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Global stocks rise, oil gains after Biden phone call to Xi Jinping raises hopes for trade relationship

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  • Global stocks rose on Friday, as a call between Joe biden and Xi Jingping has raised hopes of trade between major economies.
  • US and Chinese leaders discussed the responsibility of their countries to ensure that competition does not escalate into conflict.
  • US stocks appear poised to retrace losses, while oil prices also rallied after a sell off on Thursday.

Global stocks rose on Friday after President Joe Biden and the Chinese leader Xi Jinping held their first talks in seven months, a warming of relations between the world’s two largest economies seen as a source of hope for world trade.

Dow jones futures contracts rose 0.4%, while those on the S&P 500 and heavy technology Nasdaq each gained 0.3% at 5:55 a.m. ET, suggesting a bullish turn for US stocks when trading begins later in the day.

Thursday, the three main US stock indices closed lower after unemployment claims data fueled concerns about global growth and the Federal Reserve’s scaling back stimulus, the dominant story in markets this week.

In their appeal, Biden and Xi discussed “the responsibility of the two nations to ensure that competition does not conflict,” according to a White House statement. release of the transcript.

The allegedly respectful The tone of the talks helped push Asian stocks forward over the weekend. The Shanghai Composite put on 0.2%, and Hong Kong Hang Seng jumped 1.8%, while Tokyo Nikkei increased by 1.2%.

This relief in Asia should be a strong enough incentive for New York stocks to open up and should give oil prices a boost, according to Jeffrey Halley, senior market analyst at Oanda.

The Biden / Xi phone call has had the same effect on the oil markets as it has on other asset classes, with the hope that the US-China relationship, no matter how small, will be interpreted as positive for the world trade and virtually all assets, ”he added. Halley said in a note Friday.

Oil prices were recovering from Thursday’s liquidation, which came after China announced that it release crude oil reserves with the aim of easing the prices of raw materials for manufacturers. Brent raw gained 1.7% to reach $ 72.73 per barrel, and West Texas Intermediate rose 1.7% to $ 69.33 a barrel.

In London, the FTSE 100 was up 0.2%, ignoring data for July which showed the UK economy had barely grown. Rise in COVID-19 cases and supply chain issues sustained GDP up 0.1% against 0.6% expected and a gain of 1% in June.

European equities also followed Asia higher, with the Euro Stoxx 50 up 0.4%, and Frankfurt DAX up 0.2%. Markets were not troubled by the European Central Bank’s announcement on Thursday that it slightly reduce the pace of emergency asset purchases in the event of a pandemic.

Looking ahead, the main data highlight on Friday is likely to be the United States producer price inflation out for August, scheduled for 8:30 a.m. ET.

Read more: Jefferies says buy these 49 global industry leaders to take advantage of accelerating profits amid historically large spending boom

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2/ https://www.businessinsider.in/stock-market/news/global-stocks-rise-and-oil-gains-after-bidens-phone-call-to-xi-jinping-lifts-hopes-for-trade-relations/articleshow/86093602.cms

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