LONDON - Stocks markets gained on Tuesday, with chipmakers and stocks exposed to Asia among the best performers, after Washington temporarily eased trade restrictions imposed last week on China’s Huawei.
At the close, China’s Shanghai Composite index was up 1.23%, while the blue-chip CSI300 index ended 1.35% higher. “The Huawei extension is in some sense providing a relief rally as it eases the worst fears of market participants that we are drifting towards a fully-fledged trade war,” said Aberdeen Standard’s head of global strategy, Andrew Milligan.
“We still believe some kind of deal will eventually be reached - most likely at a Xi/Trump meeting at the G20 Summit in late June.” The pound slipped 0.2% to $1.2688 while against the euro it was down 0.14% to a new four-month low of 87.88 pence,.
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