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Market Overview
Stocks Surge, but Give up Part of Gains on Monday
Monday was another positive day for global equities and US
indices were up 1%, while EU benchmarks surged more than 1% during the US
session. However, indices were down notably from overnight highs reached during
the Asian session as some profit taking hit the markets in the afternoon.
Equities soared across the globe on Monday as Trump and Xi
managed to calm the markets at their weekend meeting with a 90 days truce in
their trade conflict. The White House said on Saturday that Trump had agreed
to leave tariffs on US products at a 10 percent rate after January 1, as
China agreed to buy a substantial number of products from the US.
However, if the new trade deal is not completed within the
next 90 days, the tariffs may be upped to 25 percent as previously ’promised’.
Traders took this news very positively and stocks shot higher, with US yields
also pushing up.
Moreover, the US economic calendar brought some important
data, such as the ISM survey from the manufacturing sector for the month of
November and it jumped to 59.3, up from 57.7 in the previous month. Analysts
had expected a slowdown to 57.5. However, the prices paid subindex crashed from
71.6 to 60.7, implying inflation pressures have deteriorated notably in
November.
Gold also surged on Monday, while the dollar was sold most aggressively
against the commodity-linked currencies.
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