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Global equities losses mounted as technology retreat endured

Technology sector woes as global growth slowing concerns came to fore again on US-China trade dispute uncertainty were a drag on global equities market last week. US stock market losses deepened with Apple still in the van of technology retreat. The SP 500 lost 3.8% while the ICE US dollar index gained 0.6%.

Major global stock indices sustained significant losses last week. Dow suffered the biggest loss: it dropped 4.8%. Most of major currency pairs reversed directions of their movements while the range of fluctuations narrowed. The Australian dollar again recorded the biggest change. It turned 1.4% lower against the US dollar, wiping almost all of the last week’s gain.

Central bank policy makers’ comments and minutes of Fed’s last meeting will be in focus this week as traders speculate whether Federal Reserve may change its stance on rate hike plans for 2019. And any developments in US-China trade front are bound to drive global markets ahead of Presidents Trump’s and Xi Jinping’s planned meeting at the G-20 summit in Argentina which starts on Friday.

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