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Global Markets Rise After China Confirms Start of New Trade Talks With U.S. Wall St. Gives Up Early Gains as Boost From China-U.S. Trade Talks Fades
(about 4 hours later)
Markets around the world rose on Tuesday, the latest swing in a volatile stretch shaped by investors’ concerns over a slowing global economy and the prospects for a solid trade truce between the United States and China, among other issues. Stocks on Wall Street gave up early gains Tuesday, the latest swing in a volatile stretch shaped by investors’ concerns over a slowing global economy and the prospects for a solid trade truce between the United States and China.
One potentially positive sign came in the form of a statement from China’s commerce ministry that officials in Beijing and their counterparts in the United States had discussed the next stage of trade talks between the two countries. Stocks in the United States rose sharply in early trading, after China’s commerce ministry said that officials in Beijing and their counterparts in the United States had discussed the next stage of trade talks between the two countries.
“Both sides exchanged views on putting into effect the consensus reached by the two countries’ leaders at their meeting, and pushing forward the timetable and road map for the next stage of economic and trade consultations work,” the ministry said on its website.“Both sides exchanged views on putting into effect the consensus reached by the two countries’ leaders at their meeting, and pushing forward the timetable and road map for the next stage of economic and trade consultations work,” the ministry said on its website.
On Wall Street stocks opened higher, raising hopes of a reprieve after the S&P 500-stock index fell 4.6 percent last week. Stocks had also gained ground on Monday. But those gains faded by midday after President Trump, in a meeting with Democratic leaders, vowed to block full funding for the government if Democrats refused to embrace his demand for a border wall.
• In early trading, the S&P 500 industrial sector led the broader market higher, on renewed optimism over the trade fight between the United States and China. Deere and Caterpillar, both of which have significant sales exposure in China, rose sharply. • Stocks that led the market higher in early trading — like Deere and Caterpillar, which both have significant sales exposure in China — gave up most of their gains by midday.
• Tech shares also helped drive up American stocks, with Microsoft rising more than 2 percent. • Tech shares also helped to drive up American stocks, with Microsoft rising more than 1 percent
• European markets were up broadly, with the Euro Stoxx 50 rising 1.79 percent by early afternoon.• European markets were up broadly, with the Euro Stoxx 50 rising 1.79 percent by early afternoon.
• The FTSE 100 in Britain was up about 1.6 percent. The pound, which has sunk in recent days amid the continuing turmoil in Parliament over the now-postponed vote on Prime Minister Theresa May’s plan for Britain to leave the European Union, rose slightly and was wavering around $1.26 by the early afternoon.• The FTSE 100 in Britain was up about 1.6 percent. The pound, which has sunk in recent days amid the continuing turmoil in Parliament over the now-postponed vote on Prime Minister Theresa May’s plan for Britain to leave the European Union, rose slightly and was wavering around $1.26 by the early afternoon.
• In France, where an outcry over the state of the economy has led to weeks of protests, the CAC 40 was up almost 2 percent.• In France, where an outcry over the state of the economy has led to weeks of protests, the CAC 40 was up almost 2 percent.
• Markets in Asia were mixed. The Nikkei 225 closed down 0.34 percent, and the Topix fell 0.91 percent. Hong Kong’s Hang Seng Index edged up 0.07 percent, but the Kospi in Korea fell 0.04 percent.• Markets in Asia were mixed. The Nikkei 225 closed down 0.34 percent, and the Topix fell 0.91 percent. Hong Kong’s Hang Seng Index edged up 0.07 percent, but the Kospi in Korea fell 0.04 percent.
Worries about global economic growth, trade and the strength of corporate earnings in the United States have battered stocks since September. Trading has been particularly frenzied since the arrest of Meng Wanzhou, the chief financial officer of Huawei.Worries about global economic growth, trade and the strength of corporate earnings in the United States have battered stocks since September. Trading has been particularly frenzied since the arrest of Meng Wanzhou, the chief financial officer of Huawei.
Investors had feared that her arrest would intensify a simmering trade war between the United States and China, which has already unnerved Wall Street.Investors had feared that her arrest would intensify a simmering trade war between the United States and China, which has already unnerved Wall Street.