US-China trade deal hope supports global equities | IFCM UAE
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US-China trade deal hope supports global equities

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    2023/02/27
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Progress toward a US-China trade deal as tariffs on $200 billion in Chinese goods set to increase to $25% from 10% on March 2 were not enacted, boosted investors risk appetite last week. The S&P 500 rose 0.4% while the ICE US dollar index slipped 0.1%.

Three out of six major global stock indexes advanced. Britain’s stock market accelerated losses as no consensus on a Brexit deal has been reached even though there are less than four weeks left until March 29 Brexit deadline: FTSE 100 slumped 1.0%. Only the Canadian dollar out of the six major currencies reversed previous week’s dynamics against the US dollar while the range of fluctuations widened. The Japanese yen was the leader in terms of percentage change: it gained 1.2% against the US dollar.

China’s National People’s Congress opens in Beijing on Tuesday where Premier Li Keqiang will announce an economic growth target for this year. This week’s economic calendar is packed with central bank meetings as central banks of Australia, Canada and European Union announce interest rate decisions on Tuesday, Wednesday and Thursday respectively. No changes in interest rates are expected.

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