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China and US plunge deeper into trade war

WASHINGTON/BEIJING: China and the United States plunged deeper into a trade war on Tuesday after Beijing added $60 billion (45.67 billion pounds) of U.S. products to its import tariff list in retaliation for President Donald Trump's planned levies on $200 billion worth of Chinese goods.

Shipping containers, including one labelled "China Shipping," are stacked at the Paul W. Conley Container Terminal in Boston, Massachusetts, U.S. - Reuters filepic

Wall St. bounces back as investors shrug off trade tensions

NEW YORK: Wall Street rebounded on Tuesday in a broad-based rally as investors brushed aside intensifying trade rhetoric between the United States and China. All three major U.S. indexes closed higher following Monday's sell-off.

The Dow Jones Industrial Average rose 184.84 points, or 0.71 percent, to 26,246.96, the S&P 500 gained 15.51 points, or 0.54 percent, to 2,904.31 and the Nasdaq Composite added 60.32 points, or 0.76 percent, to 7,956.11. (Picture shows a trader working on the floor of the NYSE yesterday. - Reuters)

Spectre of new US tariffs

Analysts expect worsening trade war to cause slowdown in the global and emerging nations economy too.

“The negative effects may not be seen immediately, perhaps by end-2018 or beginning next year. But, the risks have elevated not only for the United States and China, but also globally.  “For Malaysia, the gross domestic product (GDP) growth in 2019 is likely to be slower than this year, on the back of worsening trade hostilities between the United States and China,” Socio Economic Research Centre executive director Lee Heng Guie told StarBiz yesterday

Private consumption seen slowing in 2019

PETALING JAYA: Populist policies introduced by the government, along with an expanding economy and low levels of inflation and unemployment, have boosted consumer spending in 2018.

Tax impact: Fitch Solutions expects private consumption to slow in 2019 to 5.3 due to the reinstatement of the SST. — Bernama

Reach Energy 'hold', Axiata 'buy'

HLIB Research analysts returned from a meeting with Reach Energy management with slightly better outlook premising on higher production in the second half of financial year 2018 (2H18) led by ESP upgrades and NK-1 & NK-2 trial production along with cost savings from logistic improvement via a new oil terminal.

SC takes Multi Sports to task again

PETALING JAYA: The Securities Commission (SC) has deemed Multi Sports Holdings Ltd’s retention of Lin Huozhi and Lin Liying as executive directors as prejudicial to public interest.

Workers are painting the shoes sole in the factory of a subsidiary of Multi Sports Holdings Ltd in Jinjiang, China. - Filepic