Stocks gained from Europe to Asia and U.S. futures rose on fresh hope for a breakthrough in the protectionist showdown between America and China. West Texas oil climbed above $50 and most industrial metals advanced after the Asian nation stepped up measures to spur consumption.
The Stoxx Europe 600 Index increased a second day led by miners and carmakers after Hong Kong stocks set the pace for Asian benchmarks. Futures on the S&P 500, Dow Jones and Nasdaq all extended gains, with U.S. President Donald Trump’s address to the nation on border security doing little to disrupt the risk-on mood. The dollar dipped and Treasuries were steady before the release of minutes from the Federal Reserve’s December meeting that may offer insight into the decision to raise interest rates in the face of plunging equities and pressure from Trump.
Developments in U.S.-China trade relations remain a focal point, with Trump reportedly eager to strike a deal to help revive the flagging stock rally he took credit for. While concerns linger about the impact of protectionist tensions on global growth, it sets up a potential Goldilocks scenario for markets after Fed Chairman Jerome Powell’s apparent dovish shift last week eased fears about tightening financial conditions.
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