Global Stocks Gain on U.S. Moves on Trade

Stoxx Europe 600 opens up 0.4%

U.S. 10-year Treasury yields tick higher

Asian indexes broadly gain

Global stocks climbed after the U.S. moved to rekindle stalled trade talks with China.

President Trump met with major technology companies at the White House on Monday to discuss restrictions on Chinese telecom giant Huawei, a move regarded as a step toward softening the U.S. stance on the blacklisted firm.

In Europe, shares of semiconductor firm

AMS
AG

and Logitech International posted some of the biggest gains, with increases of 9.1% and 6.2%, respectively, after both firms reported quarterly earnings.

In the U.K., markets were awaiting the victor in the Conservative competition to be the new prime minister, expected shortly before noon local time.

The U.S. is moving to ease restrictions on sales to China’s Huawei.


Photo:

rodrigo garrido/Reuters

The expectation is for Boris Johnson, the former foreign secretary and a leading voice of the campaign to leave the EU, to take the helm.

Derek Halpenny of MUFG Bank Ltd. said that unless there were signs that support was ebbing away from Mr. Johnson, in the form of further cabinet resignations or parliamentary party defections, there would “not be much in terms of volatility in equities, currencies or bonds.”

Wall Street was set for another crop of results from major corporations.

Coca-Cola
Co

mpany will report on earnings later Tuesday, along with Travelers Companies and Visa.

Separately, Congress struck a deal late Monday with the White House over spending, which would suspend the federal debt ceiling until the end of July 2021.

Asian markets also were up, with Shanghai up 0.5%, Hong Kong’s Hang Seng up 0.4% and Japan’s Nikkei up 1%.

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