Tuesday, 12 June 2018

Markets shrug off G-7 outcome, hopeful over Trump-Kim talks

Markets rose on Monday.

The S&P 500 edged up 0.1 percent, the STOXX Europe 600 rose 0.7 percent and the Nikkei 225 rose 0.5 percent.

Investors mostly shrugged off the disappointing outcome of the G-7 meeting over the weekend, where US President Donald Trump withdrew his support for the group’s communiqué after Canadian Prime Minister Justin Trudeau criticised US tariffs on Canadian metals.

Accendo markets analysts Mike van Dulken and Artjom Hatsaturjants noted that “there is more optimism about the U.S. president’s meeting with North Korean leader Kim Jong Un in Singapore”, suggesting that “meaningful discussions” about denuclearisation on the Korean peninsula could improve the global mood.

The FTSE MIB surged 3.4 percent after Italian Economy Minister Giovanni Tria said the country’s new government is committed to the euro.

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