World stocks mixed as US, China move toward deal

Combined Shape

SINGAPORE (AP) — World stocks mostly edged up on Monday after the U.S. and China said they were closing in on a trade deal, without giving a timeline, and amid optimism over corporate earnings.

Britain’s FTSE 100 was flat at 7,433 while the CAC 40 in France gained 0.1% to 5,509. Germany’s DAX was also up 0.1%, at 12,017.

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

U.S. Treasury Secretary Steven Mnuchin said Saturday that the U.S. and China were moving closer to an agreement on trade.

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

Trending:
CNN's Don Lemon Fails to Get Guest to Take 'Bait,' Instead Gets Contradicted on Slavery

Mnuchin added that the proposed agreement has seven chapters and will allow both countries to set up enforcement offices to make sure the deal is followed.

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

Investors have meanwhile been supported by strong earnings, especially from U.S. banks. Traders are waiting to see if other big companies do equally well in the days ahead, as a judge of the strength of corporate America.

“Further encouraging readings during the remainder of the earnings season should feed into the broader risk sentiment narrative and help improve investor confidence, as long as the releases do not reveal any negative surprises,” Lukman Otunuga, a research analyst at FXTM, said in a commentary.

Trading was more mixed in Asia, with the Shanghai Composite index 0.3% lower at 3,177.79. Hong Kong’s Hang Seng gave up 0.3% to 29,810.72. Australia’s S&P ASX 200 was flat 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 rose in Taiwan but fell in Singapore and the Philippines.

ENERGY: Benchmark U.S. crude shed 68 cents to $63.21 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 31 cents to close at $63.89 on Friday. Brent crude, used to price international oils, lost 73 cents to $70.82 per barrel in London. It added 72 cents in the previous session to $71.55.

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

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →






We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands.
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
Location
New York City




Conversation