GLOBAL MARKETS-Stock rebound fizzles after Trump restores Brazil, Argentina tariffs

GLOBAL MARKETS-Stock rebound fizzles after Trump restores Brazil, Argentina tariffs
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* Share price recovery hit by latest Trump trade tweets * Govt bond yields rise after surprise German SPD elections * Oil prices climb before possible OPEC+ cuts * Graphic: World FX rates in 2019 LONDON, Dec 2 (Reuters) – Stock markets reversed earlier gains on Monday after U.S. President Donald Trump said he would restore tariffs on some imports from Brazil and Argentina, overshadowing data showing that the Chinese and euro zone economies were stabilising. European stocks had initially rebounded towards four-year highs, as decent manufacturing data in China and renewed optimism over a trade deal between Washington and Beijing eclipsed last week’s jitters. The positive mood also encouraged investors to dump government debt in the euro zone and the United States. Trump then accused Brazil and Argentina of a “massive devaluation” of their currencies and said he would immediately restore tariffs on U.S. steel and aluminium imports. The MSCI world equity index, which tracks shares in 47 countries, gave up its earlier gains but clung to positive territory and remained near last week’s highs. In Europe, the Euro STOXX 600 slipped after earlier rising 0.3 percent. The German DAX succumbed to selling pressure. French and British shares were also in the red. Wall Street futures, however, remained in positive territory . Investors have been sticking with the broad view that a further escalation in the trade war between China, the U.S. and other countries can be avoided, even after last week’s decision by Trump to sign […]

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