Stocks in Asia and U.S. futures rallied Wednesday amid optimism about the potential for progress in trade talks between Washington and Beijing, which were extended into a third day. The dollar dipped.
China and Hong Kong stocks led gains on news of further stimulus efforts. Futures on the S&P 500 reached their highs of the session after an Oval Office address by President Donald Trump yielded no new moves in his dispute with Congress over funding a wall on the Mexican border; there had been speculation of a polarizing declaration of a national emergency. European futures indicated markets there will rise. Ten-year Treasury yields retained gains made in recent days. Oil held above $50 a barrel in New York.
Developments in U.S.-China trade relations remain a focal point, with Trump increasingly eager to strike a deal to help perk up financial markets, people familiar with White House deliberations told Bloomberg. The current round of sub-ministerial talks are expected to conclude Wednesday.
We could get some more stabilization and a floor in the market if we make strides towards an agreement” on trade, Kate Moore, chief equity strategist at BlackRock Inc (NYSE:BLK)., said on Bloomberg Television. “But this is going to be an issue overhanging markets I believe for multiple years.”
Meantime, Trump demanded in his televised address that Congress provide billions more for border security. Democratic leaders of Congress rebuffed the request, saying the matter should be considered independently of annual appropriations for the federal government, parts of which continue to be shut thanks to the impasse over funding.
Here are some events investors may focus on this week:
North Korea’s Kim Jong Un is visiting China ahead of a potential summit with President Trump.
Wednesday sees the release of minutes from the Fed’s Dec. 18-19 policy meeting. Powell will speak to the Economic Club of Washington D.C. on Thursday.
Britain’s Parliament resumes a debate on the Brexit withdrawal bill, with Prime Minister Theresa May seeking to avoid defeat in a vote set for the week of Jan. 14.
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