Stocks rise on U.S.-China trade hope; oil prices soar

13 January, 2019, 21:11 | Author: Regina Silva
  • Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province China

The U.S. and China are working out a possible deal to end a bitter trade dispute that has already recorded tariffs on $250 billion worth of Chinese imports and levies on $110 billion of U.S. goods.

He said USA markets are waiting for the earnings season to kick into gear next week with the reporting of several large banks, along with any news of trade negotiations between the US and China to determine if they will resume their rallies or head lower. Wall Street was positioned for a flat opening.

Optimism regarding a trade deal boosted U.S. Treasury yields to their highest this year, while the U.S. dollar extended its losses after minutes from a December 18-19 Federal Reserve policy meeting showed that many Fed policymakers said the central bank could be patient on future rate hikes.

Waggoner told media that the evidence for a sustained move higher is getting harder to ignore: "Just having another positive week is going to be huge for a lot of people's psyches, after we got so beat up a year ago; I think you're going to see more of them coming on board next week". USA crude CLc1 was at $51.65 per barrel, down $0.71 or 1.4%. Hong Kong's Hang Seng rose 0.4 percent to 26,633.47. The Dow Jones Industrial Average added 0.5 percent to 24,001.92 and the Nasdaq composite was up 0.4 percent at 6,986.07. The fact that talks lasted a day longer than planned, the release of conciliatory statements from both sides and the possibility of higher-level talks in the near future are fueling gains in Asia. He echoed the tone of other Fed officials who were present at a meeting last month.

POWELL SPEECH: Federal Reserve Chairman Jerome Powell said Thursday that the US central bank has the "ability to be patient" with its plans to gradually raise interest rates.

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Global financial markets had surged on hopes that Washington and Beijing may soon end their dispute and avert an all-out trade war between the two biggest economies.

London-traded, the global oil benchmark, was down 0.2% at $61.53 after rising to $61.91 earlier, also the highest so far for this year. Slowing inflation raises doubts about the health of the world's second largest economy.

U.S. West Texas Intermediate (WTI) crude also lost 1.7 per cent, or 88 cents, trading at $51.71 a barrel. The contract has surged by 23.7 percent since December 24. The market gained 512.56 points or 3.55 per cent for the week, its best run since October 2015.

Worldwide benchmark Brent crude traded at $61.84 per barrel at 11.57 GMT on Friday while the price of American benchmark West Texas Intermediate (WTI) was $52.87 per barrel at the same time. It added another 23 cents to $52.59 per barrel on Thursday. The Green Organic Dutchman Holdings increased 9.7 per cent, while Canopy Growth Corp. rose 1.93 per cent on the day and 33.8 per cent for the week.

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