Trade deal doubts clip world stock rally, oil falls

10 Novembre, 2019, 19:35 | Auteur: Auguste Feret
  • A financial trader works at their desk at CMC Markets in the City of London

Asian markets fell today as investors took their foot off the pedal after another healthy week, with eyes fixated on the next move in the China-US trade talks.

The progress in resolving the 16-month-long trade war also supported the China's yuan.

Muddying the waters further, White House spokeswoman Stephanie Grisham told Fox News Channel on Thursday that the United States is "very, very optimistic" about reaching a trade deal with China soon.

"The trade war started with tariffs, and should end with the cancellation of tariffs", Gao said at a news briefing.

"So that's what really has been driving the market: this underlying uncertainty over whether or not we will get that rollback", he added.

"The fact that there is some discussion of moving existing tariffs leans more positive", Daingerfield said.

EUR/USD: The euro slipped lower against the US dollar on Friday, as greenback benefited from news that China and the USA had agreed to roll back tariffs to end their bitter trade war.

No timetable was indicated, but a "phase one" deal is widely expected to include a US pledge to scrap tariffs scheduled for December 15 on about $156 billion worth of Chinese imports, including cellphones, laptop computers and toys. "The BoE's "mixed messaging suggests that the bar remains quite high for sterling to register a large and sustained move on the back of today's decision", TD Securities said in a research note".

The pan-European STOXX 600 index closed down 0.28 per cent, snapping a five-day winning streak, while Germany's trade-sensitive DAX index fell 0.46 per cent.

The list compiler's measure of Asia-Pacific offers outside Japan edged up 0.2% in early exchange while Tokyo's Nikkei hopped 0.75% to a 13-month high.

Shanghai gave up 0.5 percent after data showed Chinese exports and imports fell again last month, though not as quickly as expected.

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The mood contrasts with Thursday's surge of optimism in global markets on news Beijing and Washington had agreed to roll back tariffs as part of a first phase of a trade deal. "The rising likelihood of a trade deal between the US and China is believed to be beneficial to the USA economy as it reduces the headwinds facing American companies", said Karl Schamotta, chief market strategist, at Cambridge Global Payments in Toronto.

Caution appeared to be the order of the day across world markets.

Worries the pact could fall apart are now prompting some investors to sell heading into the weekend.

The US 10-year Treasury yield stood at 1.92%, down from three-month highs hit on Thursday.

By the close of Wall Street, optimism returned to the market as investors bet the White House needs a deal and it is in the interests of China, too. In the offshore market, the yuan traded at 6.9834 per dollar, close to a three-month high it jumped to on Thursday.

The yield on benchmark 10-year German bunds was one basis point lower at -0.26 per cent.

Crude oil futures meanwhile fell amid lingering uncertainty over the long-awaited trade deal and rising crude inventories in the United States.

At 1150 GMT, Brent crude was down 1.7% at $61.21 a barrel, while US West Texas Intermediate crude also tumbled 1.7%, to $56.19.

The euro held steady Friday, though flirting with a three-week low against the dollar as the United States currency benefited from news that China and the U.S. had agreed to roll back tariffs as part of a potential preliminary pact to end their trade war.

A Reuters poll found that the dollar's persistent strength would continue well into next year.

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