Global stocks inched up on Friday, lifted by China's renewed offer to work ...
LONDON - Global stocks inched up on Friday, lifted by China’s renewed offer to work out a trade pact with Washington, but gains were limited by uncertainty over how the 16-month-old trade war plays out and how much it may undermine the world economy.
European shares opened modestly firmer, however, rising off three-week lows touched on Thursday when it seemed that U.S. legislation on Hong Kong would undermine planned trade talks between the world’s two largest economies. The broader Euro STOXX 600 was up 0.77%. “Markets are being held hostage by news - positive or negative - coming out of the United States or China. Even if the phase one agreement materialises there is no way I would believe that’s the end of the story, it will just move to German cars or Japanese exports,” said Marie Owens-Thomsen, chief global economist at wealth manager Indosuez.
But Simpson said that in the absence of major news on trade, rangebound market moves are “quite reflective of the small headlines coming through”.closed 0.82% lower and Asian shares ex-Japan firmed 0.3% after the previous day's steep falls. Yields on U.S. and German government bonds were a shade higher, with 10-year Treasury yields US10YT=RR inching up to 1.7774%, up from its U.S. close of 1.772% on Thursday.
IHS Markit’s flash composite Purchasing Managers’ Index, seen as a reliable guide to economic health, was 50.3, down from October’s 50.6 and moving towards the 50 mark that separates growth from contraction.
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