US stocks have gained on hopes that top-level US-China trade talks would yield at least a partial deal, while a rise in Apple’s shares lifted the technology sector. Wall Street’s main indexes moved higher after US President Donald Trump tweeted he would meet Chinese Vice Premier Liu He on Friday for further trade talks.
Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York, said the announcement had given investors hope for an agreement. Separately, Liu said Beijing was willing to reach an agreement with Washington to prevent any further escalation in the trade war, Chinese state news agency Xinhua reported. The latest comments fuelled optimism that had been dulled earlier after China urged the US to stop unreasonable pressure on Chinese companies. The South China Morning Post reported that the two sides made no progress in deputy-level trade talks earlier in the week. But Bloomberg said late on Wednesday that the US was weighing a currency pact with China as part of a partial deal.
Equity markets have also been rankled by weak economic indicators showing a sharp contraction in US manufacturing and a bleak reading on business activity, bolstering bets of another interest rate cut by the Federal Reserve to combat a slowdown.Morning-Market-Note-Friday-11th-October