Left Menu
Development News Edition

GLOBAL MARKETS-Stocks up for eighth day, bond yields climb on trade signs

Reuters | Updated: 13-09-2019 20:43 IST | Created: 13-09-2019 20:42 IST
GLOBAL MARKETS-Stocks up for eighth day, bond yields climb on trade signs
Image Credit: Pixabay

A gauge of global stocks rose for an eighth straight day to a six-week high and benchmark government bond yields advanced on Friday as signs of progress in trade talks between the United and China, as well as a solid report on U.S. retail sales, allayed recession worries.

Stocks on Wall Street climbed, buoyed by a string of positive signals on the trade war between the world's two largest economies. Financials were among the best performers, aided by the rise in bond yields. The benchmark S&P 500 index stood about 0.5% from its record closing high set on July 26.

U.S. President Donald Trump said on Thursday he was potentially open to an interim trade deal with China, although he stressed an "easy" agreement would not be possible. That was followed up on Friday by China's official Xinhua News Agency announcing the country would exempt some U.S. agricultural products, such as pork and soybeans, from additional tariffs. Solid reports on U.S. retail sales and consumer sentiment added to the optimism and eased concerns about economic growth, although the Federal Reserve was still widely expected to cut rates at its policy meeting on Wednesday. The Bank of Japan is to follow with its announcement on Thursday.

"We have the continued warming of relationships over the trade talks. And we have the consumer still strong with retail sales, and those two just added fuel to the fire," said Ellis Phifer, market strategist at Raymond James in Memphis, Tennessee. The Dow Jones Industrial Average rose 94.51 points, or 0.35%, to 27,276.96, the S&P 500 gained 7.32 points, or 0.24%, to 3,016.89 and the Nasdaq Composite added 11.81 points, or 0.14%, to 8,206.28.

European shares were higher for a fourth straight session, although gains were muted after a rise of nearly 6% over the past four weeks. The pan-European STOXX 600 index rose 0.37% and MSCI's gauge of stocks across the globe gained 0.45%. MSCI's index was on pace for an eighth straight day of gains, its longest winning streak in nearly two years.

The U.S. economic data and easing of trade tensions helped lift bond yields to multi-week highs, with both 10-year notes and 30-year bonds touching their highest in five weeks. Benchmark 10-year notes last fell 23/32 in price to yield 1.8694%, from 1.791% late on Thursday.

The euro gained against the dollar for a second day, although gains were pared after the U.S. data, as the European Central Bank on Thursday exempted eurozone banks from a penalty charge, which analysts say will reduce the currency impact of new stimulus. The dollar index fell 0.16%, with the euro up 0.14% to $1.1076.

Oil prices were little changed, and both Brent and WTI were on track for a weekly decline. U.S. crude fell 0.44% to $54.85 per barrel and Brent was last at $60.19, down 0.31% on the day.



South Africa's COVID-19 response: Surprising outcomes or just poor data management?

South Africa has been committed to improving its health information system and shows that a robust digital has considerable scope to improve healthcare for the entire population. But the COVID-19 pandemic has highlighted that significant ga...

Post-COVID-19 Nigeria needs a robust Health Management Information System to handle high disease burden

Nigeria is among a few countries that conceptualised a health management information system HMIS in the early 90s but implementation has been a challenge till date. Besides COVID-19, the country has a huge burden of communicable and non-com...

Morocco COVID-19 response: A fragile health system and the deteriorating situation

Learning from its European neighbors, Morocco imposed drastic measures from the initial stages of the COVID-19 outbreak to try to contain its spread. The strategy worked for a few months but the cases have surged after mid-June. In this sit...

COVID-19: Argentina’s health system inefficiencies exaggerate flaws of health information system

You can recover from a drop in the GDP, but you cant recover from death, was the straightforward mindset of Argentinas President Alberto Fernndez and defined the countrys response to COVID-19. The South American nation imposed a strict...


Latest News

Sand artist Pattnaik pays tribute to Shaheed Bhagat Singh on his 113th birth anniversary

Internationally renowned and Padma Shri Awardee sand artist Sudarsan Pattnaik on Monday created a sand sculpture of Shaheed Bhagat Singh to pay tribute to the freedom fighter on his 113th birth anniversary. Along with sand sculpture, he wro...

FACTBOX-Latest on the worldwide spread of coronavirus

Beijing on Monday called on importers to shun frozen food from countries suffering from severe novel coronavirus outbreaks after several cases of imported seafood products tested positive for the virus.DEATHS AND INFECTIONS For an interact...

SC to hear plea today by UPSC aspirants seeking postponement of exam

The Supreme Court will today hear a plea filed by UPSC aspirants seeking postponement of the upcoming Civil Services exam. The petition seeks postponement of the Civil Services exam for two to three months in the wake of floods and rainfall...

Merkel visited Kremlin critic Navalny in hospital - Spiegel

German Chancellor Angela Merkel visited Russian opposition politician Alexei Navalny while he was undergoing treatment in a Berlin hospital for poisoning, Der Spiegel reported, underscoring how seriously she is taking the case. Citing no so...

Give Feedback