Global stocks hit fresh highs on US-China trade deal prospects

US trade representative Robert Lighthizer. Picture: REUTERS/HENRY ROMERO

Chinese stocks rose to a six-week closing high as investors cheered the trade deal and growth in China’s industrial and retail sectors beat expectations in November.“It’s good news but we can’t celebrate yet,” said Mark Mobius, founding partner of Mobius Capital Partners and former executive chairman of the Templeton Emerging Markets Group.

MSCI’s gauge of stocks across the globe gained 0.79% and the pan-European Stoxx 600 index rose 1.52% to hit record highs. On Sunday, US trade representative Robert Lighthizer said the trade deal was “totally done” and that he expected it to nearly double US exports to China over the next two years. “From a ‘what’s priced-in standpoint’ it’s reduced uncertainty. What’s not priced in, though, is the impact it’s going to have on the global economy,” Bangsund said.

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