Stocks retreat as China ups trade rhetoric

|About: ProShares Ultra Dow 30 ETF (DDM)|By:, SA News Editor

A fresh bout of risk aversion is hitting global stocks after tough words on trade from Beijing suggested that while a potential U.S.-China deal could happen further into the future, its impact on the world economy would be far more immediate.

The Communist Party's People’s Daily used a front page commentary to evoke the patriotic spirit of past wars, saying its trade battle would never bring China down. Stocks in Shanghai fell 2.5% on the news, while Dow futures are off more than 100 points.

Other fears plaguing markets are the prospect of European auto tariffs. While reports this week pointed to a delay, the White House has until midnight Friday to decide on the levies.

Oil is up 1.1% at $63.53/bbl, gold is flat at $1286/ounce and the 10-year Treasury yield is down 2 bps to 2.38%.

ETFs: SPY, QQQ, DIA, SH, SSO, VOO, SDS, IVV, SPXU, TQQQ, UPRO, PSQ, SPXL, RSP, SPXS, SQQQ, QID, DOG, QLD, DXD, UDOW, SDOW, VFINX, EPS, DDM, QQEW, QQQE, SPLX, OTC:SFLA, QQXT, SPUU, SPXE, UDPIX, OTPIX, RYARX, SPXN, SPDN, SPXT, SPXV

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