Global stocks rise as US and China play nice on trade
Global stocks are climbing on signs that China and the United States might avoid another bruising confrontation over trade.
“Given the recent rising tensions between the U.S. and China surrounding Covid-19, investors are likely comforted to see that both sides are still working toward implementing the phase-one deal,” said Takeo Kamai, head of execution services at CLSA Securities Japan. “Disruption in the trade front would’ve added another level of anxiety and put us right back to the central issue for the markets in 2019.”
- Dow ( ) futures were last up 230 points, or 1%, after surging more than 300 points earlier.
- Futures for the S&P 500 ( ) and Nasdaq ( ) increased 1% and 0.9%, respectively.
- In Europe, France’s CAC 40 and Germany’s DAX added roughly 1% in early trading.
- London’s FTSE 100 was closed for a public holiday.
In Asia, Japan’s Nikkei () finished the day up 2.6%.
South Korea’s Kospi () ended 0.9% higher.
China’s Shanghai Composite () rose 0.8%.
Hong Kong’s Hang Seng () closed up 1%.
Oil futures pushed higher Friday, with investors cautiously optimistic as lockdown measures continue to be loosened in the U.S. leading to slow but steady increases in demand.
- U.S. crude June futures traded 4.8% higher at $24.69 a barrel.
- The international benchmark Brent contract rose 2.8% to $30.28.
- Elsewhere, gold futures rose 0.2% to $1,729.80/oz.