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Markets LIVE: Stocks rise on renewed trade hopes, pound climbs

12 December 2018 10:24 AM
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Markets LIVE: Stocks rise on renewed trade hopes, pound climbs

OVERVIEW: Stocks rallied globally as the outlook for US-China trade took a positive turn. The pound strengthened as the British prime minister vowed to fight a challenge to her leadership. US equity futures and European shares climbed following big gains in Asia after Canada granted bail to the chief financial officer of China’s Huawei and President Donald Trump said he’d consider intervening in the case if it helps get a trade deal with China.

In the UK, markets took news that Theresa May will face a vote of confidence from the Conservative Party she leads in stride. Sterling gained as several ministers rushed to back her and she vowed to contest the vote “with everything I’ve got.” As well as the roller coaster news flow on the trade war and Brexit, investors are also keeping watch on the risk of a shutdown of parts of the federal US government, with Trump at odds with Democratic leaders in Congress over funding for a border wall with Mexico.

Elsewhere, oil jumped on the easing trade war rhetoric and after a US industry report signaled a bigger-than-expected draw in nationwide crude inventories. Treasuries edged lower after Trump warned the Federal Reserve against hiking interest rates this month. India’s bonds rallied after an ally of Prime Minister Narendra Modi was named as the new central bank chief.


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