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Global Stocks Rise With Eyes on Trade

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09/11/2019 | 04:58am EDT

By Anna Isaac

-- Asian, European stocks climb

-- Treasury yields rise

-- Oil bounces higher

Global stocks gained on Wednesday after China on Tuesday exempted certain U.S. products from higher tariffs ahead of trade talks planned for next month.

The Stoxx Europe 600 rose 0.6% in opening trade, with Germany's DAX up 0.8% and France's CAC 40 up 0.5%.

China said higher tariffs wouldn't be levied against a variety of U.S. imports for a year, starting Sept. 17, and that it would continue to review more goods for exemption.

Hong Kong's Hang Seng led gains, climbing 1.6%, while Japan's Nikkei rose 1%. The Shanghai Composite was the exception, with a fall of 0.4%.

Korea's Kospi climbed 0.8% after positive jobs data from the country helped to bolster confidence in its economy, suggesting that government stimulus efforts were proving fruitful.

In Europe, Industria de Diseno Textil SA, the world's largest fashion retailer by sales, saw its share price fall 2.3% after it reported earnings for the first half of the year.

Investors have shown signs in recent days of expecting less stimulus from the European Central Bank when it meets on Thursday.

"Ahead of the ECB meeting investors seemed to take some chips off the table with aggressive expectations being pared back," said Antoine Bouvet, senior rates strategist at ING Bank in a note.

The yield on the benchmark 10-year German bund rose to minus 0.532%. Meanwhile, U.S. 10-year Treasury yields rose to 1.714% on Wednesday, from 1.706% on Tuesday. Bond yields and prices move in opposite directions.

The drivers for rising yields included better news on U.S.-China trade and a reduced likelihood of a no-deal Brexit, according to Oliver Jones, market economist at Capital Economics.

In commodities, oil prices rebounded from losses that came after President Trump ousted John Bolton as his national security adviser. Brent crude, the global benchmark, was up by 0.9% at $62.93 a barrel.

Gold prices slipped 0.1%. Analysts at Commerzbank said the precious metal may see its price rise in the medium term as investors look to insulate themselves depreciations in major currencies.

Write to Anna Isaac at anna.isaac@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
BOUVET ASA 1.01% 299 Delayed Quote.51.53%
CAC 40 -0.03% 5600.2 Real-time Quote.19.55%
CHINA-SHANGHAI COMP -0.02% 3030.75 End-of-day quote.21.33%
COMMERZBANK AG -2.93% 5.701 Delayed Quote.1.49%
CRB COMMODITY INDEX 0.10% 195.01 End-of-day quote.0.00%
DAX -0.15% 12362.8 Delayed Quote.17.25%
EURO / BRITISH POUND (EUR/GBP) 0.35% 0.88875 Delayed Quote.-1.38%
GOLD 0.00% 1498.601 Delayed Quote.17.46%
HANG SENG -1.28% 26744.78 Real-time Quote.4.82%
ING GROEP -1.99% 9.483 Delayed Quote.2.86%
KOSPI COMPOSITE INDEX 0.16% 2061.67 Real-time Quote.0.83%
LONDON BRENT OIL -0.29% 67.98 Delayed Quote.11.63%
NIKKEI 225 0.06% 22001.32 Real-time Quote.9.86%
STOXX EUROPE 600 -0.13% 388.82 Delayed Quote.16.03%
STOXX EUROPE 600 NR -0.13% 836.07 Delayed Quote.19.04%
WTI 0.02% 61.89 Delayed Quote.21.48%
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