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Stocks Rally on U.S.-China Trade Talk Hopes

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10/11/2019 | 06:55am EST

By Will Horner

--U.S. stock futures climb as Trump agrees to meet Chinese officials

--Oil prices jump after an Iranian tanker is damaged in a possible missile attack

--British pound extends gains on Brexit hopes

U.S. stock futures and global equity markets rose Friday amid hopes of progress in U.S.-China trade negotiations, with a meeting scheduled between Chinese officials and President Trump.

Futures linked to the Dow Jones Industrial Average climbed 0.9%, while the pan-continental Stoxx Europe 600 index rose 1.4%. Asian indexes also climbed, with Hong Kong's Hang Seng advancing 2.3% and the Shanghai Composite gaining 0.9%.

Mr. Trump offered an upbeat assessment of the talks and said he would meet with China Vice Premier Liu He on Friday. Markets are hoping that Beijing's emissaries are ready to offer compromises aimed at getting Mr. Trump to hold off on tariff increases set to take effect next week and in December.

Traders are cheered that talks have continued into a second day, said David Madden, an analyst at CMC Markets U.K.

"Actions speak louder than words," Mr. Madden said. "At the end of the day, if the two sides were not interested in having some progress, they wouldn't even be meeting today."

Crude oil prices gained after an Iranian tanker near the Saudi Arabian coast suffered damage Friday in what the ship's owner suggested may have been a missile attack. Brent crude oil, the global benchmark, jumped 1.4% to $59.92 a barrel. The alleged missile strike couldn't be independently verified and Iran's oil ministry later said there was no fire.

The British pound added 0.5% against the dollar, having posted its largest one-day jump since March on Thursday following signs of progress in the Brexit talks between the U.K. and Ireland. British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar unexpectedly said they saw a chance of a Brexit deal.

The yield on the 10-year U.K. gilt continued to climb, rising to 0.619% from 0.462% Wednesday. Shares of British lenders soared, with Royal Bank of Scotland Group up 9.7% in London trading and Lloyds Banking Group 9% higher.

Shares in Publicis Groupe plunged 14% in Paris on Friday after the advertising giant lowered its guidance for the second time in a year. Luxury apparel maker Hugo Boss tumbled 13% after the German company cut its revenue and earnings guidance for the year.

Later Friday, the University of Michigan will release a U.S. consumer sentiment measure that is likely to signal dimming expectations about the economic outlook. Investors will be watching the data to see if consumers are nervous enough to potentially curtail spending in the crucial months ahead.

Stocks mentioned in the article
ChangeLast1st jan.
CHINA-SHANGHAI COMP 0.85% 2933.99 End-of-day quote.17.46%
CMC MARKETS PLC 0.16% 126.2 Delayed Quote.19.77%
DJ INDUSTRIAL -0.28% 27753.92 Delayed Quote.20.19%
EURO / BRITISH POUND (EUR/GBP) -0.02% 0.85644 Delayed Quote.-4.92%
HANG SENG -0.66% 26887.36 Real-time Quote.4.72%
HUGO BOSS -1.87% 40.5 Delayed Quote.-23.46%
LLOYDS BANKING GROUP -0.62% 59.11 Delayed Quote.14.72%
LONDON BRENT OIL 2.57% 62.32 Delayed Quote.16.92%
NASDAQ 100 -0.95% 8270.970434 Delayed Quote.31.37%
NASDAQ COMP. -0.09% 8513.550681 Delayed Quote.28.72%
PUBLICIS GROUPE -1.04% 39.1 Real-time Quote.-21.11%
S&P 500 -0.69% 3102.4 Delayed Quote.24.47%
STOXX EUROPE 600 -0.41% 403.82 Delayed Quote.20.25%
STOXX EUROPE 600 NR -0.42% 870.53 Delayed Quote.23.67%
THE ROYAL BANK OF SCOTLAND GROUP PLC -0.04% 222.6 Delayed Quote.2.77%
WTI 2.93% 56.95 Delayed Quote.25.46%
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