Nov 20, 2018

Markets slide as tech slowdown fears mount

A sell-off continued among US stocks on Tuesday as investors fretted that the US-China trade war would take its toll on the technology sector. The tech-heavy Nasdaq index fell to its lowest level since April, with shares in Apple down another 3% to $180. In London, the FTSE 100 index slipped back below the 7,000 point level. Connor Campbell at Spreadex described the sell-off as a "Macro-car crash, with Brexit fears, the post-Apec pre-G20 US-China trade war flare-up and the continuation of a nasty US tech sell-off resulting in absolute carnage". "Investors are concerned that sooner rather than later the tech sector is going to be fully embroiled in the US-China trade battle, exacerbating the softness caused by reports of a slowdown in iPhone demand," Mr Campbell added. Shares in Deutsche Bank fell 4% to hit a record low.

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