- Global stock market rally moves into fourth day amid reports of a positive end to trade talks between the US and China. Oil is rising for an 8th session.
- Talks concluded on Wednesday, 24 hours after their scheduled ending.
- Trump is eager to strike a deal “soon” with China to calm market volatility, Bloomberg reported.
- European and Asian stocks rose Wednesday, while futures point to a positive open in the US.
- Follow global markets live at Markets Insider.
Global markets continue their resurgence on Wednesday after trade talks between the US and China look to have ended on a positive note, while Bloomberg reported that President Donald Trump is eager to calm markets so aims to “soon” strike a trade deal.
The news comes as three days of talks between Washington and Beijing wrapped up Wednesday morning, having initially been scheduled to finish Tuesday. No official word on any agreement between the sides has yet been announced, but signs are that a preliminary deal may have been agreed.
“Based on what I know, the situation is quite positive,”Hu Xijin, the editor in chief of the state run newspaper Global Times, said in a tweet just after 8.00 a.m. GMT (3.00 a.m. ET). “The two sides are still in consultation on the wording of the message, so the two versions can be coordinated.”
Meanwhile, inside the White House, Bloomberg said, some advisers are pressing for a speedy end to the trade war to help soothe recent volatility that has gripped markets. Trump tweeted on Tuesday night: “Talks with China are going very well!”
Ted McKinney, the US Under Secretary of Agriculture for Trade and Foreign Agricultural Affairs spoke during negotiations on Wednesday, and told reporters, referring to the talks: “I think they went just fine.”
“It’s been a good one for us,” he added.
Optimism about a deal on trade has helped extend the stock market’s rally into a fourth day, with major share indexes in both Europe and Asia climbing, and futures pointing to another positive day in the US, following on from 1% gains for all three major indexes Tuesday.
“Though not quite as giddy as on Tuesday – not yet, at least – building optimism for a trade deal between the US and China ensured another positive start on Wednesday morning,” Connor Campbell, analyst at Spreadex said in a morning email.
Here’s the scoreboard:
- In the first hour of trading in Europe, all major stock indexes were higher, with gains of as much as 1.1% for Germany’s benchmark DAX Index.
- Elsewhere on the continent, stocks rose between 0.7% and 0.9%, with the Euro Stoxx 50 higher by 0.9%.
- European gains followed similar increases in Asia, where all Chinese indexes saw gains Wednesday. The Shanghai Composite, China’s benchmark index, was up 0.7%, while the Shenzhen Composite was up 0.8%.
- Japanese stocks also saw a strong day with the Nikkei 225 up 1.1% at the close.
- In the US, futures markets pointed to another positive day, with the Dow Jones, S&P 500, and Nasdaq all looking to open around 0.3% higher.
- Oil is rising for an eigth session. Brent crude is up 2% to $US58.91 per barrel.
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