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Car shares surge after US-China trade truce, as UK factories stockpile for Brexit - business live Car shares surge after US-China trade truce, as UK factories stockpile for Brexit - business live
(35 minutes later)
The trade war time-out may come too late for some American farmers.
As this chart shows, soybean exports from the US to China usually peak in October and November, but not this year due to the trade dispute.
News that #China and the #US are to resume trade talks provides some reprieve for commodity prices. However, it is unlikely that Chinese purchases of US #soybeans surge as a result of the latest truce. #G20Summit Clients can read more:https://t.co/sMLPzYn8Ga pic.twitter.com/RE5ep1kQP4
Wang Cun, director of the China Automobile Dealers Association’s import committee, has welcomed the suggestion that car tariffs will be cut.
Wang told reporters in Beijing that:
If they cancel the extra 25 percent tariff on US-made cars, then we will see positive signs for imported cars,”
Wall Street is on track for a big jump when trading begins in three and a half hours.Wall Street is on track for a big jump when trading begins in three and a half hours.
The Dow Jones is currently up 2%, or 500 points, in the futures market.The Dow Jones is currently up 2%, or 500 points, in the futures market.
That’s a chunky move, given the US and China have only agreed a 90-day truce....and there’s been silence from Beijing about exactly what they’ve agreed too....That’s a chunky move, given the US and China have only agreed a 90-day truce....and there’s been silence from Beijing about exactly what they’ve agreed too....
If a two-month delay is worth 500 points for the Dow (judging by futures action), what would an actual agreement be worth? https://t.co/BCvhKmdOLpIf a two-month delay is worth 500 points for the Dow (judging by futures action), what would an actual agreement be worth? https://t.co/BCvhKmdOLp
Shares in European car companies are surging, after Donald Trump tweeted that China has agreed to cut tariffs on auto imports.Shares in European car companies are surging, after Donald Trump tweeted that China has agreed to cut tariffs on auto imports.
Daimler are leading the pack, up 7%, in Germany followed by BMW (+6.6%) and Volkswagen (+4%). They all have factories in the US, so should benefit from a cooling in trade war tensions. Tire maker Continental is up 3.5%.Daimler are leading the pack, up 7%, in Germany followed by BMW (+6.6%) and Volkswagen (+4%). They all have factories in the US, so should benefit from a cooling in trade war tensions. Tire maker Continental is up 3.5%.
Shares in fashion chain Ted Baker have plunged by 13% this morning after the company’s founder was accused of forcing staff into hugs, massages and other inappropriate conduct.Shares in fashion chain Ted Baker have plunged by 13% this morning after the company’s founder was accused of forcing staff into hugs, massages and other inappropriate conduct.
My colleagues Sarah Butler and Jasper Jolly reported yesterday that current and former Ted Baker staff had accused Ray Kelvin of harassment.My colleagues Sarah Butler and Jasper Jolly reported yesterday that current and former Ted Baker staff had accused Ray Kelvin of harassment.
They wrote:They wrote:
More than 60 current or former staff are understood to have come forward to the employee campaigning platform Organise with complaints about Kelvin’s alleged behaviour, including kissing ears and giving unwanted hugs and shoulder massages.More than 60 current or former staff are understood to have come forward to the employee campaigning platform Organise with complaints about Kelvin’s alleged behaviour, including kissing ears and giving unwanted hugs and shoulder massages.
Organise published a petition, signed by more than 1,000 people, calling for an end to forced hugging, saying: “It is part of a culture that leaves harassment unchallenged.” It also calls for new procedures allowing employees to report harassment to an “independent, external body”.Organise published a petition, signed by more than 1,000 people, calling for an end to forced hugging, saying: “It is part of a culture that leaves harassment unchallenged.” It also calls for new procedures allowing employees to report harassment to an “independent, external body”.
Ted Baker says it will investigate the case, adding:Ted Baker says it will investigate the case, adding:
Hugs have become part of Ted Baker’s culture, but are absolutely not insisted upon.”Hugs have become part of Ted Baker’s culture, but are absolutely not insisted upon.”
Shares in the company have fallen to £15.86 (from £18.26), their lowest level since June 2013.Shares in the company have fallen to £15.86 (from £18.26), their lowest level since June 2013.
