Shares climbed back to recent highs as upbeat factory activity data from China and major eurozone economies boosted trade-sensitive sectors
Investors have been sticking with the broad view that a further escalation in the trade war between China, the U.S. and other countries can be avoided, even after last week’s decision by Trump to sign legislation backing protesters in Hong Kong, which enraged China.
“What we had in China on the weekend with the two PMIs being above expectation is clearly a good sign in terms of making the global stabilization scenario more credible,” said Francois Savary, chief investment officer at Swiss wealth manager Prime Partners. The surprise election of new leftist leaders to the Social Democrats threatened Germany’s ruling coalition, sparking a jump in German bond yields as markets bet it would ease the path towards fiscal expansion.
The buoyant mood among investors was also evident in the U.S. dollar, which has tended to perform well on hopes for a trade deal., its strongest against the safe-haven Japanese currency since May, before settling at 109.54 after Trump's tariff announcement. “The onus is now on the ISM data to see if there is a rebound, and the odds are on a bit of rebound but not a strong one,” said Sebastien Galy, senior macro strategist at Nordea Asset Management.
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