Markets Right Now: Stocks notch their first gain of the week

Andrew Cummings
October 10, 2019

"If we can make a deal, we're going to make a deal, there's a really good chance", said Trump.

But the lower-level talks failed to make progress on key issues, with the Chinese delegation refusing to broach the hot-button issue of forced technology transfers, unnamed sources told the South China Morning Post (SCMP).

Another report, from Bloomberg, that the White House is looking at rolling out a previously agreed currency pact with China, also raised hopes of a partial deal and helped to lift risk assets.

"I think there might be big breakthrough in the coming trade talks as both sides have expressed good gestures and positive signals", said Huo Jianguo, a former Chinese commerce ministry official who is now vice-chairman of the China Society For World Trade Organization Studies. Chinese Vice Premier Liu He and U.S. Trade Representative Robert Lighthizer will meet on Thursday, followed by a potential meeting with Trump on Friday.

U.S. Democratic presidential contender Joe Biden called for the impeachment of Trump for the first time in a deepening partisan fight over a congressional investigation of the Republican president.

The yen last stood nearly flat at 107.56 while the Swiss franc traded at 0.9946 franc per U.S. dollar, about 0.1% higher than late United States levels.

The Swiss franc also gained as much as 0.4% to 0.9923 franc per dollar.

The Chinese yuan dropped 0.4 per cent in offshore trade to 7.1685 per dollar, touching its lowest level in five weeks. The euro firmed slightly to US$1.0986.

The lira fell to 5.8777 per United States dollar, the lowest since its flash crash on Aug 26. Microsoft rose 1.8% and Apple added 1.1%.

FED WATCH: Investors are anticipating the release later Wednesday of minutes from the Federal Reserve's September meeting, when it cut interest rates for the second time this year. The Nasdaq picked up 79.96 points, or 1 percent, to 7,903.74.

The December gold contract was up US$8.90 at US$1,512.80 an ounce and the December copper contract was unchanged at US$2.57 a pound. China has counterpunched by taxing $120 billion in USA exports, notably soybeans and other farm goods. Brent crude futures fell 0.55% to $58.00 a barrel while US West Texas Intermediate (WTI) crude lost 0.48% to $52.34 per barrel.

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