Dollar declines, stocks rise, Trump wants deal with China
January 09, 2019 @ 11:09 UTC
Stocks in Asia and U.S. futures rallied Wednesday amid optimism about the potential for progress in trade talks between Washington and Beijing, which were extended into a third day. The dollar dipped. China and Hong Kong stocks led gains on news of further stimulus efforts. Futures on the S&P 500 reached their highs of the session after an Oval Office address by President Donald Trump yielded no new moves in his dispute with Congress over funding a wall on the Mexican border; there had been speculation of a polarizing declaration of a national emergency. European futures indicated markets there will rise. Ten-year Treasury yields retained gains made in recent days. Oil held above $50 a barrel in New York.
Developments in U.S.-China trade relations remain a focal point, with Trump increasingly eager to strike a deal to help perk up financial markets, people familiar with White House deliberations told Bloomberg. The current round of sub-ministerial talks are expected to conclude Wednesday.
Japan’s Topix index climbed 1.1 percent at the 3 p.m. close in Tokyo. Australia’s S&P/ASX 200 Index rose 1 percent. South Korea’s Kospi index added 1.8 percent. Hong Kong’s Hang Seng Index gained 2.4 percent. The Shanghai Composite rose 1.4 percent. S&P 500 futures climbed 0.4 percent. The S&P 500 Index rose 1 percent Tuesday. FTSE 100 futures rose 0.7 percent. The MSCI Asia Pacific Index was up 1.4 percent.
Stocks Rally on Trade Progress as Dollar Slips, Bloomberg, Jan 09