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Global market captured by US-China deal optimism

Global market captured by US-China deal optimism

Fri, 11/29/2019 - 11:20

At the beginning of the week, US company shares hit a high amid optimism regarding a trade deal with China. After China announced its intention to strengthen the protection of intellectual property rights, the S&P 500 and Nasdaq Composite indices reached a historic maximum. World stocks followed that trend, reaching the highest levels in the last two years.
The US dollar and Chinese yuan reacted positively to the news events as well. The US dollar shot up to a 2-week high against the yen (109.205), though the increase somewhat lessened later to 108.94.

Since the US and China are the largest oil consumers, the prospective conclusion of a trade agreement between them also provoked a slight increase in oil prices; Brent rose above $64. The same optimism led to a logical fall in gold prices, depressing the safe assets market. 
The debut session of Alibaba shares in Hong Kong ended in success with their price increasing by 6.6% within the session. The total worth of shares traded reached $1,78 billion, which makes it the third-biggest debut on the Hong Kong market.
Meanwhile, the news from China, while having a significant impact in the field, had a negative effect on cryptocurrencies. After harsh criticism of digital currencies on the official channel of the Communist Party of China, the price of bitcoin fell below $7,000 which, in turn, led to a decline in altcoin prices. The correction that followed got the price back in the range of $7,000-7,500, and it is still at this level.


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