America’s economy grew faster than thought in July-September, despite the trade war with China
- John Deere profit warning
- European stocks at four-year high
- Chinese factory profits plunge 9.9%
- Worst monthly slide since 2011 (apart from Jan-Feb)
Finally, the UK stock market has ended the day higher.
The blue-chip FTSE 100 closed 26 points up at 7,429, 0.5% higher, at its best level in two months.
On one level, it’s possible to interpret markets, and indeed the President of the United States as enjoying the moment. Negotiators are in the “final throes of a very important deal” and talks appear to be “going well”. Donald Trump is “holding it up” to ensure it’s the best it can be. The White House isn’t breaking into a sweat. A similar mood is wafting through markets.
At some point, fairly soon, such sentiment may turn out to be ludicrous. After ‘phase one’ is done and dusted, and when longer-term, more comprehensive, complex and contentious aspects of the trading relationship must be addressed in more detail. ‘Phase-one’ hitches may look like a walk in the park by comparison.
A quick recap.