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Global stocks set to wobble after heated G7 and ahead of Trump-Kim summit

The S&P 500 futures were down 0.3 percent, while the New Zealand stocks were off 0.3 percent. Australian markets were closed for a holiday

Reuters 

Markets, Stocks, BSE, NSE, Trade

Stocks were expected to be on the defensive on Monday as a weekend summit fanned trade war fears after U.S. President backed out of a joint communique in a blow to the group's efforts to show a united front.

Trump's reversal, announced while he was en route to for a meeting with North Korean leader Kim Jong Un, sent his Group of seven partners scrambling.

The S&P 500 futures were down 0.3 percent, while the New Zealand stocks were off 0.3 percent. Australian were closed for a holiday.

The jolt comes as an unprecedented meeting between Trump and North Korea's Kim is scheduled for June 12 in Singapore, with investors also braced for a raft of other key events.

The Federal Reserve holds a two-day meeting starting on June 12, at which it is widely expected to raise interest rates for the second time this year. The focus is on whether the central bank will hint at raising rates a total of four times in 2018.

The also meets on June 14 and it could signal intentions to start unwinding its massive bond purchasing programme.

The dollar slipped against the yen, which often draws demand in times of market turmoil and political tensions.

The greenback was down 0.15 percent at 109.420 yen.

The was 0.05 percent higher at $1.1778. The dollar index against a basket of six major currencies was a shade lower at 93.532.

extended losses after retreating on Friday on concerns about surging U.S. output and falling demand in China.

Brent crude futures were down 0.25 percent at $76.27 a barrel.

First Published: Mon, June 11 2018. 07:31 IST
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