NEW YORK — Stocks moved broadly lower in early trading On Wall Street Friday as investors again retreated to safer holdings in a market racked by fear and anxiety over trade disputes.The week has been especially turbulent as investors and central banks react to the escalating trade war between the U.S. and China. The lingering conflict looms large over the prospects for global economic growth and has been shaking markets with wild swings all week.Technology stocks bore the brunt of the selling. DXC Technology plunged 28% after cutting its financial forecast for the year. It was the heaviest weight on the sector, but technology powerhouse Apple and several chipmakers also fared poorly.Industrial and communications stocks also fell hard in the early going. General Electric shed 2.4% and TripAdvisor lost 3.6%.Utilities held up the best and wobbled between small losses and gains. The sector is normally considered a safe place to park money if economic growth and other parts of the market look shaky.Investors are also weighing some of the final earnings reports in what has been a better-than-expected round of results.KEEPING SCORE: The S&P 500 index fell 0.5% as of 10 a.m. Eastern time. The Dow Jones Industrial Average fell 121 points, or 0.5%, to 26,257. The Nasdaq composite fell 0.8%.OVERSEAS: European indexes fell broadly. The British government reported that its economy shrank in the second quarter for the first time since 2012. Germany reported that exports fell in June. Stocks in Asia were mixed.WILD WEEK: U.S. stocks opened the week by plunging to their worst loss of the year and then wobbled for several days before eventually recovering the week’s losses on Thursday. With the early losses on Friday, major U.S. indexes are now poised to finish a second straight week with losses.UBER’S ROUGH RIDE: Uber fell 8.6% after losing more money during the second quarter than Wall Street had expected. The company reported its largest quarterly loss on record in the same period it went public and made huge stock-based payouts. The company spent heavily on sales and marketing, including costly promotions designed to attract riders and drivers. The cost of price wars and retaining drivers while competing with rivals such as Lyft has been a strain on its ability to turn a profit.BAD BATCH: Nektar Therapeutics plunged 39.2% after the company revealed that a cancer treatment study was impacted by bad batches of an experimental drug. The company has since refined the manufacturing process for the drug candidate, which is involved in multiple cancer treatment studies with partner Bristol-Myers Squibb.Damian J. Troise, The Associated Press
The United Nations family in Nigeria paused today to remember their colleagues who were killed a year ago during an attack on the world body’s compound in the capital, Abuja. Thirteen UN staff members, as well as several non-UN staff, died as a result of the suicide bombing on 26 August 2011, while more than 100 others were injured. Hundreds of personnel from 26 different UN agencies and entities had been at the compound when the bomber struck. “Although the devastating attack took the lives of our colleagues and partners and maimed many people, all of whom were in the building in the pursuit of service to humanity, our spirits have not been dampened,” said the UN Resident Coordinator in Nigeria, Daouda Toure. “Their death mobilizes us more than ever before. Their sacrifice will not be in vain,” he added. “We will strive to pursue our work for the people of Nigeria for the continuance of peace and stability of this great nation, and the socio-economic development of all.” Mr. Toure also paid tribute to the resilience and courage of UN staff and officials who have continued undaunted with their development and humanitarian work of helping the people of Nigeria regardless of the constraints. He reaffirmed that the UN system in Nigeria will continue on its mission “to assist in improving the lives of poor people, to conquer hunger, disease and illiteracy, and to encourage respect for each other’s rights and freedoms.” The UN victims served with the UN Development Programme (UNDP), World Health Organization (WHO), UN Children’s Fund (UNICEF), UN Programme on HIV/AIDS (UNAIDS), and UN Office on Drugs and Crime (UNODC).
IN A MAJOR new survey of Europeans, Germany was found to be the most trusted nation in the European Union.But, it was also described as the most arrogant and least compassionate.The Washington DC-based Pew Research Center polled almost 8,000 people across Germany, the UK, France, Italy, Spain, Greece, Poland and the Czech Republic in March this year to ascertain their views on the European project and their feelings towards their neighbours.The answers highlight how Germany’s experience of the financial crisis has differed to those of seven other EU members. Currently, Germans feel better about the economy, their personal situations, the future, the European Union, economic integration and their own elected leaders.The role played by Angela Merkel and her government over the past five years has evoked mixed motions from Europeans. In all but one country, people consider Berlin the most trustworthy (Greece was the only exception: it chose itself as the most trustworthy).However, the same countries polled Germany as the ‘least compassionate’ and many also voted it as the ‘most arrogant’.Despite proclaiming itself the most trustworthy, Greece was named as the least trustworthy by three other countries, including Germany, the Czech Republic and France.In an odd result, France described itself as both the ‘most arrogant’ and ‘least arrogant’ country.Decline in SupportThe research showed a decline in support for the European Union in 2013 when compared to the previous year with favourability falling from a median of 60 per cent to just 45 per cent.The report believes that there has been an “erosion of faith in the animating principles that have driven so much of what [Europe] has accomplished internally”.The prolonged economic crisis has created centrifugal forces that are pulling European public opinion apart, separating the French from the Germans and the Germans from everyone else.According to the Pew Centre’s data, no European country is becoming “more dispirited and disillusioned” faster than France as the public mood sours dramatically.The French are negative about the economy with 91 per cent saying it is doing badly, a 10 per cent jump on last year’s figures. They are also unimpressed with their leadership, with Francois Hollande scoring less than his predecessor Nicolas Sarkozy.In contrast, Germans are still mostly satisfied with Merkel and her approval rating is recorded at 74 per cent. There is a major gap to hit the second most popular leader – David Cameron of Great Britain at 37 per cent.Economic DoomAlthough they are optimistic about their own trustworthiness and compassion, just one per cent of Greeks are positive on their economic conditions. Again, Germany is the only country of the eight to diverge from such feelings of concern.Positive sentiment is down 61 percentage points in Spain, 54 points in Britain and 22 points in Italy.A lack of jobs is the major concern for most countries, as is public debt. The gap between rich and poor is also a worry for European nations. Inequality is the principle concern in Germany.Any good news?Disillusionment with the European project has not turned residents off the euro which remains in public favour. More than six-in-ten people want to keep the single currency, with support increasing in both Italy and Spain.Angela Merkel: ‘No, I was not an East German propaganda official’Germany arrests 93-year-old over alleged duty at Auschwitz