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The major US stock indexes have slightly expanded their initial gains over the course of Monday.
Immediately after the start of trading, investors had even given their thumbs down slightly considering rising stock prices elsewhere and concerns about the relationship between China and the United States. In Asia, the most important markets had gone out of business, which was particularly evident in China and Hong Kong. Price premiums have also recently been posted in Europe. In Frankfurt, however, it was only traded again on Tuesday due to Whit Monday.
According to circles, Chinese government officials have directed large state-owned agricultural companies to stop buying some American agricultural goods. The measure is Beijing’s reaction to the increasing tensions with the United States over Hong Kong, reports the Bloomberg news agency, citing people familiar with the matter.
“If it is true that China wants to buy fewer soybeans in the US, the chances of the conflict with the US escalating will increase,” says market strategist Seema Shah from Principal Global Investors. The Beijing parliament, loyal to Beijing, recently approved the plans of the Chinese central government for a controversial security law for the financial metropolis. According to critics, the law will massively curtail civil rights in the special administrative zone.
The economic data published on that day could not provide a clear picture. On the one hand, industry sentiment in May, according to a survey by the Institute for Supply Management, had not improved as significantly as experts had expected. On the other hand, construction spending had surprisingly decreased little in April.
Editorial office finanzen.net / (dpa-AFX) / (Dow Jones)
Image sources: Frontpage / Shutterstock.com, spirit of america / Shutterstock.com
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