Global Stocks Extend Rise as U.S. Mulls Tariff Drawdown
18 Gennaio 2019 - 10:22AM
Dow Jones News
By Riva Gold
Expectations for easing trade tensions between the U.S. and
China continued to buoy stock markets on Friday, putting most major
indexes on track to end the week higher.
The Stoxx Europe 600 rose 0.9% to around a six-week high shortly
after European markets opened. Stock markets in Japan, Shanghai and
Hong Kong added over 1%, while futures suggested the S&P 500
would inch higher at the open.
The moves came after U.S. stocks rose for a third straight
session Thursday thanks to optimism the U.S. would ratchet back
tariffs on Chinese imports.
Shares of trade-sensitive industrials and materials companies
moved higher after The Wall Street Journal reported U.S. Treasury
Secretary Steven Mnuchin proposed the idea of lifting some or all
tariffs on Chinese imports to advance trade talks.
A Treasury spokesman said bargaining positions "are all at the
discussion stage" and that "neither Secretary Mnuchin nor
Ambassador Lighthizer have made any recommendations to anyone with
respect to tariffs or other parts of the negotiation with
China."
In Europe, the trade-sensitive auto sector was the best
performer Friday, rising 1.3% for the day and adding to gains of
7.6% this month.
The moves kept the pan-European index on track for weekly gains
alongside its peers in the U.S. and Asia, although the U.K.'s
multinational-heavy FTSE 100 lagged behind amid a strengthening
currency and ongoing uncertainty around Brexit.
Corporate earnings also continued to drive moves in individual
companies on Friday. Shares of Europe's Ryanair fell 1.5% after it
lowered its full-year profit guidance and said further cuts could
be on the way depending on how Brexit develops.
In the U.S., shares of Netflix fell in after-hours trading after
the streaming-video giant said revenue grew less than analysts
expected.
Shares of American Express also moved lower in after-hours
trading despite posting its highest annual profit and revenue.
In commodities, Brent crude, the global benchmark, gained 0.7%
to $61.59 a barrel. Gold fell 0.3% to $1,288.10 an ounce.
Write to Riva Gold at riva.gold@wsj.com
(END) Dow Jones Newswires
January 18, 2019 04:07 ET (09:07 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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