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4 Dec《Global Market Headline》US and China announced a temporary truce on trade war, US stocks rose

United States: The United States and China announced a temporary truce and US stocks rose. The US stock market Dow Jones index rose 287.97 points, or 1.13%, to close at 25,826.43 points. The S&P 500 index rose 30.20 points, or 1.09%, to close at 2,790.37 points. The Nasdaq index rose 110.98 points, or 1.51%, to close at 7,441.51 points.

US: The US ISM manufacturing index for November was 59.3, better than analysts´ expectations of 57.5, rebounding after hitting a new low in the second half.

Europe: The news pointed out that US President Trump and Chinese President Xi Jinping reached a consensus on trade wars. They agreed not to impose new tariffs during the 90-day period, so that the leaders of the two countries have time to resolve major differences. The news supported a sharp rise in global stock markets. The pan-European Stoxx 600 index rose 3.69 points or 1.03% to 361.18.

South Korea: South Korea´s GDP in the third quarter was 0.6%, which was 0.6% in line with expectations. The final value was 2%, which was also in line with expectations of 2%.

Southeast Asia: Inspired by the Sino-US trade war, the Southeast Asian stock market rose mostly, the Indonesian stock market rose 1.03%, and the Vietnamese stock market rose 2.7%.

Commodities: Brent crude oil futures closed up $2.48, or 4.17%, to $61.94 a barrel, as Russia said it would join Saudi Arabia´s plans to cut oil production.

Commodity: The weak dollar has supported gold´s rise. Gold rose $13.60, or 1.1%, to close at $1,239.60 an ounce, the highest since November 1.

Currency: The Sino-US trade war has been suspended, the financial market risk appetite has risen, and the dollar has gone. The US dollar index fell 0.2% to 97.047.

 

Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources believed to be reliable. However, we do not verify such information. We do not guarantee its accuracy or completeness, nor do we take responsibility for any loss occasioned by reliance placed upon the contents hereof. Any statements nonfactual in nature constitute only current opinions, which are subject to change.  PC Securities Ltd (or one of its affiliates) or their officers, directors, analysts, or employees may have positions in securities or commodities referred to herein, and may, as principal or agent, buy and sell such securities or commodities.  Neither the information nor opinion expressed in this report shall constitute a solicitation to buy or sell any securities.

 

2018-12-19   Back