Mon, 02 Aug 2021

NEW YORK, New York - U.S. stocks eased up a bit on Tuesday with China-U.S. trade talks again taking center-stage.

U.S. President Donald Trump said talks with China had stalled and would not proceed until China gave-in on four or five points.

He reiterated his threat of recent days to impose more tariffs if talks do not resume.

"Trade sentiment is driving everything," Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte, North Carolina told Reuters Thomson Tuesday.

"What we're seeing today is the more pessimistic view on what might happen by the end of the month. Most selling in the month of May could be put down to China and Mexico."

At the close of trading the Dow Jones Industrial Average was down 14.17 points or 0.05% at 26,048.51, its first decline in seven trading days.

The Standard and Poor's 500 dropped 1.01 points or 0.03% to 2,885.72.

The Nasdaq Composite slipped 0.60 of a point or 0.01% to 7,822.57.

The U.S. dollar fell against the euro, which finished the session in New York on Tuesday around 1.1328.

The British pound gained to 1.2723.

The Japanese yen was little changed at 108.52, while the Swiss franc eased to 0.9925.

The Canadian dollar was down a fraction at 1.3282.

The Australian dollar was little changed at 0.6963. The New Zealand dollar fell to 0.6587.

While the U.S. market was flat, shares in Europe extended their rally of recent days.

In London the FTSE 100 appreciated by 0.31%. The German Dax rose 0.92%, while in Paris, the CAC 40 climbed 0.48%.

Stocks in China rose sharply on Tuesday with the Shangahi Composite leading the way.

The Australian market which re-opened after the Queen's birthday long weekend, was also buoyant.

At the close on Tuesday Japan's Nikkei 225 was ahead 69.86 points or 0.33% at 21,204.28.

The Shanghai Composite rose 73.59 points or 2.58% to 2,925.72.

The Australian All Ordinaries advanced 99.20 points or 1.52% to 6,624.40.

In Hong Kong, the Hang Seng climbed 210.70 points or 0.76% to 27,789.34.

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