• Asian, European stocks climb • Treasury yields rise • Oil bounces higher Global stocks gained Wednesday after China exempted certain U.S. products from higher tariffs ahead of trade talks planned for next month.
The Stoxx Europe 600 rose 0.6% in opening trade, with Germany’s DAX up 0.8% and France’s CAC 40 up 0.5%. China said Wednesday that higher tariffs wouldn’t be levied against a variety of U.S. imports for a year, starting Sept. 17, and that it would continue to review more goods for exemption. Hong Kong’s Hang Seng led gains, climbing 1.6%, while Japan’s Nikkei rose 1%. The Shanghai Composite was the exception, with a fall of 0.4%. Korea’s Kospi climbed 0.8% after positive jobs data from the country helped to bolster confidence in its economy, suggesting that government stimulus efforts were proving fruitful. In Europe,
Industria de Diseno Textil
the world’s largest fashion retailer by sales, saw its share price fall 2.3% after it reported earnings for the first half of the year. Investors have shown signs in recent days of expecting less stimulus from the European Central Bank when it meets on Thursday. “Ahead of the ECB meeting investors seemed to take some chips off the table with aggressive expectations being pared back,” said Antoine Bouvet, senior rates strategist at ING Bank in a note. The yield on the benchmark 10-year German bund rose to minus 0.532%. Meanwhile, U.S. 10-year Treasury yields rose to 1.714% on Wednesday, from 1.706% on Tuesday. Bond yields and prices move in opposite directions. The drivers for rising yields included better news on U.S.-China trade and a reduced likelihood of a no-deal Brexit, according to
market economist at Capital Economics. In commodities, oil prices rebounded from losses that came after President
ousted John Bolton as his national security adviser. Brent crude, the global benchmark, was up by 0.9% at $62.93 a barrel. Gold prices slipped 0.1%. Analysts at
said the precious metal may see its price rise in the medium term as investors look to insulate themselves depreciations in major currencies. Write to Anna Isaac at firstname.lastname@example.org
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