World stocks came under pressure on Thursday as new tariffs took effect in the U.S./China trade war and markets speculated about U.S. President Donald Trump’s position following legal rulings against two former advisers.
The MSCI world equity index, which tracks shares in 47 countries, was 0.1 percent lower by 1116 GMT, while a rise across tech and energy stocks helped Europe’s STOXX 600 eke out a 0.1 percent gain.
Stocks were subdued as the U.S. and China, despite ongoing talks, implemented 25 percent tariffs on $16 billion worth of each other’s goods.
The world’s two biggest economic powers have now slapped tit-for-tat tariffs on a combined $100 billion of products since early July, with more in the pipeline, adding to risks to global economic growth.
Caroline Simmons, deputy head of the UK chief investment office at UBS Wealth Management, cited such concerns as a reason for paring back an overweight on global equities to a very small position.