Oil prices soared by around 5 percent on Monday after the United States and China agreed to a 90-day truce in their trade war, and ahead of a meeting this week by producer club OPEC that is expected to result in a supply cut.
Asian shares rallied on Monday after U.S. and Chinese leaders brokered a truce in their trade conflict, a relief for the global economic outlook and a tonic for emerging markets and battered oil prices.
China has agreed to “reduce and remove” tariffs below the 40 percent level that Beijing is currently charging on U.S.-made vehicles, U.S. President Donald Trump said, as a trade war truce between the two countries gathers pace, cheering markets.
Asia’s economic prospects looked gloomy as factory activity and export orders weakened across the region in November, with analysts expecting no quick rebound amid simmering global trade frictions.
U.S. smartphone chip manufacturer Qualcomm Inc considers the prospect of an acquisition of NXP Semiconductors as closed, the company said on Monday.
Chinese state media gave a cautious welcome on Monday to the trade war truce agreed by China and the United States at the weekend, as Chinese shares, commodities and the yuan currency surged even as uncertainly remains about the deal.
U.S. President Donald Trump said on Sunday that China had agreed to “reduce and remove” tariffs on U.S. cars below the 40 percent level that Beijing is currently charging on American-made vehicles.
Oil prices surged on Monday after the United States and China agreed to a 90-day truce in their trade war, and ahead of a meeting this week by producer club OPEC that is expected to result in a supply cut.
China and the United States agreed on Saturday to a truce in their trade war following talks between Chinese President Xi Jinping and U.S. President Donald Trump on the sidelines of the G20 summit in Argentina.
Oil prices surged on Monday after the United States and China agreed to a 90-day truce in their trade war, and ahead of a meeting this week by producer club OPEC that is expected to result in a supply cut.
The trade war truce agreed by China and the United States at the weekend could help them resolve their differences amicably, but lasting improvements in relations will depend on U.S. “sincerity”, Chinese state media said on Monday.
Asian shares rallied on Monday after U.S. and Chinese leaders brokered a truce in their trade conflict, a relief for the global economic outlook and a tonic for emerging markets.
The trade war truce agreed by China and the United States at the weekend could help them resolve their differences amicably, but lasting improvements in relations will depend on U.S. “sincerity”, the official China Daily said on Monday.
Asian shares looked set to rally on Monday after U.S. and Chinese leaders brokered a truce in their trade conflict, a relief for the global economic outlook and a tonic for emerging markets.
U.S. stock index futures jumped on Sunday after China and the United States agreed at a G20 summit to shelve any new tariffs and reset discussions for 90 days, at least temporarily halting an increase in their tensions over trade.
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