Stocks gain as Mnuchin upbeat on trade talks

Summary:

  • US markets trading slighlty higher ahead of cash session

  • Steady gains seen after Mnuchin positive on trade

  • Tres Sec expects “significant progress” this week

 

Yesterday saw some sizable selling before and after the opening bell on Wall Street, but while the stock markets did end the day in the red, there was a move off the lows into the close. This recovery has extended overnight and during the European session with all US indices trading higher ahead of today’s cash open. Some positive remarks on trade from US Treasury Secretary Steve Mnuchin have contributed to the latest gains, with the markets moving up to their highest levels of the day in recent trade.

All US indices are trading higher at the time of writing The gains are fairly small at present, but all the markets are in the green nonetheless after Mnuchin’s comments. Source: xStation

 

Treasury Secretary Steven Mnuchin said on Tuesday the U.S. expects to make “significant progress” in China trade war negotiations this week.

 

“The critical issues that we’ve talked about is: Market access, making sure there aren’t forced joint ventures, not forced transfer of technology, and that we have a mechanism that when we’ve reached an agreement we can monitor this agreement and they’ll live up to it,” Mnuchin said in an interview with Fox Business. “That I expect we’ll make significant progress this week on those issues.”

 

Chinese representatives visit are due to meet with a group of White House officials on Wednesday and Thursday for the talks. On the data front the CB consumer confidence is set to be released at 3PM in the main event of the afternoon while the Fed will begin their 2-day monetary policy meeting which will conclude before the outcome is announced at 7PM tomorrow. Wednesday will also mark the first time that a press conference will follow consecutive decisions as the Fed now will conduct one after every single meeting rather than the previous model of alternating.

US small caps (US2000) led the large cap stocks (US500) lower on the way down, but now the latter is leading the former during the recovery. Both markets are currently probing resistance and it could be worth keeping a close eye on how they each trade around these levels. Source: xStation

 

 

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