LONDON - European stocks stumbled and the dollar dropped to three-month lows on Monday as hopes waned for progress in Sino-U.S. trade talks at this week’s G20 meeting and fears grew of a confrontation with Iran.
However, gains in Asia saw the MSCI regional and global stocks gauges rise again towards last week’s six-week highs. Wall Street also looked in line for more gains after closing lower on Friday. S&P 500 e-minis pointed to a 0.2% rise at the open. Still, most analysts doubt the two sides will come to any meaningful agreement. Tensions are reaching beyond tariffs, particularly after Washington blacklisted Huawei, the world’s biggest telecoms gear maker, effectively banning U.S. companies from doing business with it.
The dollar has led a broad selloff in major currencies as global central banks signaled a dovish outlook on monetary policy amid growing signs of a weak global economy.
Another win for America. Go Trump.
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