Global stocks fall as investors brace for Trump to hit China with a 'bazooka'

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Global stocks turned lower on Friday as investors prepare for fresh US-China intensification ahead of President Donald Trump's press conference on the new Hong Kong security law.

Analysts said "Trump won't look good if he has the whole world watching him, and he produces a small water pistol and not a bazooka."

Futures for the S&P 500 dropped 0.5 , while Hong Kong's Hang Seng index fell 0.7 .

Oil prices also fell ahead of Trump's announcement. US oil benchmark WTI fell 3.5 to 32.51 a barrel, and Brent crude dropped 2.8 to 35.12.

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Global stocks fell on Friday ahead of expected developments in US-China strains as President Trump promised "interesting" action on the world's second-largest economy.

Investor optimism faded as China rubber-stamped its new draconian security law on Hong Kong, which sent armed police flooding the streets to tackle pro-democracy protests in the administrative region. Trump is expected to respond harshly later on Friday. See the rest of the story at Business InsiderNOW WATCH: Tax Day is now July 15 this is what it's like to do your own taxes for the very first timeSee Also:May consumer confidence tops estimates as the US unwinds economic shutdownsA Wall Street chief strategist analyzes 4 recessions throughout history to explain why investors should still be buying stocks even as the economy hurtles into depression5 economic statistics that show the financial devastation of the pandemic for average Americans