Asian stocks posted modest gains after US and Chinese officials struck an optimistic tone at the end of two days of talks aimed at defusing trade tensions. Shares in mainland China stood out. A regional stock gauge edged up 0.3%. Hong Kong’s 1% advance and mainland China’s 0.9% move were the biggest gains in the region. US equity-index futures dipped 0.3% as investors searched for details from the talks in London. Contracts for European equities fell 0.4%. Treasuries steadied ahead of Wednesday’s US inflation reading. A gauge of the dollar strengthened 0.1% and gold rose 0.5%. The US and China de-escalated trade tensions, agreeing to a preliminary deal on how to implement the consensus reached in Geneva, negotiators for both sides said. While the full details of their accord weren’t immediately available, US negotiators said they “absolutely expect” that issues around shipments of rare earth minerals and magnets will be resolved with the framework implementation. Financial markets were closely watching whether the world’s largest economies can find a way to tamp down trade tensions that economists say have tipped the world economy into a downturn, with the US among the hardest hit. Despite the modest moves Wednesday, global stocks are still at a record high, having recovered from their April lows as President Donald Trump suspended his tariffs until July 9. The talks in London came after the US and China accused each other of reneging on a deal reached in May in Geneva, where they tried to start dialing back the trade war. The US and China have agreed to a preliminary deal on how to implement the consensus the two sides reached in Geneva, US Commerce Secretary Howard Lutnick told reporters in London. Ahead of the talks, China granted approval to some applications for the export of rare earths. Boeing Co. also began shipping commercial jets to China for the first time since early April, indicating a reopening of trade flows. The US-China technology competition and associated export controls will remain tension points as trade talks continue to play out over the coming months, Sarah Bianchi, a strategist at Evercore ISI, wrote in a note Tuesday. In other tariff news, a federal appeals court allowed Trump to continue enforcing his global tariffs. Chinese rare earths and magnets shares advance after the US and China agreed on a preliminary plan to ease trade tensions. The market perception is that Beijing played its cards well, leveraging rare earths and possibly securing some concessions, said Charu Chanana, chief investment strategist at Saxo Markets. In contrast, US markets face a broader set of policy risks, including Wednesday’s inflation reading, uncertainty around leadership at the Federal reserve and growing unrest in Los Angeles, she said. A growing chorus of advisers inside and outside the Trump administration are pushing the name of Treasury Secretary Scott Bessent as the next chair of the Fed. Trump said Friday he would name a successor “very soon” to replace Jerome Powell, whose term as Fed chair ends in May 2026. Meanwhile, protests over immigration raids stretched into a fifth night in Los Angeles and led to a curfew in parts of the city’s downtown. On US inflation, forecasters say prices likely picked up in May, reflecting a modest impact from tariff pass-through for goods that are mostly imported. The consumer price index is seen rising 0.3% from April after increasing 0.2% the previous month, excluding the volatile food and energy categories. That may reinforce the Fed’s wait-and-see stance toward further easing as it assesses the impact of tariffs, with traders increasingly betting that the central bank will cut interest rates just once this year. The so-called core CPI, which is regarded as a better indicator of underlying inflation, is seen accelerating for the first time this year — to 2.9% — on an annual basis, based on the median projection. US After Hours GTLB -13.9%, GME -4.6% lower on earnings; PLAY +10.2%, SFIX +8.1% higher on earnings; GM to invest $4 bln; steel stocks weak on Bloomberg report that US, Mexico are nearing deal on steel duties.
Nikkei +0.48% Hang Seng +0.94% CSI +0.77% Shanghai +0.52% Shenzen +0.73%
Eur$ 1.1416 CNH 7.1870 CNY 7.1863 JPY 145.08 GBP 1.3482 CHF 0.8228 RUB 78.3792 TRY 39.1852 WTI$ 64.95 -0.05% Gold 3,340 +0.48% BTC 109,475 -0.46% ETH 2,790 +0.56%
S&P -0.31% Nasdaq -0.36% EuroStoxx -0.24% FTSE -0.16% Dax -0.43% SMI -0.19%
Macro :
- No Changes in Composition of AEX Index, Euronext Says
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