Saturday, 17 November, 2018

Futures higher on Trump's optimistic comments on China trade deal

A trader works on the floor of the New York Stock Exchange in New York U.S. on Monday Oct. 29 A trader works on the floor of the New York Stock Exchange in New York U.S. on Monday Oct. 29
Laurie Berry | 31 October, 2018, 02:33

US President Donald Trump has been threatening the additional tariffs for months, but the renewed talk follows several weeks of market declines.

"The futures are pointing to a bounce at the opening after yesterday's swings, suggesting another similar session is in the making", Peter Cardillo, chief market economist at Spartan Capital Securities LLC in NY, said in a client note.

Stocks took a tumble Monday with the Dow Jones Industrial Averageexperiencing a dramatic swing to close down almost 250 points amid concerns of another wave of Chines tariffs.

Risk appetite got a lift after Trump's commented that he may be more ready than China to do a deal.

At the same time, Lu said the US should talk to China in a "serious, equal and trustworthy" manner if Washington meant to address Sino-US trade issues through talks.

"The largest risks are the trade war and rising rates", said Michael O'Rourke, JonesTrading's chief market strategist.

Japan's Nikkei index reported its biggest single-day gain since mid-August while China's benchmark Shanghai composite index gained more than 1 per cent after Trump's comments.

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The losses accelerated following a report by Bloomberg that the United States is preparing tariffs on additional Chinese goods, pending a potential meeting between leaders of the two countries.

Xi will attend an "import expo" in Shanghai next week, an event created to showcase Beijing's willingness to buy more from the rest of the world and to cut its trade surplus. Ten-percent tariffs on $200 billion in imports that took effect in September are due to increase to 25% on January 1.

On September 24, Trump's fresh tariffs on $200 billion worth of Chinese goods and services entered force, with Washington warning that it could slap similar tariffs on another $267 billion of Chinese goods and services in the future. "I just say they (the Chinse) are not ready", he said. Talks are planned next month between presidents Trump and Xi Jinping.

See live rates for the NZ-US $ below.

"It is highly likely that Trump will extend the tariffs to another US$260 billion [in products] because Trump's goal is not about negotiations, but containing China", he said.

Lu at China's foreign ministry said Trump's threats would be ineffective against China.

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