(Reuters) – The New York Stock Exchange opened on Monday, the Washington project to double customs duties on imports of steel and aluminum from Wednesday having again showered the hopes of appeasement of trade tensions.
In the first exchanges, the Dow Jones index lost 172.04 points, or 0.41% to 42,098.03 points and the Standard & Poor’s 500, wider, fell from 0.30% to 5.894.10 points.
The Nasdaq Composite gives way 0.24% or 44.98 points, to 19,068.78 points.
US President Donald Trump launched a new episode of his trade war on Friday, announcing that he was going to raise customs duties from 25% to 50% on steel and aluminum imports from June 4.
While the actions of American steelmakers are growing in the first exchanges, notably with Nucor, Cleveland-Cliffs and Steel Dynamics which jump between 14% and 23%, the rise in steel and aluminum prices in the United States, could, according to some analysts, brake industrial activity.
In this uncertain context, investors will monitor the remarks of the President of the Federal Reserve (Fed), Jerome Powell, later during the day (5:00 p.m. GMT), at the 75th anniversary conference of the American Central Bank International Finance Division.
On the rest of the business news, BluePrint Medicines takes 26% while Sanofi announced on Monday an agreement in order to acquire it.
Campbell’s advances by 1%, the manufacturer of preco pasta sauces having exceeded the estimates of sales and profit in the third quarter.
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(Written by Diana Mandiá, edited by Blandine Hénault)
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