Temporary US-China trade war truce lifts markets
Presidents Trump and Xi met at the G20 summit in Argentina over the weekend, and agreed to refrain from increasing import tariffs for 90 days. Markets in Asia responded positively to the announcement, as the China50 index leaped 3%, the HKG50 index rose more than 2.5% and the JPN225 index climbed more than 1%.
Today’s highlights: Global markets start December strong
- Oil leaps 5%: The US-China agreement also had a positive effect on the oil market, as prices jumped more than 5% this morning. OPEC members are expected to announce a supply cut after their meeting on Thursday, which could further raise oil prices. OPEC faces some turbulence ahead, as Qatar’s Oil Minister today announced that the country will withdraw from the organization in January, 2019.
- Cryptocurrencies back to losses: Despite showing some gains on Saturday, the crypto market was seen lower over the past 24 hours, as all top 10 cryptos registered losses. At the time of writing, Bitcoin was down more than 3%, slipping below ths $4,000 mark, and Bitcoin Cash and Stellar each lost around 5%.
- May faces another hurdle before Brexit vote: The British Parliament will vote on Prime Minister Theresa May’s proposed Brexit deal on December 11th. As the vote draws near, May’s main opposition, the Labour Party, announced that it will seek contempt proceedings against May, if she fails to produce details of legal advice she received regarding the UK’s withdrawal from the EU.
Stocks earnings releases on 04/12/18
Earnings season coming to a a close: The last round of earnings report will be released over the next few weeks towards the end of the year. To follow upcoming earnings reports, go to eToro’s Earnings Reports Calendar. Please note that maximum leverage for CFD stocks will be limited to X5 one day ahead of earnings report releases. X10 leverage will be available again soon after the report is published.