World stocks rise on trade Discussions, earnings

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World stocks mostly cut up on Monday after the U.S. and China said that they had been closing in on a trade deal, without even giving a timeline, and amid confidence over corporate earnings.

Germany’s DAX was up 0.1percent, and in 12,017.

On Wall Street, the upcoming contract for the wide S&P 500 index has been flat, while that for the Dow Jones Industrial Average was 0.2% higher.

U.S. Treasury Secretary Steven Mnuchin stated Saturday that the U.S. and China were going closer to a deal on commerce.

Speaking on the sidelines of the International Monetary Fund and World Bank spring meetings, Mnuchin said the U.S. and China held phone discussions a week and he was not positive if more face-to-face meetings would be needed. He didn’t provide a timeframe for when negotiations may be wrapped up.

Mnuchin added the proposed arrangement will permit both states to prepare enforcement offices to make certain the deal is followed and contains seven chapters.

Chinese foreign ministry spokesman Lu Kang said Thursday that the discussions have been”moving forward” and”new substantial progress” was made.

Investors have been supported by strong earnings, especially by U.S. banks. Traders are waiting to find out if other large companies do well from the days beforehand, as an indicator of corporate America’s potency.

“Further encouraging readings throughout the rest of the earnings period should feed in the broader risk opinion narrative and help improve investor confidence, so long as the releases don’t disclose any adverse consequences,” Lukman Otunuga, a researcher in FXTM, said in a comment.

Trading has been more mixed in Asia, with the Shanghai Composite indicator 0.3% reduced at 3,177.79. Hong Kong’s Hang Seng grew up 0.3% to 29,810.72. Australia’s S&P ASX 200 had been apartment at 6,251.40 while Japan’s Nikkei 225 index jumped 1.4% to 22,169.11.

The Kospi in South Korea added 0.4% to 2,242.88. Stocks climbed in Taiwan but fell at the Philippines and Singapore.

ENERGY: Benchmark U.S. primitive drop 68 cents to $63.21 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, employed to cost international oils, lost 73 cents to $70.82 per barrel in London. It added 72 cents in the past session to $71.55.

CURRENCIES: The dollar dropped to 111.96 yen out of 112.01 yen late Friday. The euro rose to $1.1314 from $1.1300.