Date : Fri, October 11, 2019
Source : bloomberg.com
Author : Bloomberg News
Stocks rallied on Friday amid growing hopes that the U.S. and China can negotiate a trade truce as high-level talks progress into a second day. Treasuries edged higher after Thursday’s slump.
U.S. equity futures also rose as President Donald Trump said the first senior-level in-person talks since late July are going “really well” and will be continued on Friday. The Stoxx Europe 600 Index advanced a third day, with tech firms and banks pacing gains.
Equities rallied throughout Asia, with shares in Hong Kong getting an extra lift as protesters discussed scaling back vandalism ahead of planned protests this weekend. The pound edged higher following its biggest jump in seven months after U.K. and Irish leaders said that there may be a possible “pathway” for a Brexit deal.
Investors have turned cautiously positive after trade headlines roiled markets this week, with China and the U.S. having signaled progress in securing a partial deal for a temporary truce on tariffs. Trump said he will meet with China’s lead negotiator Vice Premier Liu He on Friday. Reports of a possible breakthrough on Brexit have also some way gone towards removing a persistent source of worry for markets.
“It is good news if we do have a deal -- it avoids the worst,” Thanos Vamvakidis, head of global G-10 foreign exchange strategy at Bank of America Merrill Lynch, told Bloomberg TV, speaking about the trade negotiations. “But we are not out of the woods yet.”
Elsewhere, crude extended gains after a reported explosion on an Iranian tanker reignited fears that unrest in the Middle East could threaten global supply. Iran said missiles that struck the tanker probably came from Saudi Arabia
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