US open: Stocks mixed as Trump says no agreement to roll back tariffs
By Iain Gilbert
Date: Friday 08 Nov 2019
(Sharecast News) - US trading began on a mixed note on Friday following a record close for the Dow Jones in the previous session, as President Trump said no agreement had been struck to roll back tariffs on China.
As of 1535 GMT, the Dow Jones Industrial Average was down 0.20% at 27,618.08 and the S&P 500 was 0.12% softer at 3,081.50. However, the Nasdaq Composite was up 0.08% at 8,441.37.
The Dow opened 56.72 points lower after stocks closed higher on Thursday following news that Beijing and Washington had agreed to roll back tariffs on each other's goods as part of an effort to secure a phase one trade deal.
However, reports on Friday suggested the Trump administration was divided over the move.
Reuters cited sources familiar with the talks as saying that the agreement between the US and China to roll back tariffs faces "fierce" internal opposition in the White House and from outside advisers. Sources said the idea of a tariff rollback was not part of the original October 'handshake' deal between Chinese Vice-Premier Liu He and Donald Trump.
Trump later said that he had not agreed to roll back any tariffs.
Elsewhere, European Commission President Jean-Claude Juncker said there "won't be any auto tariffs" from the US on Europe next week. Donald Trump also said he would not be hitting the EU with tariffs.
On the data front, US consumer sentiment improved a little in November, according to a preliminary reading from the University of Michigan.
The consumer sentiment index printed at 95.7 from 95.5 in October and 97.5 in November last year, in line with expectations.
The current economic conditions index ticked down to 110.9 from 113.2 in October and 112.3 in November 2018.
Reserve Bank of San Francisco President Mary Daly will make a speech at 1645 GMT.
In corporate news, Allianz opened 2.60% weaker after the release of its third-quarter figures, while Honda shares rose 2.74% on the back of results.
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