Stock markets boosted by fresh trade hopes
Renewed hopes for trade talks boosted stock markets today after China said it would not retaliate against the latest US tariffs, setting up a positive end to a volatile week.
New trade optimism helped alleviate gloom about predictions for a coming slowdown in the world economy, analysts said.
“We may be facing up to the reality of recession but optimism continues to flow through the veins of investors following comments from the Chinese Commerce Ministry on Thursday,” said Craig Erlam, senior market analyst at Oanda trading group.
The easing tensions helped China’s yuan strengthen slightly against the dollar, having fallen to an 11-year low earlier in the week.
Sterling rose after heavy Brexit-fuelled losses earlier in the week.
Across the Atlantic, US stock markets were higher at the opening bell.
Dealers brushed off data showing the US economy grew at a slower pace than initially thought in the second quarter.
Those figures were mitigated by the fact that consumer spending remained strong.
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