- Global stock market rally moves into fourth day amid reports of a positive end to trade talks between the US and China.
- Talks concluded on Wednesday, 24 hours after their scheduled ending.
- No official word has come from the talks yet, but one senior Chinese journalist reported that “the situation is quite positive.”
- European and Asian stocks rose Wednesday, while futures point to a positive open in the US.
- Follow global markets live at Markets Insider.
Global markets continue their resurgence on Wednesday after trade talks between the US and China look to have ended on a positive note.
Three days of talks between Washington and Beijing wrapped up Wednesday morning, having initially been scheduled to finish Tuesday. No official word on any agreement between the sides has yet been announced, but signs are that a preliminary deal may have been agreed.
“Based on what I know, the situation is quite positive,”Hu Xijin, the editor in chief of the state run newspaper Global Times, said in a tweet just after 8.00 a.m. GMT (3.00 a.m. ET). “The two sides are still in consultation on the wording of the message, so the two versions can be coordinated.”
Around an hour later there was no sign of an official communique.
Ted McKinney, the US Under Secretary of Agriculture for Trade and Foreign Agricultural Affairs spoke during negotiations on Wednesday, and told reporters, referring to the talks: “I think they went just fine.”
“It’s been a good one for us,” he added.
Optimism about a deal on trade has helped extend the stock market’s rally into a fourth day, with major share indexes in both Europe and Asia climbing, and futures pointing to another positive day in the US, following on from 1% gains for all three major indexes Tuesday.
“Though not quite as giddy as on Tuesday – not yet, at least – building optimism for a trade deal between the US and China ensured another positive start on Wednesday morning,” Connor Campbell, analyst at Spreadex said in a morning email.
Here’s the scoreboard:
- In the first hour of trading in Europe, all major stock indexes were higher, with gains of as much as 1.1% for Germany’s benchmark DAX Index.
- Elsewhere on the continent, stocks rose between 0.7% and 0.9%, with the Euro Stoxx 50 higher by 0.9%.
- European gains followed similar increases in Asia, where all Chinese indexes saw gains Wednesday. The Shanghai Composite, China’s benchmark index, was up 0.7%, while the Shenzhen Composite was up 0.8%.
- Japanese stocks also saw a strong day with the Nikkei 225 up 1.1% at the close.
- In the US, futures markets pointed to another positive day, with the Dow Jones, S&P 500, and Nasdaq all looking to open around 0.3% higher.
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