US markets end lower as Turkey tensions stay on radar

16 Aug 2018 Evaluate

The US markets ended lower on Wednesday after Turkey slapped levies on the US imports, bringing geopolitical tensions between the US and its trading partners back on investors’ radars. Turkey raised tariffs on a number of American products, in the latest escalation in tensions between the two countries. President Donald Trump raised duties on Turkish aluminum and steel last week; the latest tariffs from Turkey were in response to those conscious attacks. While the Turkish economy is relatively small and few US companies have significant direct exposure to it, the situation is seen as adding to the uncertain geopolitical environment, one highlighted by worsening trade relations between the US and its major partners. However, the markets pared some of their early losses after Qatar reportedly pledged to invest $15 billion in Turkey following a meeting between Turkish President Recep Tayyip Erodgan and Qatar’s Sheikh Temim bin Hamed Al Sani. The report that helped the lira rebound strongly against the buck to trade at 5.888.

On the economic front, the Federal Reserve released a report showing production edged slightly higher in the month of July. The Fed said industrial production inched up by 0.1% in July after jumping by an upwardly revised 1.0% in June. Street had expected production to rise by 0.3% compared to the 0.6% increase originally reported for the previous month. The uptick in production reflected growth in manufacturing output, which rose by 0.3% in July after climbing by 0.8% in June. Besides, a report released by the Commerce Department showed a modest uptick in US business inventories in the month of June. The Commerce Department said business inventories crept up by 0.1% in June after rising by a downwardly revised 0.3% in May. Street had expected inventories to inch up by 0.1% compared to the 0.4% increase originally reported for the previous month. The uptick in business inventories in June came as manufacturing, retail, and wholesale inventories all edged up by 0.1% during the month.

Dow Jones Industrial Average dropped 137.51 points or 0.54 percent to 25162.41, the S&P 500 declined 21.59 points or 0.76 percent to 2818.37 and Nasdaq was down by 96.78 points or 1.23 percent to 7774.12.

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