Attention shifts to Trump - Xi meeting at the G-20 summit

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    2019/07/15
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    2019/07/01
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    2019/05/27
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Global equities accelerated gains last week as comments by heads of European Central Bank, Federal Reserve and Bank of England indicated policy makers of largest central banks were standing ready to easy monetary policies to support economies. The S&P 500 extended gains 2.2% last week after Fed chair Powell said Federal Reserve will “act as appropriate to sustain the expansion”. The ICE US dollar index fell 1.4%.

All but Nikkei of the six major developed market stock indexes accelerated gains. Hang Seng recorded the biggest advance: it jumped 5.0%. All of six major currencies reversed previous week’s dynamics, while the range of major currency pairs’ weekly fluctuations narrowed considerably as it edged lower. The Swiss franc was the leader in terms of percentage change: it gained 2.2% against the US dollar.

The meeting between President Donald Trump and Chinese President Xi Jinping at the G-20 summit in Japan will be in focus this week. In case the meeting marks a resumption of US-China trade talks global markets will shift into higher gear after a pause following the US claim in May China reneged on earlier commitments.

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