Friday, 28 June 2019

Markets mixed ahead of Trump-Xi meeting

Markets were mixed on Thursday.

The S&P 500 rose 0.4 percent while the Nikkei 225 jumped 1.2 percent. However, the STOXX Europe 600 was flat.

While the coming meeting between US President Donald Trump and Chinese President Xi Jinping at the G-20 meeting has raised hopes for a reduction in trade tensions, comments by the Chinese Ministry of Commerce on Thursday suggested a firm stance by the latter is likely.

“We urge the US to immediately cancel its pressure and sanction measures on Huawei and other Chinese companies, and push for the stable and healthy development of China-US trade relations,” said Gao Feng, spokesman for the Ministry of Commerce, according to a CNBC translation.

Still, June has been a good month for stocks in the US, where cyclicals have been the best performers, according to a MarketWatch report.

However, some analysts think that investors are ignoring mounting evidence of major global risks.

“Can equity inflows continue in the face of falling bond yields and weak data?” Deutsche Bank strategists wondered in their weekly report on North American fund flows.

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