Trade Talk Optimistic Rekindled Dow Closed More than 100 Points
U.S. President Trump said during a NATO summit in London on Wednesday that China-US trade talks were progressing well. Bloomberg also cited sources on Wednesday that the two countries have made progress in discussing the reduction of tariffs in the first phase of the trade agreement, which has eased market tensions. The Dow ended a 3-day decline and rose 224 points on Wednesday.
The Dow still closed up 146 points or 0.53%, the benchmark index rose 0.63%, and the Nasdaq rose 0.54%. For European stocks, French stocks performed better than 1.2%. Asian stocks were weighed down by Trump ’s claims on Tuesday or a trade agreement with China after the end of next year ’s election. The MSCI Asia Pacific Index (excluding Japan) fell 0.86%, while Japanese stocks closed 1.05% lower.
Looking forward to another production cut, New York oil rose more than 4%
The British pound rose to a seven-month high, once quoted at $ 1.3119, the first time since May that it rose above the level of 1.31, and rose 0.85% at the end to 1.3106. The US dollar index fell 0.12% to 97.62; the dollar was better against the euro and the yen. Gold futures in New York fell 0.3% to close at $ 1480.2 per ounce.
The market is looking forward to further reductions in oil production, stimulating New York oil futures to close 4.2% higher at $ 58.43 per barrel. Brent oil futures rose 3.6% to close at $ 63 a barrel.
In terms of data, the ADP job report shows that in the United States, private companies only added 67,000 jobs in November, more than half less than expected. ADP is regarded as a prelude to non-agricultural data. At present, the market is expected to increase 187,000 non-agricultural positions in November, and the unemployment rate will remain at a 50-year low of 3.6%. In addition, the Institute of Supply Management (ISM) service industry index fell from 54.7 in October to 53.9 in November, which was lower than expected, while the Markit Service Purchasing Managers Index (PMI) rose from 50.6 in October to 51.6 in November.