Stocks tumble on trade war anxiety Dow down as much as 400

NEW YORK — Stocks tumbled Thursday on Wall Street as investors’ anxiety over the U.S. trade spat with China increased and put the market on track for its third straight week of losses.The Dow Jones Industrial Average fell as much as 400 points. Every sector in the S&P 500 index fell except for utilities. Investors sought safety in the bond market and the yield on the 10-year Treasury dropped to 2.33 per cent, the lowest level in more than a year.The market has been highly volatile this month as the U.S. and China escalate their dispute over trade. The two sides have broken off negotiations and appear set for long standoff. Investors are concerned a prolonged trade war could hurt the U.S. economy and corporate profits. The broad S&P 500 index is on pace for its worst month of 2019.Trade-sensitive technology stocks again led the losses. Many tech companies do significant business with China and this week face the additional headwind of proposed restrictions on technology sales to Chinese companies by the Trump administration. Apple fell 2.1% and Microsoft fell 1.2%. Chipmakers, including Intel, Broadcom and Nvidia, all fell broadly.Banks also fell broadly in the sell-off. JPMorgan shed 2.1% and Bank of America slid 2.5%.Energy stocks slid as the price of oil plunged 4.8% to $58.50 a barrel.Investors fled to safer holdings. Utilities were the only companies making gains. The sector is considered less of an investment risk and more money gets shifted into those stocks when people are concerned about volatility and a slowdown in economic growth.The U.S. and China concluded their 11th round of trade talks earlier this month with no agreement. Instead, the U.S. moved to increase tariffs on Chinese goods, prompting China to do the same. The trade dispute escalated further after the U.S. proposed restrictions on technology sales to China, though it has temporarily backed off.China is looking for ways to retaliate and has reached out for support from Russia and its neighbours in Asia. Both the U.S. and China have made overtures about continuing trade talks, but none are scheduled.Markets in Asia and Europe also saw steep losses.KEEPING SCORE: The S&P 500 index fell 1.4% as of 10:20 a.m. The Dow Jones Industrial Average fell 370 points, or 1.4%, to 25,408. The Nasdaq composite rose 1.6%.BRAZIL CALLING: Avon shares soared 9.3% after Brazilian cosmetics maker Natura announced that it is buying the beauty products company for $3.7 billion in stock.The deal would create the world’s fourth-largest group of beauty products. Natura also currently owns retail stores like The Body Shop.ENTICING PROFIT: Victoria’s Secret owner L Brands surged 13.8% after blowing away Wall Street’s first quarter earnings forecasts.The company, which also owns Bath & Body Works, gave investors a surprise profit on better-than-expected revenue.Damian J. Troise, The Associated Press read more

UN official condemns plan to expel displaced from church grounds in Côte

The United Nations Emergency Coordinator today condemned a proposed move to expel nearly 3,000 displaced people forcefully from a Roman Catholic mission in Côte d’Ivoire, announced in a Government circular this week, as counter to humanitarian principles.”The United Nations is deeply troubled by this flagrant display of lack of respect for humanitarian principles and for the people under our humanitarian protection,” Under-Secretary-General Jan Egeland of the Office for the Coordination of Humanitarian Affairs (OCHA) said.Repeated attacks on the civilian population of Duékoué and surrounding villages in late May and early June initially sent some 15,000 people to seek shelter at the Catholic mission. Of these about 2,700 remain.The UN Country Team in Côte d’Ivoire learned that the military sous-prefet of Duékoué distributed an official circular, dated 27 September, saying that the internally displaced persons (IDPs) residing at the local Catholic mission would be forcibly removed from that site tomorrow.Meanwhile, the Special Representative of the Secretary-General for Côte d’Ivoire, Pierre Schori, was set to attend the special summit of the Economic Community of West African States (ECOWAS) in Abuja, Nigeria, today.He said he would also go to the meeting of the Peace and Security Council of the African Union (AU), scheduled to take place in Addis Ababa, Ethiopia, on 6 October. He would then travel to New York for a session of the Security Council, which issued a presidential statement last week repeating its support for the regional, continental African and international efforts to take the peace process forward.Mr. Schori invited the parties to the crisis to end the language of war, embrace dialogue, start working seriously and say, as President Laurent Gbagbo had done: “There will be no civil war in Côte d’Ivoire after 30 October.” Nationwide elections have long been scheduled for that day. read more