Global equity markets rise as hopes for a US-China deal intensify
Dow on track to reach record high
Global stock markets rose today on the back of an expected trade deal between the US and China. Optimism about this much-anticipated agreement has been alive before, only for it to falter.
But today was one of hope. The Far East markets opened up with Shanghai, Hong Kong and Seoul all rising. It is a public holiday in Japan.
As the time shifted to the European markets buoyancy remained, helped by the expectation that at least one of the Wall Street big three indexes would reach a record high.
At close today the FTSE100 was also up at 7,369 while the FTSE250 was up 0.33 per cent at 20,229.
With such optimism all eyes turned to Wall Street where the Dow Jones Industrial Average opened with high expectations. Early indications were that the Dow would reach a record high. At 5pm GMT The Dow Jones Industrial Average had risen 130 points to 27,474. The S&P500 was up 0.42 per cent, a record high helped by technology stocks.
The upward trend was not confined to the equity markets. Cryptocurrencies also saw rises. Bitcoin edged closer to its much anticipated $10,000 mark with a 1.53 per cent increase to $9,304.5. The other leading cryptocurrencies also showed rises – Etherium (3.14 per cent), Litecoin (6.39 per cent) and Bitcoin cash (0.9 per cent).
On commodities, gold was trading modestly up (0.06 per cent) at $1,510/oz while a barrel of Brent crude rose 1.59 per cent to $62.67.
The dollar edged up against both the pound and euro.