North American stocks end lower despite promising start to the trading day

North American stocks end lower despite promising start to the trading day

Bloomberg earlier reported that the U.S. will likely announce tariffs on all remaining Chinese imports by early December if talks between Trump and his Chinese counterpart Xi Jinping fail.

"The (tariff) list would apply to the imports from the Asian nation that aren't already covered by previous rounds of tariffs - which may be $257 billion using last year's import figures, according to two of the people", Bloomberg wrote.

The US this year has already imposed tariffs on $250 billion in trade with China.

If the new duties are imposed, all imports from China would be subject to USA tariffs.

Among industrials, Boeing sank 6.6% to $335.59.

Trump, says, however, he thinks there will be "a great deal" with China on trade.

Speizer said markets will now be focused on Australia's third-quarter inflation data due tomorrow, followed by United States non-farm payrolls data at the end of the week. Alphabet, Google's parent company, lost 4.5 percent to $1, dropped another 6.3 percent to $1,538.88. The Russell 2000 index of smaller-company stocks fell 6.51 points, or 0.4%, to 1,477.31. It fell as much as 566 during the day.The Nasdaq composite, which is heavily weighted with technology stocks, lost 116.92 points, or 1.6 percent, to 7,050.29.

The final list of goods would largely hit consumer products and capital goods, which the Trump administration has so far spared, and likely would push up prices for many USA businesses and consumers.

Although most tech firms fell Monday, open-source software company Red Hat soared 45.4% to $169.63 - reversing its losses from earlier this year - after IBM agreed to buy it for $34 billion in stock.

Meanwhile, Gao Feng, a spokesperson for China's Ministry of Commerce, said at a regular press briefing last Thursday that China had always been honest about trade talks with the US.

Futures signaled gains for equities in Hong Kong and China, while Japanese stocks were seen opening slightly lower. Italy's FTSE MIB index rose 1.9% after Standard & Poor's did not downgrade its credit rating.

The trade war between China and the US will not be ending soon. The euro fell to $1.1354 from $1.1372.

Benchmark 10-year notes last fell 4/32 in price to yield 3.1 percent, from 3.087 percent late on Monday.

The December crude contract was down 55 cents at US$67.04 per barrel and the December natural gas contract was down 2.7 cents at US$3.20 per mmBTU.

USA crude fell 1.06 percent to $66.33 per barrel and Brent was last at $76.30, down 1.34 percent.

CURRENCIES: The dollar strengthened to 112.95 yen from 112.37 yen late Monday.

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