Tuesday, 19 November, 2019

US Mulls Currency Accord With China in Partial Trade Deal

A trader works as a screen shows market data behind him at CMC markets in London Britain. Simon Dawson Reuters  file A trader works as a screen shows market data behind him at CMC markets in London Britain. Simon Dawson Reuters file
Russell Knight | 10 October, 2019, 07:13

"In my opinion China wants to make a deal more than I do", he said.

S&P500 mini futures slumped as much as 1.3%, though they pared some losses following a tweet from a CNBC reporter that the White House said it was not aware of change in Liu's plans.

In the currency market, the yen advanced 0.3% to 107.11 to the dollar JPY= while the Swiss franc also gained 0.3% to 0.9929 franc per dollar.

S&P 500 futures rose 0.9 per cent on the news and the offshore yuan extended gains. -China trade talks citing blacklisting of 28 Chinese firmsChina lowers expectations for U.S.

American negotiators led by Ambassador Robert Lighthizer, the United States trade representative, and Treasury Secretary Steven Mnuchin are entering this week's trade talks with low expectations for major progress on reaching a comprehensive deal months after negotiations broke down in May, according to two officials familiar with the situation.

All told, the Trump administration has imposed tariffs on more than $360 billion worth of Chinese goods and plans to tax an additional $160 billion of imports on December 15.

Before the media report on the lack of progress in the trade talks, share prices had gained on Wednesday, with the S&P 500 rising 0.91 per cent on hopes of a possible compromise between the world's two biggest economies.

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"The rising nationalism sentiment at home is creating hurdles for President Xi to make concessions in the upcoming trade talks with the US in light of the National Basketball Association firestorm and Xinjiang sanctions", said Suisheng Zhao, executive director of the Center for China-US Cooperation at the University of Denver's Graduate School of International Studies.

The Swiss franc also gained as much as 0.4% to 0.9923 franc per dollar.

The lira fell to 5.8777 per dollar, the lowest since its flash crash on August 26.

The November contract is nearly fully pricing in a 0.25 percentage point cut on October 30. China has counterpunched by taxing $120 billion in US exports, notably soybeans and other farm goods.

Chipmaker Intel rose 1.1% in the first few minutes of trading Wednesday and Thermo Fisher added 2%.

The November crude contract was down four cents at US$52.59 per barrel and the November natural gas contract was down 5.4 cents at US$2.23 per mmBTU.

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