Premarket: Global markets enjoy lively end to otherwise slow week GlobeInvestor
World markets enjoyed a lively end to an otherwise slow week on Friday, with Chinese A-shares leaping after MSCI quadrupled their weight in its global benchmarks and strong U.S. economic data lifting the dollar and bond yields.China’s blue-chip CSI300 index surged 2.2 per cent to land its best week since November 2015 after MSCI’s move. It could potentially draw more than $80 billion of fresh foreign inflows to the world’s second-biggest economy.
There was still grim news for the bears to claw at. Spain’s manufacturing sector contracted for the first time for more than five years in February data from Madrid showed while in eastern Europe Czech manufacturing sentiment fell at its fastest rate in six years. The jump in stocks followed a strong run already this year, with major indexes posting their best month in nearly four years in February, having been helped by expectations for government stimulus and signs of progress in U.S. trade talks.
U.S. President Donald Trump on Thursday fuelled concerns over U.S.-China trade talks, warning that he could walk away from a trade deal with China if it were not good enough.But in subsequent comments Thursday, White House economic adviser Larry Kudlow called progress in the negotiations “fantastic” and said the countries were “heading towards a remarkable, historic deal.”
Dallas Federal Reserve Bank President Robert Kaplan said on Thursday that it will take time to see how much the U.S. economy is slowing, supporting views of the Fed’s rate-hike holiday at least through to June.
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