World stocks and risk currencies rallied on Tuesday on encouraging global economic data and assurances from U.S. President Donald Trump that the U.S.-China trade deal remained 'fully intact' after confusion over its fate had emerged.
LONDON - World stocks and risk currencies rallied on Tuesday on encouraging global economic data and assurances from U.S. President Donald Trump that the U.S.-China trade deal remained “fully intact” after confusion over its fate had emerged.
The headlines prompted a brisk selloff but sentiment quickly recovered when Navarro, an outspoken critic of China, said his remarks had been taken out of context, and Trump later confirmed in a tweet the deal was fully in place. Banks, carmakers and technology shares led the share market gains, while the euro almost got above $1.13 and Italian and Spanish government debt benefitted in the bond markets.
World stocks have rallied since hitting a low in March amid worries about the jolt to the global economy from the coronavirus-driven shutdown. “I should think any pullback would be a catalyst for that pattern to resume, the conversations that I am having with clients is all about what to buy not what to sell.”
Despite Trump’s assurances on Tuesday, Menon expects U.S.-China tensions to escalate in the run-up to the U.S. elections.
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