Global stock markets were mixed after Wall Street rose amid optimism that U.S.-Chinese trade relations are improving. Frankfurt, Paris and Hong Kong gained in early trading. London and Shanghai were unchanged and Tokyo declined. Investors welcomed U.S. President Donald Trump’s comment that an interim “Phase 1” trade deal was “getting done.” Trump said he and Chinese President Xi Jinping would hold a signing ceremony.
Traders still are waiting to see details of the agreement aimed at helping to settle a 17-month-old tariff war over China’s technology ambitions and trade surplus. Chinese customs data this week showed November soybean imports rose in a possible boost to American farmers. Midwestern farm states were battered by Beijing’s earlier suspension of purchases of U.S. soybeans, the biggest Chinese import from the United States, in response to Trump’s tariff hikes on goods from China.
Despite optimism about U.S.-Chinese trade, traders still are concerned about bigger unresolved disputes. The coming year also has the added complication of the U.S. presidential election.