London — Europe’s markets endured some weakness on Tuesday, as traders cashed in on recent record highs and waited for a long-awaited US-China trade deal and the first flurries of the Wall Street earnings season.
“You had some good news in terms of China coming off the list of currency manipulators and so you would have expected bond prices to extend losses,” said Andy Cossor, a rates strategist at DZ Bank in Frankfurt. “So, I think it might be a case that people got ahead of themselves yesterday and are covering short positions.”
China has also pledged to buy an additional almost $80bn of US manufactured goods over the next two years, plus more than $50bn extra in energy supplies, according to a source briefed on a trade deal. In contrast to Europe’s swoon, Japan’s Nikkei added 0.7% overnight to hit its highest in a month. Australian shares rose by the same margin to close at a record. Hong Kong’s Hang Seng and Shanghai blue chips also hit multi-month peaks before running out of steam.late on Monday that the Chinese translation of the deal’s text is almost done. “We’re going to make it public on Wednesday before the signing.
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