Published: Sat, November 16, 2019
Markets | By Otis Pena

Traders Being Played by Ever-changing Trade Deal News

Traders Being Played by Ever-changing Trade Deal News

Kudlow, the National Economic Council director, said Thursday that a deal between the two nations was approaching, highlighting constructive discussions with Beijing.

White House chief economic adviser Larry Kudlow talks with reporters outside the White House, Friday, Nov. 1, 2019, in Washington.

The latest commentary from the Chinese side put hardly any emphasis on how close they are to a signing ceremony date.

"The market rally has largely been driven by the positive sentiment around the trade talks, obviously", said Rahul Shah, chief executive of Ideal Asset Management in NY.

Benchmark 10-year U.S. Treasury notes US10YT=RR fell 5/32 in price to push yields up to 1.8342%. Its emerging markets index .MSCIEF rose 0.67%. Stock investors liked the sound of the proximity that Kudlow described, bidding up shares from Asia to Europe and pushing US equity futures toward Wall Street's longest weekly rally in more than two years.

The Swiss franc - which fell below the 1.09 threshold on Thursday when risk aversion gripped markets - recovered to trade at 1.09185 per euro, up 0.2% on the day. But it is down 8 bps on the week, set for the biggest weekly fall since mid-August.

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Global sentiment has been buffeted in recent weeks by conflicting assessments of progress in talks between the United States and China aimed at ending their 16-month-long trade war.

Gold Reacts to Ever-Changing U.S. The week started with worries that President Donald Trump had not agreed to the rollback in tariffs that a China announced on November7.

The record highs came as White House Economic Adviser Larry Kudlow said late Thursday that the United States and China are drawing closer to striking a trade deal, pumping investors with some optimism that a resolution could soon be reached.

China has also ended a almost five-year ban on imports of U.S. poultry meat, which the U.S. Trade Representative said would lead to more than $1 billion in annual shipments to China.

US gold futures GCcv1 were down 0.5% at $1,465.90 perounce. The S&P 500 and Dow are up 3.4% and 2.8%, respectively, over the past month through Thursday's close.

Brent crude LCOc1 gained $1.02 to settle at $63.30 a barrel, while West Texas Intermediate crude CLc1 rose 95 cents to settle at $57.72 a barrel.

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