Dow Jones falls 245 due to new China tariff fears

Donald Trump Xi Jinping

Donald Trump Xi Jinping

The reversal came after European equities advanced, in part due to relief that Italy avoid a credit rating downgrade from S&P last week. The Dow Jones Industrial Average slid more than 500 points at its worst, dipping into a correction before closing down 1 per cent. That stoked anxiety in markets already under pressure by concerns from peak earnings growth to the end of easy money and rising rates.

The US is preparing to announce by early December tariffs on all remaining Chinese imports if talks between Trump and Xi fail, according to three people cited by Bloomberg.

The yield on 10-year Treasuries rose three basis points to 3.12 percent, the largest rise in nearly two weeks.Germany's 10-year yield climbed one basis point to 0.39 percent.Britain's 10-year yield rose one basis point to 1.41 percent.The spread of Italy's 10-year bonds over Germany's rose four basis points to 2.9991 percentage points.

"The inability of the market to hold the rally is keeping people out of the market", said Karl Haeling of LBBW, who said uncertainty over the upcoming congressional elections was adding to the skittishness.

US Treasury Secretary Steven Mnuchin told Reuters earlier this month in Bali, Indonesia that China needed to agree to specific "action items" to rebalance the US-Chin economic relationship, open markets and change technology transfer, subsidy and currency policies. Milan's FTSE Mib closed the day 1.9 percent higher.

Ford Series 1 Mustang RTR drifting into dealers next year
Elsewhere on the bodywork, the Series 1 Mustang RTR features RTR badging on the grille, fenders, and decklid trim panel. The auto also features adjustable anti-roll bars so owners can tweak their car's handling.

Frankfurt gained 1.2 percent despite new questions over Germany's leadership. The euro fell as Germany's Angela Merkel said she will quit as head of her party after almost two decades, though she intends to see out her term as chancellor.

In Britain, Chancellor of the Exchequer Philip Hammond forecast the economy would grow 1.6 percent next year when the country exits the European Union, as he delivered his last annual budget before Brexit.

West Texas Intermediate crude fell 0.4 percent to $66.75 a barrel, the lowest in a week.Gold decreased 0.4 percent to $1,224.00 an ounce, the weakest in more than a week on the biggest dip in more than two weeks. We have really helped rebuild China. Amazon plunged 6 percent Monday, Netflix lost 5 percent and Microsoft gave up 2.9 percent.

The US levied tariffs of 10 percent on United States dollars 200 billion of Chinese products in September, with the rate set to increase to 25 percent by the end of the year barring a breakthrough in the trade talks.

Fellow Dow member Boeing dropped 6.6 percent following a fatal crash of all 189 passengers operated by Indonesian Lion Air on a Boeing-737 MAX.

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