| schema:articleBody
| - European markets were largely flat, giving up early gains Tuesday while tech stocks continued their record-breaking run on Wall Street. The dollar meanwhile came under fresh pressure, testing two-year lows on concerns over the economy and growing US tensions with China despite very strong US building start figures for July. Technology firms hit another all-time high Monday amid concerns about the impasse over a fresh virus recovery package as Democrats and Republicans focus on November's presidential election at the expense of the economy. Trade was muted in Asia while oil prices slipped and the dollar extended losses on fears the US central bank will continue to flood the market with cheap money so as to bolster the economy absent another stimulus package. "The dollar continues to fall with investors expecting the Fed to maintain its expansionary monetary policy for a long time owing to concerns the persistence of COVID-19 will weigh on the economic recovery," noted Fawad Razaqzada, market analyst with ThinkMarkets. "The greenback is also suppressed because of the lack of (safe)haven demand for the reserve currency, with investors evidently favouring foreign currencies, gold and bitcoin," he added. The fact that the US recovery overall seems to have slowed in the past couple of months adds to the negative sentiment on the dollar and the housing data was not enough on its own to change this view, dealers said. Washington-Beijing tensions took a new twist with the US expanding sanctions on Chinese telecoms giant Huawei to further limit its access to computer chips and other US-made products. The two rivals' 'Phase 1' trade deal agreed at the beginning of the year appears safe -- but that could change. "For the moment, the fact the... trade deal remains in place, and will do while the two sides choose not to hold their six-month review that was to have taken place last weekend, is seen as overriding the building evidence of a technology cold war now under way," said National Australia Bank's Ray Attrill. Analysts said there was not too much concern about possible tax hikes if Joe Biden beats President Donald Trump in the race for the White House. The Democratic Convention kicked off Monday with the theme being that Biden will be good for the economy, said Edward Moya at OANDA. "Wall Street seems convinced that Biden's tax policy will not kill the stock market... a Biden presidency could offer greater certainty and stability for the economy," Moya added. London - FTSE 100: DOWN 0.4 percent at 6,100.66 points Frankfurt - DAX 30: FLAT at 12,930.57 Paris - CAC 40: DOWN 0.3 percent at 4,958.99 EURO STOXX 50: FLAT at 3,302.96 New York - Dow: DOWN 0.1 percent at 27,818.00 Tokyo - Nikkei 225: DOWN 0.2 percent at 23,051.08 (close) Hong Kong - Hang Seng: UP 0.1 percent at 25,367.38 (close) Shanghai - Composite: UP 0.4 percent at 3,451.09 (close) Euro/dollar: UP at $1.1957 from $1.1876 at 2050 GMT Dollar/yen: DOWN at 105.36 yen from 105.99 yen Pound/dollar: UP at $1.3215 from $1.3107 Euro/pound: DOWN at 90.50 pence from 90.58 pence West Texas Intermediate: DOWN 1.4 percent at $42.18 per barrel Brent North Sea crude: DOWN 1.2 percent at $44.77 per barrel bur/bmm/bp
|
![[RDF Data]](/fct/images/sw-rdf-blue.png)
![[cxml]](/fct/images/cxml_doc.png)
![[csv]](/fct/images/csv_doc.png)
![[text]](/fct/images/ntriples_doc.png)
![[turtle]](/fct/images/n3turtle_doc.png)
![[ld+json]](/fct/images/jsonld_doc.png)
![[rdf+json]](/fct/images/json_doc.png)
![[rdf+xml]](/fct/images/xml_doc.png)
![[atom+xml]](/fct/images/atom_doc.png)
![[html]](/fct/images/html_doc.png)