Stocks Tumble Again On US Tariff Plans

A trader works on the floor of the New York Stock Exchange in New York U.S. on Monday Oct. 29

The dollar would be devalued as never before - which would help the U.S. trade position and exports, but would also prompt a surge in American inflation and a squeeze on living standards.

The MSCI Asia Pacific Index halted a five-day losing streak after Trump held out the possibility of a trade deal with China, even as his administration prepares for a possible expansion of tariffs.

"The (tariff) list would apply to the imports from the Asian nation that aren't already covered by previous rounds of tariffs - which may be $257 billion using last year's import figures, according to two of the people", Bloomberg wrote.

Although most tech firms fell Monday, open-source software company Red Hat soared 45.4% to $169.63 - reversing its losses from earlier this year - after IBM agreed to buy it for $34 billion in stock.

Futures for the Dow were up 0.4 percent and the broader S&P 500 futures added 0.5 percent. The U.S. -China trade war has hurt sales, and that slowdown is one of the factors that have damaged vehicle company stocks this year. The reports - all based on a Bloomberg article - say that the USA will place tariffs on the remaining $257 billion of Chinese imports not already subject to tariffs if there are no new developments in the ongoing trade spat.

A spokeswoman for the US Trade Representative's office referred Reuters to Sanders' statement, while US Commerce Department officials did not immediately respond to requests for comment. The rally helped turn both the S&P 500 and the Dow Jones Industrial Average once again positive for the year, though each is up less than 1 percent since the beginning of January. The trade fight between the US and China has hurt sales, and that slowdown is one of several factors that have damaged auto company stocks this year.

Trump's words came ahead of the highly anticipated meeting between him and Chinese President Xi Jinping at the G-20 summit in Buenos Aires, Argentina next month.

MSCI's gauge of stocks across the globe gained 1 percent.

Wildlife population plummets 60 pct in 44 years: WWF
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The MSCI Emerging Market Index declined 0.2 percent, reaching the lowest in nearly 20 months on its sixth straight decline.

The heavyweight financial sector rose 0.4 per cent.

West Texas Intermediate crude fell 0.5 percent to $66.75 a barrel.

Gold fell 0.7% to $1,227.60 an ounce.

USA crude fell 1.06 percent to $66.33 per barrel and Brent was last at $76.30, down 1.34 percent.

The dollar rose to 112.35 yen from 111.85 yen.

Tokyo's Nikkei 225 sank 0.2 percent and Seoul's Kospi lost 1.5 percent.

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