"Mr Walker, I doubt there will be a miracle between Xi and the ‘Donald’ this weekend."
The Dow Is Climbing Because a Trade Deal With China Is Almost Done
Stocks set to snap back as Mnuchin says U.S. was ‘90% of the way there’ on China trade deal
- Mnuchin tells CNBC ‘we were about 90% of the way there’ on China trade deal
- Stocks set to recover a portion of Tuesday’s losses
- Mueller says he will testify on his Russia interference report on July 17
U.S. stock-index futures headed solidly higher Wednesday morning, gaining traction into the green after a report from Treasury Secretary Steven Mnuchin suggested that a Sino-American trade deal wasn’t far from complete.
Futures for the Dow Jones Industrial Average
YMU19, +0.39% rose 133 points, or 0.5%, to 26,694, those for the S&P 500
ESU19, +0.40% advanced 16.40 points, or 0.6%, at 2,938, while Nasdaq-100 futures
NQU19, +0.63% climbed 66.75 points, or 0.9%, to 7,695.75.
Mnuchin told CNBC that Beijing and Washington are nearing a deal on tariffs.
“We were about 90% of the way there (with a deal) and I think there’s a path to complete this,” he told the financial network in Bahrain.
The treasury secretary said that he was “hopeful” that a deal could be struck as the market awaits a sideline conversation between President Donald Trump and Chinese President Xi Jinping at the Group of 20 gathering in Osaka, Japan, which kicks off on Friday.
Concerns about escalating trade tensions between the China and the U.S., the world’s largest economies, have fed a sense of rising uncertainty about the health of the global economy, at least partly contributing to central banks across the world signaling a willingness to re-institute a fresh wave of economic stimulus just about 10 years after the 2008 financial crisis rocked financial markets world-wide, warranting a wave of easy-money programs by monetary policy makers.
On the economic data front, investors are awaiting a reading of durable-goods orders for May, and a separate report on international trade in goods for the same month, both at 8:30 a.m. Eastern Time.
www.marketwatch.com
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