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Tuesday, June 18, 2024

European stock markets jump on China-US talk hopes

(London) – Eurozone equity markets rebounded, and London extended gains, on positivity surrounding US-China trade talks, while the pound steadied after a Brexit-fuelled slump.

“European stock markets are higher… as there are positive noises coming out of China in relation to the trade situation,” said David Madden, analyst at traders CMC Markets UK.

“US-China relations have been volatile recently, but for now there is a sense that things are heading in the right direction, and that has coaxed some traders back into the market.”

Asian stock markets were narrowly mixed after Wall Street closed higher.

“The higher close on Wall Street didn’t spill over into Asian trade overnight,” noted Jasper Lawler, head of research at London Capital Group.

“US stocks rose on Wednesday as the energy sector was lifted by higher oil prices, however sentiment was kept in check with the US yield curve inverting further, fuelling fears of a recession.”

Investors appear to be readying for a downturn. The yield on two-year Treasury notes has recently fallen below that for 10-year bonds — which is seen a pointer to recession — and on Wednesday it was at its widest point since 2007.

Also, the yields on 30-year government paper touched a fresh all-time low as investors bet on longer-term economic weakness.

It comes against a backdrop of slowing global growth and uncertainty about the Federal Reserve´s plans for cutting interest rates to support the US economy.

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