A man looks at an electronic stock quotation board showing Japan's Nikkei average outside a brokerage in Tokyo, Japan, November 13, 2018. REUTERS/Toru HanaiLondon — Global stocks rose on Friday on optimism over trade talks between the US and China and were set to post their best quarterly performance since 2012, while global bond yields moved higher after a prolonged slide on growth worries.
US treasury secretary Steven Mnuchin said on Friday he had had a"productive working dinner" the previous night in Beijing, kicking off a day of talks aimed at resolving the bitter trade dispute between the world's two largest economies. Despite recent turbulence, the S&P 500 has gained 12.3% so far this quarter, which would mark its best quarterly performance since 2009 if sustained.
Ten-year bond yields across the single currency bloc were marginally higher in early trade, reflecting the firmer tone in stock markets. Investors have been on heightened alert since the yield on the 10-year note fell below that of the three-month US treasury paper last Friday, an inversion of the yield curve that is widely seen as an indicator of a recession.
The single currency has also been weighed down by speculation the ECB will introduce a tiered deposit rate, providing a sign that policy makers plan to keep interest rates low for longer.The Turkish lira dropped 1.7%, a day after it had plunged 4%. President Recep Tayyip Erdogan blamed the currency's weakness on attacks by the West ahead of nationwide local elections on Sunday.
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