Stocks Edge Higher After Mexico Deal; Dollar Slips: Markets Wrap

European stocks climbed, U.S. futures drifted higher and Asian shares advanced as investors digested conflicting developments on global trade.

Carmakers and miners were the biggest winners in the Stoxx Europe 600 Index, while the S&P 500 looked set to hover near its record high after the U.S. and Mexico moved closer to a deal on trade. Stocks in Japan extended a recent increase while those in China underperformed. The yuan climbed after the Chinese central bank strengthened the daily fixing against the greenback by the most in more than 14 months, even as President Donald Trump said it’s not the right time for trade negotiations with China.

The Mexican held onto Monday’s gains as investors clamored for details and clarity on where it leaves Canada. U.K. equities rose in a catch-up rally as traders returned from a holiday, while the pound steadied as Prime Minister Theresa May said a no-deal break with Europe wouldn’t be the end of the world. The Bloomberg Dollar Spot Index handed back earlier gains. Italian stocks fell as measures of sentiment in the country disappointed. Treasuries and German bunds were steady.

Optimism around the U.S.-Mexico deal is helping shift the news agenda in markets in the wake of Trump’s legal woes last week, while the Federal Reserve’s outlook has also boosted sentiment. Gains for risk assets remain fragile, however, as hopes for a similar trade breakthrough between American and China fade and a host of threats remain, from U.S. relations with Russia and North Korea, to Chinese growth prospects.

“On a broad sense, if markets were worried about trade tensions and trade talks escalating into full-blown wars at least this is one sign that there is a cooling off period and that some parts of the global trade space will still be connected and as free markets would hope,” Nandini Ramakrishnan, global market strategist at JPMorgan Asset Management said. “Another good example: European discussions this summer came down to a very conciliatory, almost non-issue.”

Elsewhere, Turkey’s lira fell and WTI crude oil crept above $69 a barrel. Bitcoin climbed for the fourth successive weekday, breaking above its 50-day moving average.



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