JUST IN: Ted Baker shares extend losses, now down 10.7 percent after company says it will investigate claims against CEO https://t.co/XdRRhbJOnC pic.twitter.com/aw30b88ZodJUST IN: Ted Baker shares extend losses, now down 10.7 percent after company says it will investigate claims against CEO https://t.co/XdRRhbJOnC pic.twitter.com/aw30b88Zod
Ladies and gentleman -- we have stockpiling! 🏭• UK factory PMI rises much more than expected to 53.1• Even as export orders contract for 2nd month• BUT! IHS Markit says pickup not really down to healthy domestic demand• It's stockpiling• Optimism at 27-month lowLadies and gentleman -- we have stockpiling! 🏭• UK factory PMI rises much more than expected to 53.1• Even as export orders contract for 2nd month• BUT! IHS Markit says pickup not really down to healthy domestic demand• It's stockpiling• Optimism at 27-month low
Newsflash: Britain’s manufacturing was unexpectedly strong last month, as companies rush to stockpile products ahead of a Brexit crisis.Newsflash: Britain’s manufacturing was unexpectedly strong last month, as companies rush to stockpile products ahead of a Brexit crisis.
Markit’s UK factory PMI, which measures activity in the sector, has jumped to 53.1 for November, up from October’s 27-month low of 51.1.Markit’s UK factory PMI, which measures activity in the sector, has jumped to 53.1 for November, up from October’s 27-month low of 51.1.
Most of the demand came from domestic customers amid a rush to fill inventories with important products and components, in case of trade disruption after Brexit.Most of the demand came from domestic customers amid a rush to fill inventories with important products and components, in case of trade disruption after Brexit.
But the export picture is darker -- new orders from overseas shrank for the second straight month in November, the first back-to-back contraction since early-2016.But the export picture is darker -- new orders from overseas shrank for the second straight month in November, the first back-to-back contraction since early-2016.
Rob Dobson, Director at IHS Markit, points out that manufacturers are still quite pessimistic.Rob Dobson, Director at IHS Markit, points out that manufacturers are still quite pessimistic.
“While demand from the domestic market was a positive spur, in some cases as clients built up stocks in response to Brexit and other supply-chain uncertainties, manufacturers also reported a further decrease in new export business as slower global economic growth and Brexit worries took a bite out of foreign demand.“While demand from the domestic market was a positive spur, in some cases as clients built up stocks in response to Brexit and other supply-chain uncertainties, manufacturers also reported a further decrease in new export business as slower global economic growth and Brexit worries took a bite out of foreign demand.
Brexit worries also increasingly dominated the outlook for the sector. Although still forecasting growth for the year ahead, manufacturers’ confidence fell to its lowest ebb since August 2016.”Brexit worries also increasingly dominated the outlook for the sector. Although still forecasting growth for the year ahead, manufacturers’ confidence fell to its lowest ebb since August 2016.”
Overnight, manufacturing group EEF also reported that UK manufacturers have been working hard, stockpiling products ahead a possible cliff-edge Brexit.Overnight, manufacturing group EEF also reported that UK manufacturers have been working hard, stockpiling products ahead a possible cliff-edge Brexit.
UK manufacturers stockpile goods ahead of BrexitUK manufacturers stockpile goods ahead of Brexit
It’s official: Europe’s factory sector slowed last month.It’s official: Europe’s factory sector slowed last month.
Data firm Markit reports that its eurozone manufacturing PMI fell to 51.8 last month, down from 52 in October. That’s the weakest growth since August 2016, and close to the 50-point mark that shows stagnation.Data firm Markit reports that its eurozone manufacturing PMI fell to 51.8 last month, down from 52 in October. That’s the weakest growth since August 2016, and close to the 50-point mark that shows stagnation.
Italy and France were the worst-performing regions:Italy and France were the worst-performing regions:
Netherlands 56.1: 25-month lowNetherlands 56.1: 25-month low
Austria 54.9: 2-month highAustria 54.9: 2-month high
Ireland 55.4: 2-month highIreland 55.4: 2-month high
Greece 54.0: 6-month highGreece 54.0: 6-month high
Spain 52.6: 3-month highSpain 52.6: 3-month high
Germany 51.8 (flash: 51.6) 31-month lowGermany 51.8 (flash: 51.6) 31-month low
France 50.8 (flash: 50.7) 26-month lowFrance 50.8 (flash: 50.7) 26-month low
Italy 48.6: 47-month lowItaly 48.6: 47-month low
#France #manufacturing #PMI signals weakest performance since September 2016 as growth slowdown is exacerbated by demonstration-related disruptions https://t.co/b5wHMaNmOz pic.twitter.com/9E6Hvmoq64#France #manufacturing #PMI signals weakest performance since September 2016 as growth slowdown is exacerbated by demonstration-related disruptions https://t.co/b5wHMaNmOz pic.twitter.com/9E6Hvmoq64
On the upside, it’s better than the initial ‘flash’ estimate released mid-way through the month (51.5).On the upside, it’s better than the initial ‘flash’ estimate released mid-way through the month (51.5).
