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Markets start the week in buoyant mood as trade deal inches closer

By Hugh Wilson

Traders react positively to trade deal progress and Hong Kong elections

Trading screens were a field of green on Monday as a landslide victory for pro-democracy candidates in Hong Kong and renewed optimism over a US-China trade deal put investors in positive mood.

The Hong Kong index finished 1.5 per cent up on the day, with the Chinese SSEC and Japanese Nikkei also posting significant gains.

The upbeat mood continued in Europe, with London’s climbing steadily through the day before ending on 7,396 a rise of 0.95 per cent. The German also enjoyed a positive day, ending 0.63 per cent up.

Both European and US markets were buoyed by a report in the Global Times, a Chinese tabloid with close links to the ruling Communist Party, that a phase one US-China trade deal was “very close”.

Less optimistic noises about the likelihood of a more comprehensive phase two deal didn’t dampen spirits. US indices started to rise from the opening bell, with the Nasdaq racing to a plus one per cent gain by mid morning.

Among currencies, rallied after a disappointing day on Friday, climbing to hover close to the $7,220 mark during morning trading, a rise of around 4.47 per cent. The Euro was marginally down against both the pound and the dollar.

enjoyed a positive day against a basket of currencies in response to consistently high poll ratings for the ruling Conservative party at the halfway point of the UK’s general election campaign.

continued its good run, with crude futures holding above $63 a barrel at $63.38 by mid afternoon, buoyed by trade deal hopes. was the big loser, down 4.4 per cent in afternoon trading.

FURTHER READING: China tells US to stop abusing Huawei and ZTE

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