Shares of industrial and transportation companies fell amid concerns about global trade.
President Biden warned that China is making advancements in transportation that give it an advantage over the U.S., as he made a pitch for Congress to pass an economic recovery package that includes infrastructure improvements. Mr. Biden also reportedly raised contentious issues with Chinese President Xi Jinping on his first call with his counterpart. “Reflation focus shifted to cold-war tensions between China and the West,” said Edward Moya, senior market analyst at foreign-exchange brokerage OANDA Group, in a note to clients. “The risk that is brewing … is that if too many geopolitical risks arise from China, a cold-war could be reignited.”
China’s decision to ban BBC World News could foreshadow more diplomatic spats between the East and West, Mr. Moya said.
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(END) Dow Jones Newswires
February 11, 2021 17:30 ET (22:30 GMT)
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