London — World stocks and risk currencies rallied on Tuesday on encouraging global economic data and assurances from US President Donald Trump that the US-China trade deal remains “fully intact” after confusion over its fate had emerged.
Europe’s equity markets then extended the bounce, climbing between 1% and 2% as purchasing managers’ indices , seen as a good gauge of economic health, thumped expectations to bolster V-shaped recovery hopes. “PMIs are coming in much better than expected and are another bullish arrow pushing markets back to the highs of May,” said CMC Markets senior analyst Michael Hewson. “The bar for second lockdowns is going to be a lot higher as well, so a second wave [of Covid-19 infections] is not going to be nearly as damaging economically as the first wave.”In Asia overnight, Hong Kong’s Hang Seng ended up about 1.6% after the early trade deal wobbles, South Korea’s Kospi index added 0.
“It’s worth noting our clients here have been net buyers since the depths of market despair,” Milroy said from Sydney. “I should think any pullback would be a catalyst for that pattern to resume, the conversations I am having with clients are all about what to buy, not what to sell.” Despite Trump’s assurances on Tuesday, Menon expects US-China tensions to escalate in the run-up to the US elections. “So expect markets to be very bumpy in second half of this year because of the double whammy from Covid-19 and US-China tensions.”
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