Tuesday, 28 August 2018

US stocks at another record high after US-Mexico trade agreement

Markets rose on Monday.

The S&P 500 rose 0.8 percent to hit a record high for the second consecutive day. The Nasdaq also hit a second consecutive record high.

Elsewhere, the STOXX Europe 600 rose 0.5 percent, the Nikkei 225 rose 0.9 percent and the Shanghai Composite surged 1.9 percent.

Market sentiment was boosted by an agreement by the US and Mexico to enter into a new trade deal.

Paul Ashworth, chief US economist at Capital Economics, said that the deal showed that the Trump administration “is willing to negotiate in good faith and accept a compromise, which will be welcomed in both China and Europe”.

Steve Nelson, a partner at the law firm Dorsey & Whitney and a former state department lawyer, called the deal “a victory for rationality over rhetoric”.

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