London.
“We have to be aware that we