ZCZC
BCN-11
WORLD-MARKETS
Global stocks mixed on Trump impeachment, trade news
NEW YORK, Sept 27, 2019 (BSS/AFP) – Global stocks were torn on Thursday
between the impeachment firestorm surrounding US President Donald Trump and
encouraging signs that the US-China trade war is cooling off.
Wall Street ended in the red after a day of intense political drama in
which lawmakers released a whistleblower complaint accusing Trump of
pressuring Ukraine’s new president to dig up political dirt on Democratic
frontrunner Joe Biden, prompting a White House cover-up.
Karl Haeling of LBBW said the market’s response to the whistleblower
complaint suggested the risk of impeachment could be somewhat higher than
initially thought, but added that the modest losses showed markets remained
“stable.”
Some analysts have described the market’s approach to the Ukraine case as
wait-and-see.
But European stocks rose after upbeat comments from Trump had lightened
the mood, coming a day after he had unveiled part of a new trade agreement
with Japan.
– Sliver of optimism’ –
China’s Commerce Ministry also cheered markets, saying Chinese companies
bought “considerable” quantities of American pork and soybean exports as the
two countries prepare to resume high-level negotiations next month.
Connor Campbell, analyst at Spreadex trading group, said “investors chose
to buy into Trump’s trade optimism, allowing the markets to push higher.”
“Investors have been ‘trade war’ bearish for so long that any sliver of
optimism is cheered,” Stephen Innes, Asia Pacific market strategist at
AxiTrader, said in a note.
The Japanese deal also “suggests the president is open to an ‘interim’
trade deal, possibly signaling he is willing to negotiate one with China,”
Innes said.
Asian markets also cheered Trump’s comments on trade.
Meanwhile, crude prices were mixed after an unexpected rise in US
inventories and a swift recovery in Saudi Arabia’s output following the
September 14 attacks on its oil infrastructure.
– Key figures around 2030 GMT –
New York – Dow: DOWN 0.3 percent at 26,891.67 (close)
New York – S&P 500: DOWN 0.2 percent at 2,977.65 (close)
New York – Nasdaq: DOWN 0.6 percent at 8,030.66 (close)
London – FTSE 100: UP 0.8 percent at 7,351.08 points (close)
Frankfurt – DAX 30: UP 0.4 percent at 12,288.54 (close)
Paris – CAC 40: UP 0.7 percent at 5,620.57 (close)
EURO STOXX 50: UP 0.6 percent at 3,532.18 (close)
Hong Kong – Hang Seng: UP 0.4 percent at 26,041.93 (close)
Shanghai – Composite: DOWN 0.7 percent at 2,929.087 (close)
Tokyo – Nikkei 225: UP 0.1 percent at 22,048.24 (close)
Euro/dollar: DOWN at $1.0920 from $1.0944 at 2100 GMT
Pound/dollar: DOWN at $1.2321 from $1.2355
Euro/pound: UP at 88.63 from 88.56 pence
Dollar/yen: UP at 107.88 yen from 107.77
Brent North Sea crude: UP 0.6 percent at $62.74 per barrel
West Texas Intermediate: DOWN 0.1 percent at $56.41 per barrel
BSS/AFP/HR/1012