US stock market pulls back on rising trade war concerns | IFCM
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US stock market pulls back on rising trade war concerns

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    2023/02/27
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US equities pulled back last week as trade war concerns intensified after President Trump indicated he considers imposing import tariffs on Chinese goods to trim US trade deficit with the Asian country. The SP 500 lost 1.2% while the ICE dollar index edged up 0.05% for the week.

The SP 500 ended lower every session except Friday last week. It slipped 0.1% Monday, followed by 0.6% drop Tuesday. The broad market index lost 0.6% Wednesday as retail sales fell 0.1% in February, the third straight monthly decline. It slipped 0.1% Thursday, and recovered 0.2% Friday.

The ICE US dollar index advanced in every session except Monday and Tuesday last week. It slid 0.2% Monday, and fell 0.3% Tuesday as the consumer inflation slowed to 0.2% over month in February after half a percent increase in January. The dollar index gained 0.1% Wednesday, and rose 0.4% Thursday as the import price index rose 0.4% in February following 0.8% gain in January. The dollar inched up 0.1% Friday as industrial production rose 1.1% in February, its fastest pace in four months.

Policy meetings of the Federal Reserve and the Bank of England are the major events this week. It is widely expected the Federal Reserve will lift interest rates by 0.25 percentage points as the two-day meeting concludes Wednesday. More importantly, traders will be watching for signals policy makers may raise rates four times this year instead of three as currently reflected in dot-plot forecasts. The Bank of England is expected to keep interest rates and its asset purchases program unchanged on Thursday. Companies including Nike, Oracle, Porsche and Tencent will report quarterly results this week as the earnings season unfolds.

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