By Rhys Miles
With the markets looking for any sign that they can interpret as good news emanating out of the US/China trade talks, the fact that President Trump is planning to meet the lead Chinese negotiator tomorrow has been enough to boost the Dow by another half a percent which was also aided by a solid rise in Apple shares. This follows earlier pessimistic reports yesterday that the Chinese delegation were going to leave the negotiations after one day. Adding further to the positivity are the suggestions that the US may offer a currency pact as part of a partial deal and will likely allow some companies to trade with Huawei.
Trade speculation aside, US inflation figures overnight slightly missed expectations coming in at 1.70% on an annualised basis and the GBP enjoyed a solid rally buoyed by some progress in Brexit talks between the UK and Ireland with their respective Prime Ministers stating they “could see a pathway to a possible deal”. The AUD rallied 50 points against the USD and somewhat muted against the other majors.
Today’s activity particularly in Asian share markets is likely to reflect yesterday’s trading where cautious optimism transforms into hope but on smaller volumes.
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