Global stocks recover but disquiet over trade talks lingers

TOKYO: Global stocks recouped early losses as news reports raised hopes that the United States and China would settle some economic disputes, but investors were kept on edge by an earlier report that trade talks due to begin on Thursday could be cut short.

European stocks are on course to open higher, with pan-European Euro Stoxx 50 futures rising 0.17per cent in Asian trade. Without significant progress, U.S. President Donald Trump is set to hike the tariff rate on US$250 billion worth of Chinese goods to 30per cent from 25per cent next Tuesday. "Mr. Trump's recent impeachment risk has turned the timetable against him, Chi Lo, senior economist at BNP Paribas Asset in Hong Kong, wrote in a report to clients.

"The yuan rose on expectations of a currency pact. If there will be such an agreement, the yuan could rise to 6.9 to the dollar. But the trouble is, no one knows what's in that pact that they had reportedly agreed in February," said Ei Kaku, currency strategist at Nomura Securities.The safe haven yen and Swiss franc gave up most of their early gains.

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