LONDON - Global stocks made gains on Friday as investors held out hopes for a trade deal between the United States and China, even as another round of U.S. tariffs on Chinese goods took effect.
MSCI’s All-Country World Index, which tracks stocks across 47 countries, was up 0.2% after the start of European trading. Top U.S. and Chinese negotiators are in talks to try to rescue a faltering deal aimed at ending a 10-month trade war between the world’s two largest economies. “In the short term, a renewed intensification of trade tensions between the United States and China could fuel further volatility and lead to temporary setbacks,” analysts at Credit Suisse.
UBS Wealth Management cut its exposure to emerging market stocks late Thursday, changing its portfolio as the intensification of trade tensions took its toll on markets, the asset manager said in a note. On Iran, Trump said he could not rule out a military confrontation after Tehran relaxed restrictions on its nuclear program in response to U.S. sanctions imposed following Trump’s withdrawal of the United States from the accord with a year ago.Three-month bill yields stood at 2.456%.
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