International News
Stocks advanced in Europe and Asia while the Yuan strengthened after the US and China were said to be close to a trade deal that may end American tariffs in return for Chinese concessions. S&P 500 futures climbed, while the dollar fluctuated and Treasuries held steady.Gains in miners and media companies led the Stoxx Europe 600 Index to five-month high. Earlier in Asia, Chinese and Japanese stocks saw the biggest advances, though several markets pared increases as the session progressed. The mooted trade deal would require Beijing to follow through on pledges ranging from better protecting intellectual-property rights to buying a significant amount of American products, two people familiar with the discussions said. The dollar nudged higher even after US President Donald Trump warned against it becoming too strong.
“While we have all these great headlines about what could be achieved under a US-China trade agreement, we’re still a little way away,” said Kerry Craig, JP Morgan’s global market strategist. “There could be a chance for a disappointment. It could be phased in over a number of years. There’s still questions about how and what China will actually buy to try and reduce their deficit.”
Signs of progress between Beijing and Washington are helping revitalize a rally in global equities that showed signs of stalling last week. The market will keep focused on both superpowers for other developments as well: China’s annual National People’s Congress may yield policy clues when it kicks off on Tuesday and investors will get the latest read on the US economy with the monthly jobs report on Friday.
Elsewhere, the pound rose against the euro, approaching a 21-month high it touched last week, amid optimism UK lawmakers are avoiding a hard Brexit by moving toward supporting Prime Minister Theresa May’s proposed deal. West Texas oil climbed above $56 a barrel on signs of slowing US production growth and as OPEC and its allies deepened cutbacks...Read More
No comments:
Post a Comment