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Home 20th Century Fox TV

Stock markets rally as US and China agree to restart trade talks – business live | Business

newsfashion by newsfashion
September 5, 2019
in 20th Century Fox TV
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Stock markets rally as US and China agree to restart trade talks – business live | Business
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3.35am EDT
03:35

China: Call with US went very well

Just in: China’s commerce ministry has told reporters that the overnight phone call with top US officials went “very well”.

Spokesman Gao Feng explained that China opposing escalation in the trade war, and will try to make “real progress” when they visit US in October.

So far so good!

But Gao also said that China hopes the US still stop taking “wrong actions” against Chinese companies (such as Huawei).

LiveSquawk
(@LiveSquawk)

China Commerce Ministry Asked About Trade Talks With US, Says Will Strive To Achieve Real Progress During High Level Meeting In Oct


September 5, 2019













3.25am EDT
03:25

Europe hits one-month high

Europe’s stock markets have hit their highest levels in a month, lifted by trade war hopes.

Here’s the early moves:

  • Germany’s DAX: up 96 points at 12,121, up 0.8%
  • French CAC: up 43 points at 5,576, up 0.8%
  • Italy’s FTSE MIB: up 100 points at 21,833, up 0.5%

Technology companies and industrial firms, who are particularly vulnerable to trade conflict, are leading the rally.




Stoxx 600 top risers

The Europe-wide Stoxx 600 index Photograph: Refinitiv

Neil Wilson of Markets.com says the decision to restart trade talks “sent a rocket under equities globally”. But he also advises caution, as we’ve been here before….


On trade – we’re getting more jaw jaw, but just as much war war as before.

The news of face-to-face high-level talks between the US and China next month has been seen as a positive but needs to be taken with a good dose of salt. It wasn’t that long ago the market was rallying as we thought a deal imminent, now it’s moving on nothing more than confirmation of talks.

It highlights the headline risk that traders must contend with and suggests there is very little by way of a strong trend in the markets right now, just a lot of short-termism and uncertainty. A trade deal is a long way away.

Updated
at 3.26am EDT













3.13am EDT
03:13

The chances of a US-China trade deal anytime soon are thin, warns Ipek Ozkardeskaya, senior market analyst at London Capital Group.

She suspects Donald Trump could be tempted to inflame the situation, to encourage US central bankers to cut interest rates.


With only a slim chance of a trade deal, all investors ask is at least the continuation of the trade talks.

It is uncertain whether Trump would attempt to cool down the trade war moving into the presidential election year, or he would continue fanning the flames and using it as a tool to exercise an increased pressure on the Federal Reserve for lower interest rates

Updated
at 3.22am EDT













3.01am EDT
03:01

Stocks rally across Asia




Hold onto your hat! A Chinese investor watches stocks rally in Beijing today.

Hold onto your hat! A Chinese investor watches stocks rally in Beijing today. Photograph: Mark Schiefelbein/AP

Japan’s stock market has hit its highest level in a month, on hopes that the US-China trade war could be easing.

In Beijing, every stock market sector rallied – led by technology companies (+2.1%), financial stocks (+1.4%) and consumer stocks (+1%). This lifted the Chinese market by around 1%.

Traders are clearly welcoming the prospects of new face-to-face talks between the US and China soon.

Han Tan, market analyst at FXTM, says “seasoned investors” will be cautious, though. Getting a deal will not be easy, at all.


The lift in risk sentiment appears mitigated by the concern that the latest positive developments surrounding the US-China trade impasse may prove fleeting and do not yet fully nullify the downside risks to the global economy.

In order for risk sentiment to push significantly higher, markets will need to be shown material signs that US and China are indeed drawing closer to a meaningful and lasting trade deal. Existing tariffs need to be dismantled in order to alleviate pressures on the global economy.

Updated
at 3.01am EDT













2.45am EDT
02:45

Introduction: US and China to resume trade talks




Stacks of containers in a container terminal at the Yangshan Deepwater Port in Shanghai, China.

Stacks of containers in a container terminal at the Yangshan Deepwater Port in Shanghai, China. Photograph: Costfoto/Barcroft Media

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

The clouds of gloom that have enveloped the markets recently are lifting this morning, as rays of optimism over the trade war break through.

Overnight, America and China have agreed to restart face-to-face negotiations, in an attempt to defuse the trade war that is hurting the global economy.

The breakthrough came following a call between China’s vice-president Liu He and the US trade representative Robert Lighthizer and Treasury secretary Steven Mnuchin.

Lighthizer’s office announced:


“They agreed to hold meetings at the ministerial level in Washington in the coming weeks.

In advance of these discussions, deputy-level meetings will take place in mid-September to lay the ground work for meaningful progress.

Crucially, China also announced the breakthrough, revealing that Beijing will send a delegation to Washington in early October.

GRinvest2
(@GRinvest2)

China and US will hold the 13th round of trade negotiations in Washington in October, the People’s Daily said. => RISK ON


September 5, 2019

This is the first significant breakthrough since June, when Donald Trump and Xi Jinping agreed in principle to restart talks following the collapse of negotiations in May.

Since then, both sides have imposed additional tariffs on their goods, raising concerns about an escalating trade war. Yesterday, Bank of England governor Mark Carney said the dispute was hurting the global economy, so investors will be hoping that October’s talks actually happen, and deliver progress.

Stocks have jumped in Asia overnight, with Japan’s Nikkei gaining 2% and China’s CSI 300 up 1%. European markets are expected to rally too, with the STOXX 600 called up almost 1%.

IGSquawk
(@IGSquawk)

European Opening Calls:#FTSE 7339 +0.38%#DAX 12135 +0.91%#CAC 5580 +0.86%#MIB 21968 +1.06%#IBEX 8933 +0.87%#STOXX 3482 +0.89%


September 5, 2019

The agenda

  • 7am BST: German factory orders for July
  • 8.30am BST: German construction PMI for August
  • 1.30pm BST: US weekly jobless figures
  • 3pm BST: US Composite PMI for August

Updated
at 3.52am EDT




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