US and European stocks fell after US president Donald Trump cancelled a planned June summit with North Korean leader Kim Jong-un.
On Thursday morning, Trump cancelled the June 12 Singapore meeting, citing Pyongyang’s “open hostility” even though North Korea followed through on its pledge to destroy tunnels at its nuclear test site.
The Dow Jones fell 75.05 points (0.3 per cent) to finish at 24,811.76 while the S&P dipped by 5.53 points (0.2 per cent) to close at 2,727.76. Nasdaq also dropped 1.53 points (0.02 per cent) to 7,424.43.
European bourses had a sharp dip, with London and Frankfurt down by almost one per cent each.
The markets were also impacted by Trump’s order of investigation into vehicle part imports, which could lead to tariffs on foreign auto goods. US carmakers such as General Motors and Ford rose with 1.4 and 1.5 per cent respectively.