Global shares rallied on Friday, hitting weekly highs, on signs of improving Sino-American relations and the prospect of more governments gradually reopening their economies.
The optimism contrasts with the economic data. US unemployment numbers due later on Friday are expected to be the worst in a lifetime as the coronavirus pandemic ravages economies.
Top US and Chinese trade representatives discussed their Phase 1 trade deal on Friday, with China saying they agreed to improve the atmosphere for its implementation and the United States saying both sides expected obligations to be met.
That calmed investors’ fears about renewed trade tensions after US President Donald Trump and other top officials blamed China for the spread of the new coronavirus and threatened punitive action, including possible tariffs and shifting supply chains away from China.
“The threat of a breakdown in negotiations for now at least has been averted,” said Jeremy Stretch, head of G10 FX strategy at CIBC Capital Markets.
“Though of course the president continues to persist with some of his comments regarding the COVID outbreak, but at least from the trade side it looks as though the participants involved have dialled down the temperature a little bit,” he added.
Bu hikaye Gulf Today dergisinin May 09, 2020 sayısından alınmıştır.
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Bu hikaye Gulf Today dergisinin May 09, 2020 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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