Unexpected good news for European economy. Manifacturing #PMI rose in November in the Euro area (51,8, expected 51,5), in France (50,8, expected 50,7), in Germany (51,8, expected 51,6). It decreased in Italy (48,6, expected 48,9). @graemeweardenUnexpected good news for European economy. Manifacturing #PMI rose in November in the Euro area (51,8, expected 51,5), in France (50,8, expected 50,7), in Germany (51,8, expected 51,6). It decreased in Italy (48,6, expected 48,9). @graemewearden
UBS analyst Paul Donovan suggests investors shouldn’t get too excited about the US-China trade truce.UBS analyst Paul Donovan suggests investors shouldn’t get too excited about the US-China trade truce.
US President Trump may, metaphorically, be claiming to have a tweet on Twitter that promises trade peace in our time. The reality of the US-China handshake deal at the G20 is not that secure. The deal looks to be a variation on the Juncker-Trump EU handshake deal.US President Trump may, metaphorically, be claiming to have a tweet on Twitter that promises trade peace in our time. The reality of the US-China handshake deal at the G20 is not that secure. The deal looks to be a variation on the Juncker-Trump EU handshake deal.
Unexpected good news for European economy. Manifacturing #PMI rose in November in the Euro area (51,8, expected 51,5), in France (50,8, expected 50,7), in Germany (51,8, expected 51,6). It decreased in Italy (48,6, expected 48,9). @graemeweardenUnexpected good news for European economy. Manifacturing #PMI rose in November in the Euro area (51,8, expected 51,5), in France (50,8, expected 50,7), in Germany (51,8, expected 51,6). It decreased in Italy (48,6, expected 48,9). @graemewearden
City traders often talk about a ‘Santa Rally’, in which shares end the year with solid gains.City traders often talk about a ‘Santa Rally’, in which shares end the year with solid gains.
And this year, Santa may be coming early.... as the Trump-Xi truce boosts confidence across the financial markets.And this year, Santa may be coming early.... as the Trump-Xi truce boosts confidence across the financial markets.
Neil Wilson of Markets.com explains:Neil Wilson of Markets.com explains:
“December is starting with a bang, with a de-escalation in Sino-US tensions positive for risk. Donald Trump tweeted yesterday that China ‘will reduce and remove’ tariffs on US auto imports, amid signs of progress on trade talks.“December is starting with a bang, with a de-escalation in Sino-US tensions positive for risk. Donald Trump tweeted yesterday that China ‘will reduce and remove’ tariffs on US auto imports, amid signs of progress on trade talks.
It follows a more positive G20 meeting. The US will delay for 90 days any increase in tariffs to enable talks to take place. The US had planned to raise its 10% tariff on $200bn of Chinese goods to 25% on January 1st.It follows a more positive G20 meeting. The US will delay for 90 days any increase in tariffs to enable talks to take place. The US had planned to raise its 10% tariff on $200bn of Chinese goods to 25% on January 1st.
Some be concerned that there was no official word from China in relation to auto tariffs, and that the two sides are saying different things about the meeting.Some be concerned that there was no official word from China in relation to auto tariffs, and that the two sides are saying different things about the meeting.
European stock markets are a sea of green this morning, with gains across the board.European stock markets are a sea of green this morning, with gains across the board.
In London, nearly every share is up inIn London, nearly every share is up in
Mayank Mishra, global macro strategist at Standard Chartered, explains:Mayank Mishra, global macro strategist at Standard Chartered, explains:
“Even though it’s a 90-days truce and both U.S. and China still need to sort out multiple issues in this period, from markets’ perspective getting past the event risk with a positive outcome and de-escalation of tensions is clearly positive for risk sentiment.”“Even though it’s a 90-days truce and both U.S. and China still need to sort out multiple issues in this period, from markets’ perspective getting past the event risk with a positive outcome and de-escalation of tensions is clearly positive for risk sentiment.”
Progress!Progress!
