Wed. Nov 25th, 2020

Trade wars: Markets rally as China slashes tariffs on 850 products – business live

Rolling coverage of the latest economic and financial news, as China gives the world economy a festive gift

12.49pm GMT

Hopes of a trade war breakthrough mean Wall Street should post its best year since 2013, with the S&P 500 index up around 28% this year.

Fears of a recession have eased, as Reuters explains:

U.S. stock index futures touched new record highs on Monday, as President Donald Trump said over the weekend that the United States and China would “very shortly” sign their so-called Phase One trade pact.

The Phase One deal, announced earlier this month, helped fuel a rally on Wall Street, with its three main indexes hitting record closing highs on Friday. Last week, the S&P 500 also registered its biggest weekly percentage gain since early September.

12.16pm GMT

The US stock market could hit a record high of its own today.

The main indices are up 0.1% in the futures market, as traders take heart from China’s plan to cut tariffs.

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