Rolling coverage of the latest economic and financial news, as China gives the world economy a festive gift
- Latest: FTSE 100 hits five-month high
- EIU expects more trade tensions in 2020
- Introduction: Beijing cuts tariffs on hundreds of products
- Pork, avocado, and semiconductors all on list
- China wants to boost imports amid slowing economy
- Trump: We’ll sign trade deal very soon
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.
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.