JUST IN: U.S. and China presidents instructed economic teams to work towards removing all tariffs - China's foreign ministry pic.twitter.com/1lif9OFMvgJUST IN: U.S. and China presidents instructed economic teams to work towards removing all tariffs - China's foreign ministry pic.twitter.com/1lif9OFMvg
Mining stocks are surging sharply in London too.Mining stocks are surging sharply in London too.
Anglo American, Glencore and BHP Group have all gained at least 6% this morning, on the prospect of higher demand for iron ore, copper and coal.Anglo American, Glencore and BHP Group have all gained at least 6% this morning, on the prospect of higher demand for iron ore, copper and coal.
Boom! Shares in London have surged to a two-week high at the start of trading.Boom! Shares in London have surged to a two-week high at the start of trading.
The FTSE 100 has jumped by 1.5%, or 102 points, to 7,082, as the US-China trade truce cheers investors.The FTSE 100 has jumped by 1.5%, or 102 points, to 7,082, as the US-China trade truce cheers investors.
Other European markets are also higher, with France’’s CAC up 2%.Other European markets are also higher, with France’’s CAC up 2%.
Carmakers are among the top risers, following Donald Trump’s claim that China will drop auto tariffs.Carmakers are among the top risers, following Donald Trump’s claim that China will drop auto tariffs.
Soybeans prices are moving sharply this morning, on relief that Washington and Beijing have backed away from a deeper trade war.Soybeans prices are moving sharply this morning, on relief that Washington and Beijing have backed away from a deeper trade war.
Trump’s claim that China will “immediately” start buying more US products has driven soybean prices up by 3% on the Chicago futures market.Trump’s claim that China will “immediately” start buying more US products has driven soybean prices up by 3% on the Chicago futures market.
However, they’ve dropped in China -- as traders anticipate a surge in supplies from America’s farmers.However, they’ve dropped in China -- as traders anticipate a surge in supplies from America’s farmers.
Bloomberg has more details:Bloomberg has more details:
“The price spike in Chicago soybeans and the fall in Dalian is a normal market reaction to the U.S.-China trade truce because China has agreed to start buying agricultural products from American farmers immediately,” said Monica Tu, an analyst at researcher Shanghai JC Intelligence Co.“The price spike in Chicago soybeans and the fall in Dalian is a normal market reaction to the U.S.-China trade truce because China has agreed to start buying agricultural products from American farmers immediately,” said Monica Tu, an analyst at researcher Shanghai JC Intelligence Co.
Still, “the market is very concerned about the outcome of further negotiations,” and whether there will be big purchases in the next few weeks, she said.Still, “the market is very concerned about the outcome of further negotiations,” and whether there will be big purchases in the next few weeks, she said.
China’s currency is strengthening, on relief that America has decided not to hike tariffs on Chinese imports at the start of January.China’s currency is strengthening, on relief that America has decided not to hike tariffs on Chinese imports at the start of January.
The yuan has jumped by 1% against the US dollar, to ¥6.88 to $1. That’s up from ¥6.954 on Friday night, before the G20 summit got up to speed.The yuan has jumped by 1% against the US dollar, to ¥6.88 to $1. That’s up from ¥6.954 on Friday night, before the G20 summit got up to speed.
Hussein Sayed, Chief Market Strategist at FXTM,Hussein Sayed, Chief Market Strategist at FXTM,
What was delivered over the dinner was not a breakthrough, neither a long-term solution for the ongoing trade war between the largest two economies, but a 90-day window to improve relations.What was delivered over the dinner was not a breakthrough, neither a long-term solution for the ongoing trade war between the largest two economies, but a 90-day window to improve relations.
Introduction of new tariffs are now shelved, and trade talks will intensify over the next three months. This outcome seems to be an optimistic one from the two leaders and more than what was priced into markets beforehand, meaning that this is enough to boost sentiment and risk-on trade.Introduction of new tariffs are now shelved, and trade talks will intensify over the next three months. This outcome seems to be an optimistic one from the two leaders and more than what was priced into markets beforehand, meaning that this is enough to boost sentiment and risk-on trade.
But, don’t forget the White House’s 90-day deadline....But, don’t forget the White House’s 90-day deadline....
