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China surprises with threat on US oil exports

NEW YORK: Beijing surprised oil markets with threats to levy tariffs on imports of U.S. crude oil, natural gas and other energy products on Friday, just as China has risen to the top of the list of importers of oil from the United States.

China responded to US$50 billion in tariffs imposed by U.S. President Donald Trump with a similar amount of levies on a variety of U.S. goods. But China also said it would impose tariffs on U.S. energy products, which analysts considered a surprise as previous tariff threats had centred on agricultural goods and automobiles.

US.-China trade fight leads global stocks lower

NEW YORK: Wall Street ended lower on Friday and global stocks continued to slide after U.S. President Donald Trump announced new tariffs on Chinese goods, while oil plummeted 3 percent on expectations that Saudi Arabia and Russia output would soon increase.

MSCI's gauge of stocks across the globe shed 0.48 percent, while the pan-European FTSEurofirst 300 index lost 1.00 percent.  Emerging market stocks were hit particularly hard, tumbling 1.06 percent, a move maybe attributable as much to a strong dollar as to trade tensions.

Wall St heads lower on rising China trade tensions

NEW YORK: U.S. stocks fell on Friday after the United States announced tariffs on $50 billion worth of Chinese goods, spurring a promise of immediate and equivalent retaliation from Beijing.

Oil falls as focus moves to prospect of higher supply

LONDON: Oil prices fell on Friday ahead of an OPEC meeting in Vienna next week as two of the world's biggest producers, Saudi Arabia and Russia, indicated they were prepared to increase output.

Funds buy US stocks, exit Europe

LONDON: Global investors pulled more cash out of European and emerging markets in the past week, opting instead for U.S. stocks, as robust economic growth encouraged a sixth straight week of inflows, Bank of America Merrill Lynch said on Friday.

Malaysian palm oil price recovers as traders buy at low prices

KUALA LUMPUR: Malaysian palm oil futures rose on Thursday, pulling back from a more than 22-month low hit in the previous session, as traders took the opportunity to buy at low prices ahead of Eid festivities during the weekend.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was up 0.8 percent at 2,336 ringgit ($586.20) per tonne, after logging eight straight sessions of falls.  It fell to as low as 2,300 ringgit on Wednesday, its lowest since July 28, 2016.

Malaysia and regional equity markets in the red

PETALING JAYA: It was a sea of red for equity markets across the region after the Federal Reserve raised interest rates by a quarter percentage point to a range of 1.75% to 2% on Wednesday, and funds continued to move their money back to the US. This is the second time the Fed has raised interest rates this year.

In Malaysia, the selling streak has been ongoing for almost a month. As of June 8, the year to date outflow stands at RM3.02bil, which is still one of the lowest among its Asean peers. The FBM KLCI was down 1.79 points yesterday to 1,761.