- Title: Wall Street ends higher on back of buoyant Apple, Microsoft
- Date: 30th September 2019
- Summary: NEW YORK, NEW YORK, UNITED STATES (SEPTEMBER 30, 2019) (REUTERS) (SOUNDBITE) (English) INTL FCSTONE FINANCIAL GLOBAL MARKET STRATEGIST, YOUSEF ABBASI, SAYING: "I mean, it would be pretty tough. But this is clearly a shot across the bow from Trump to China. And I'm wondering if it's because he's concerned that China may be more willing to sit back and watch how impeachment proceedings or the query plays along. But, in terms of what it would do to financial markets, in my purview, right? We're talking about you have a billion or... Sorry... It's a trillion. It's actually... the numbers, on the listed Chinese, domiciled it's around $890 billion, and that doesn't even account, take into account some of the other OTC-traded. So, you're talking about nearly a trillion dollars of market cap in the U.S. trading for Chinese domiciled companies. It juxtaposes it directly with the $1 trillion and change that they own in U.S. treasuries. So, I think, Trump is reminding China, 'hey if this trade war were to go further and there were going to be financial strings pushed and pulled, we've got the similar amount of capacity and size to impact your markets as you do ours.' Now, the other question is the U.S. investor. U.S. investors have generally been owners and holders of Chinese tech companies that have shown promise of growth. So, now a U.S. investor has to somehow manage to retrace and retrench and a mass exodus like that could cause havoc in this market, and it doesn't take much to cause a bay to unwind in something like this would certainly create an unwind."
- Embargoed: 14th October 2019 21:16
- Keywords: Youssef Abbasi Chinese companies impeachment Democrats U.S. stocks China FCStone whistleblower report President Donald Trump
- Location: NEW YORK, NEW YORK, UNITED STATES
- City: NEW YORK, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA002AYUPLSD
- Aspect Ratio: 16:9
- Story Text: U.S. stocks rose on Monday (September 30), helped by gains in Apple, Microsoft and Merck & Co. as investors set aside worries about the U.S.-China trade war.
The Dow Jones Industrial Average rose 95.9 points, or 0.36%, to 26,916.15, the S&P 500 gained 14.89 points, or 0.50%, to 2,976.68 and the Nasdaq Composite added 59.71 points, or 0.75%, to 7,999.34.
(Production: Aleksandra Michalska)
- Copyright Holder: REUTERS
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