I am yet to speak to a single person who thinks the three month tariff detente is actually a meaningful medium-long term development in the trade disputes https://t.co/E6k7OYvmGtI am yet to speak to a single person who thinks the three month tariff detente is actually a meaningful medium-long term development in the trade disputes https://t.co/E6k7OYvmGt
Chinese newspapers have cheered the truce hammered out between Trump and Xi at the G20 leaders meeting.Chinese newspapers have cheered the truce hammered out between Trump and Xi at the G20 leaders meeting.
The Global Times called the deal a “momentous step forward”, while the People’s Daily dubbed it an “important consensus”.The Global Times called the deal a “momentous step forward”, while the People’s Daily dubbed it an “important consensus”.
However, China has NOT backed up the White House claim that the ceasefire will only last for 90 days, unless a permanent trade deal is reached.However, China has NOT backed up the White House claim that the ceasefire will only last for 90 days, unless a permanent trade deal is reached.
As CNBC explains:As CNBC explains:
Official online statements about Chinese Foreign Minister Wang Yi’s briefing on the meeting did not discuss the technology transfers or the 90-day condition.Official online statements about Chinese Foreign Minister Wang Yi’s briefing on the meeting did not discuss the technology transfers or the 90-day condition.
The timeframe and details on areas of disagreement also did not appear in online reports from China’s state news agency Xinhua, People’s Daily — the official Communist Party paper — and CGTN — the English-language version of state broadcaster CCTV.The timeframe and details on areas of disagreement also did not appear in online reports from China’s state news agency Xinhua, People’s Daily — the official Communist Party paper — and CGTN — the English-language version of state broadcaster CCTV.
The articles did note the U.S. and China agreed to work towards mutual benefits, and generally indicated Beijing would increase purchases of U.S. goods. The state media also said the two parties discussed North Korea denuclearization. The Chinese press also said Trump upheld a “One-China Policy” regarding Taiwan — something not mentioned in the White House statement.The articles did note the U.S. and China agreed to work towards mutual benefits, and generally indicated Beijing would increase purchases of U.S. goods. The state media also said the two parties discussed North Korea denuclearization. The Chinese press also said Trump upheld a “One-China Policy” regarding Taiwan — something not mentioned in the White House statement.
Sue Trinh of Royal Bank of Canada is cautious about this trade truce -- pointing out that the US and China haven’t released a joint statement on what was agreed.Sue Trinh of Royal Bank of Canada is cautious about this trade truce -- pointing out that the US and China haven’t released a joint statement on what was agreed.
But she also believes this is a win for president Trump:But she also believes this is a win for president Trump:
Trade wars need to be framed in terms of who hurts the least and see the G20 meeting as a stronger win for the US.Trade wars need to be framed in terms of who hurts the least and see the G20 meeting as a stronger win for the US.
China buys 3 months before tariffs on $200bn in goods rise to 25% while the US knows it will have a deal with sizeable China concessions in 90 days, or go ahead with tariffs having cleared the backlog of harvested crops from the agri sector.China buys 3 months before tariffs on $200bn in goods rise to 25% while the US knows it will have a deal with sizeable China concessions in 90 days, or go ahead with tariffs having cleared the backlog of harvested crops from the agri sector.
Tai Hui, chief market strategist for Asia Pacific at J.P. Morgan Asset Management, is also wary, saying:Tai Hui, chief market strategist for Asia Pacific at J.P. Morgan Asset Management, is also wary, saying:
The negotiation is likely to remain challenging given the competition in a number of areas, especially technological development between the two countries. 90 days is not a very long to resolve these differences.The negotiation is likely to remain challenging given the competition in a number of areas, especially technological development between the two countries. 90 days is not a very long to resolve these differences.
The good news is that this truce should be seen as Washington recognising the potential damage on the U.S. economy if tariffs escalate further. We see an ongoing dialogue between the two sides to be an important catalyst for Asian markets to recover lost ground this year, alongside steady global growth and a weaker US dollar.”The good news is that this truce should be seen as Washington recognising the potential damage on the U.S. economy if tariffs escalate further. We see an ongoing dialogue between the two sides to be an important catalyst for Asian markets to recover lost ground this year, alongside steady global growth and a weaker US dollar.”
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
Global stock markets are rallying today on relief that America and China have pulled back from escalating their trade war.Global stock markets are rallying today on relief that America and China have pulled back from escalating their trade war.
In one of the most eagerly awaited dinner dates in a while, Donald Trump and Xi Jinping struck a truce at the end of the G20 meeting in Buenos Aires.In one of the most eagerly awaited dinner dates in a while, Donald Trump and Xi Jinping struck a truce at the end of the G20 meeting in Buenos Aires.
