Published: Mon, January 13, 2020
Global News | By Blake Casey

Stocks pinned near record highs ahead of U.S.-China trade deal

Stocks pinned near record highs ahead of U.S.-China trade deal

A new report released by U.S. campaign against tariffs, "Tariffs Hurt the Heartland", has estimated that Americans have paid an additional US$46 billion since the U.S. - China trade war began in February 2018 through November 2019.

World stock markets were flat on Monday, hovering just below record levels ahead of the expected signing of a Phase 1 China-U.S. trade deal, although markets have yet to see details of the agreement. That offered support to trade-exposed Asian currencies such as China's yuan and the Australian dollar, as well as the greenback. "China Phase 1 agreement is, on balance, favorable for global growth", said Joseph Capurso, an FX strategist at CBA.

"The more hard questions on trade can come later". I think some people have questioned whether they can produce it. A greenback bought 109.56 yen and 0.9731 francs.

So far, markets are keeping more steady in the run up to the trade deal signing with risk faring rather decently today.

Against a basket of currencies, the dollar was stuck at 97.410, well within the recent trading range of 96.355 to 97.817.

Among other bourses, Shanghai fell 0.4 per cent, Sydney shed 0.6 per cent and Wellington slipped 0.2 per cent. Tokyo is closed for a holiday.

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The biggest mover was the British pound GBP= , which dropped 0.2% to $1.3041 and flirted with a two-week low after dovish comments from Bank of England policymaker Gertjan Vlieghe.

He offered the final clue about policy easing and told the Financial Times that he would vote for a cut in interest rates later this month, except for an "imminent and significant" improvement in growth data.

"Are these hollow threats.created to try and curb the appreciation in the pound, or are they really going to try and follow through?" said Chris Weston, head of research at Melbourne brokerage Pepperstone. "In general, the market says they are hollow thoughts (but) a rate cut is not out of the question".

Tensions between the US and Iran after the USA killing of a top Iranian general put investors on guard against risk last week, knocking global stocks off a record high set in the first trading week of the year.

More generally, the morning movements partially reversed the fall of the dollar on Friday when the data showed that United States non-farm payrolls. UU.

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