China Trade War Not Ending Soon

Global stocks pare gains as investors remain cautiousMore

The New Zealand dollar got a lift when markets were cheered after US President Donald Trump told Fox News that he predicts a "great deal" with China on trade.

"It looks as if rivalry and confrontation became the prevailing aspect of our path ahead", said Cui, speaking during a trade war in which both countries have slapped punitive tariffs on hundreds of billions of dollars worth of imports.

Since March, the Trump administration has introduced several waves of tariffs worth tens of billions of dollars against Chinese goods in an effort to rebuild the U.S. industrial base. Asian shares were mostly higher on Tuesday as traders took the weaker yuan as a sign that Chinese exports can remain competitive even if a trade dispute with Washington heats up. "We are watchful of any retaliatory actions from China, as well as possible slump in Chinese technology stocks". Bulls remain on the back foot, with early gains Monday fueled by speculation stocks had gotten cheap during the sell-off wiped out in afternoon trading.

Stocks took a tumble Monday with the Dow Jones Industrial Averageexperiencing a dramatic swing to close down almost 250 points amid concerns of another wave of Chines tariffs. But there are risks in the background, from the American midterm elections to trade talks with China.

Trump said in the interview he would like to make a deal now, but that China was not ready. The S&P 500 index has dropped 9.4 percent in October and is on track for its worst monthly loss since February 2009.

The reports - all based on a Bloomberg article - say that the USA will place tariffs on the remaining $257 billion of Chinese imports not already subject to tariffs if there are no new developments in the ongoing trade spat.

The Dow Jones Industrial Average rose 431.72 points, or 1.77 percent, to 24,874.64, the S&P 500 gained 41.38 points, or 1.57 percent, to 2,682.63 and the Nasdaq Composite added 111.36 points, or 1.58 percent, to 7,161.65. Miners and energy companies led the way as nearly every sector on the Stoxx Europe 600 Index climbed. The euro fell to $1.1354 from $1.1372.

Japan's Nikkei 225 index jumped 1.4 percent to 21,434.38 after official data showed that its unemployment rate eased to 2.3 percent in September, from 2.4 percent a month earlier.

All sectors on the TSX lost ground on Monday, led by cannabis-heavy health care which was down more than 10 per cent. Aphria Inc. closed down 17.35 per cent, Canopy Growth Corp.

Benchmark 10-year notes last fell 4/32 in price to yield 3.1 percent, from 3.087 percent late on Monday. Brent crude, used to price global oils, lost $1.14 to $76.20 per barrel.

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