Global shares mostly higher on hopes for US-China trade deal
TOKYO (AP) — Global stocks mostly rose Wednesday as investors hoped for a possible resolution to the bruising trade war between the U.S. and China.
Shares rose in Europe, tracking gains on Wall Street and in Asia. France’s CAC 40 edged up nearly 0.3 percent to 5,071.19, while Germany’s DAX was 0.2 percent higher at 11,149.41. Britain’s FTSE 100 edged up 0.7 percent to 7,183.35.
U.S. shares were set to drift higher, with Dow futures adding 0.3 percent to 25,473. S&P 500 futures gained 0.2 percent to 2,750.8.
President Donald Trump said Tuesday that he might let a March 2 deadline slide in trade talks with China if the two countries get close to a deal. Earlier, the White House had said it was a “hard deadline.”
Both nations are trying to reach a deal before additional tariffs are due to kick in, escalating the conflict and further hurting companies and consumers with higher prices for materials and products.
The trade dispute is detrimental to the export-dependent Asian region, and a slowdown in growth in China is hurting neighboring economies.
ASIA’S DAY: Japan’s benchmark Nikkei 225 added 1.3 percent to finish at 21,144.48. Hong Kong’s Hang Seng added 1.2 percent at 28,497.59. The Shanghai Composite index jumped 1.8 percent to 2,721.07. In other markets, Australia’s S&P/ASX 200 slipped 0.3 percent to 6,063.60 and South Korea’s Kospi edged up 0.5 percent to 2,201.48. Shares were mostly higher in Southeast Asia.
ENERGY: U.S. benchmark crude rose 65 cents to $53.75 a barrel in electronic trading on the New York Mercantile Exchange. It rose 1.3 percent to settle at $53.10 per barrel in New York. Brent crude, the standard for international oil prices, gained 97 cents to $63.39 per barrel in London.
CURRENCIES: The dollar rose to 110.66 yen from 110.50 yen Tuesday. The euro strengthened to $1.1314 from $1.1285.
Yuri Kageyama is on Twitter at https://twitter.com/yurikageyama
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Matt Ott in Madrid contributed to this report.