After the dinner, Trump declared:After the dinner, Trump declared:
“This was an amazing and productive meeting with unlimited possibilities for both the United States and China.“This was an amazing and productive meeting with unlimited possibilities for both the United States and China.
It is my great honor to be working with President Xi.”It is my great honor to be working with President Xi.”
However, the agreement is light on detail. We know that America has deferred its plan to raise the tariff on $200bn of Chinese imports from 10% to 25%, for 90 days (it was scheduled for 1 January).However, the agreement is light on detail. We know that America has deferred its plan to raise the tariff on $200bn of Chinese imports from 10% to 25%, for 90 days (it was scheduled for 1 January).
This kicks the can down the road a little, teeing up more tense talks before the end of March.This kicks the can down the road a little, teeing up more tense talks before the end of March.
In return, China has apparently agreed to purchase a “very substantial” amount of US goods - including farm, energy and industrial products. That would help narrow the massive trade gap between the two countries.In return, China has apparently agreed to purchase a “very substantial” amount of US goods - including farm, energy and industrial products. That would help narrow the massive trade gap between the two countries.
Trump has declared that China is also removing tariffs on US car imports -- which would be a win for America’s auto sectorTrump has declared that China is also removing tariffs on US car imports -- which would be a win for America’s auto sector
China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%.China has agreed to reduce and remove tariffs on cars coming into China from the U.S. Currently the tariff is 40%.
Trade war truce: markets jump as Trump says China will halt new car tariffsTrade war truce: markets jump as Trump says China will halt new car tariffs
However, the two sides will now face fraught talks over intellectual property protections, and the threat that the truce could break down at an time.However, the two sides will now face fraught talks over intellectual property protections, and the threat that the truce could break down at an time.
Still, investors are delighted to hear peace ring out.Still, investors are delighted to hear peace ring out.
Asian markets have surged overnight, with China’s Shanghai Composite jumping by 2.5%. That’s its biggest one-day gain in a month.Asian markets have surged overnight, with China’s Shanghai Composite jumping by 2.5%. That’s its biggest one-day gain in a month.
Australia has gained 1.8%, and Japan’s Nikkei is 1% higher.Australia has gained 1.8%, and Japan’s Nikkei is 1% higher.
Stephen Innes of trading firm OANDA says:Stephen Innes of trading firm OANDA says:
With the immense weight of the global supply chain dynamic network on their shoulder, a tariff detente has emerged after a highly anticipated dinner.With the immense weight of the global supply chain dynamic network on their shoulder, a tariff detente has emerged after a highly anticipated dinner.
Both Presidents’ XI and Trump have agreed to put on hold the menacing tariff increases expected to get imposed January 1, marking a significant de-escalation in trade tensions between the world’s two biggest economies. Thankfully, for risk sentiment, the “dinner date of the decade” ended with a sense of harmony rather than trade war discord.Both Presidents’ XI and Trump have agreed to put on hold the menacing tariff increases expected to get imposed January 1, marking a significant de-escalation in trade tensions between the world’s two biggest economies. Thankfully, for risk sentiment, the “dinner date of the decade” ended with a sense of harmony rather than trade war discord.
European markets are going to join the party too, and are expected to gain almost 2% at the open....European markets are going to join the party too, and are expected to gain almost 2% at the open....
Firm opening across all European Indices:#FTSE 7094 +1.63%#DAX 11519 +2.32%#CAC 5092 +1.75%#MIB 19486 +1.55%#IBEX 9221 +1.59%Firm opening across all European Indices:#FTSE 7094 +1.63%#DAX 11519 +2.32%#CAC 5092 +1.75%#MIB 19486 +1.55%#IBEX 9221 +1.59%
Also coming up today...Also coming up today...
We find out how the world’s factories fared in November, when the latest surveys of purchasing managers are released. They’ll probably confirm that the eurozone has slowed sharply, while the US economy is more robust.We find out how the world’s factories fared in November, when the latest surveys of purchasing managers are released. They’ll probably confirm that the eurozone has slowed sharply, while the US economy is more robust.
The agendaThe agenda
9am GMT: Eurozone manufacturing PMI report for November9am GMT: Eurozone manufacturing PMI report for November
9.30am GMT: UK manufacturing PMI report for November9.30am GMT: UK manufacturing PMI report for November
3pm GMT: US manufacturing PMI report for November3pm GMT: US manufacturing PMI report for November