Thu, 13 Aug 2020

NEW YORK, New York - Stocks in the U.S. and Europe made sold gains on Tuesday after U.S. President Donald Trump said negotiations between China and the U.S. on trade were re-starting.

He confirmed too he would be meeting with Chinese President Xi jinping later this month on the sidelines of the G20 meeting.

"We can't discount how big a deal it is for China and the U.S. not to go into a prolonged trade spat. I don't think we're out of the woods yet, though," King Lip, chief investment strategist at Baker Avenue Asset Management in San Francisco was quoted as saying by the Reuters Thomson news agency on Tuesday.

"I'd wait for the G20 meeting to see actual discussions coming out of that before we go back into a risk-on mode," he added.

At the close on Tuesday the Dow Jones industrials were ahead 353.01 points or 1.35% at 26,465.54.

The Standard and Poor's 500 gained 26.08 points or 0.97% to 2,917.75.

The Nasdaq Composite did best of all, rising 108.86 points or 1.39% to 7,953.88.

The U.S. dollar eased a tad against most currecies but remained well bid against the euro, which finished the New York session on Tuesday around 1.1196.

The British pound edged up to 1.2567.

The Canadian dollar rose appreciably to 1.3374. The Australian dollar jumped a-quarter-of-a-cent to 0.6878.

The New Zealand dollar did likewise, last trading in New York Tuesday at 0.6534.

The Swiss franc was little changed at 1.0005 while the Japanese yen eased a fraction to 108.53.

In Europe and the UK the mood was just as jubilant. London's FTSE 100 jumped 1.17%. The German Dax climbed 2.03% while in Paris, the CAC 40 soared 2.20%.

In Asian trading, the benchmark Hong Kong index, the Hang Seng, was sharply higher, adding 271.61 points or 1.00% to 27,498.77.

In Tokyo, the Nikkei 225 declined 151.29 points or 0.72% to 20,972.77.

The Australian All Ordinaries continued higher on speculation of forthcoming interest rate cuts. The key All Ordinaries index gained 38.50 points or 0.58% to 6,647.90.

The Shanghai Composite meantime shed 20.58 points or 0.71% to 2,890.16.

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