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Global stocks edge lower on data, oil rises on geopolitical fears

Added 06-14-19 03:03:02pm EST - “Equity markets lost ground on Friday as weak Chinese data stoked investor anxiet...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Global stocks edge lower on data, oil rises on geopolitical fears”. Below is an excerpt from the article.

NEW YORK (Reuters) - Equity markets lost ground on Friday as weak Chinese data stoked investor anxieties over a global growth slowdown and mounting fears of a U.S.-Iran confrontation added to geopolitical uncertainty, sending oil prices higher.

Attacks on two oil tankers in the Gulf of Oman lifted oil prices, although they remained on track for a weekly loss on worries a sluggish world economy could hurt demand.

China’s industrial output growth came in well below expectations, slowing to a more than 17-year low, suggesting Beijing was feeling the sting of the protracted trade war with the United States.

“The China data certainly is far-reaching, impacting not only China but global markets as well,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “That is one of the big overhangs today.”

“The other one is what’s happening in the Persian Gulf, which could turn into a military response versus a peaceful response,” Ghriskey added. “There’s still a lot of uncertainty.”

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