BNN Bloomberg’s mid-morning market update: Dec. 3, 2018 Markets Give U.S. Most to Gain in China Trade Truce, UBS’s Donova… Stocks jumped on Monday after the U.S. and China declared a truce in their trade war, while Treasuries and the dollar fell. Oil surged on optimism producers will cut output. The Dow, Nasdaq and S&P all opened higher, while European and Asian shares advanced following agreement by the leaders of the two countries to hold off on new tariffs and intensify trade talks. Stocks surged after President Donald Trump said that China will “reduce and remove” tariffs on imported American-made cars. Ten-year Treasury yields rose back above 3 per cent while the euro pared some gains. Oil was jolted higher by efforts across the globe to support prices as Saudi Arabia and Russia extended their pact to manage the market and Canada’s largest producing province ordered unprecedented supply cuts. Optimism was dented slightly after Qatar said it was leaving OPEC, just as the group prepares to meet this week. The truce between Trump and President Xi Jinping at the Group of 20 summit in Argentina has gone some way in calming investor fears over the state of global growth […]
