U.S. stocks erased gains after Bloomberg News reported that President Donald Trump instructed aides to proceed with tariffs on about $200 billion more in Chinese products.
Stocks in Europe rose earlier as prospects for U.S.-China trade talks and action by Turkey and Russia to support their currencies helped foster a positive mood. Miners and carmakers led the advance in the Stoxx Europe 600 Index, following a rally in most Asian benchmarks as they extended their rebound from the worst run of losses in 16 years. Oil was poised for a weekly gain as traders keep watch on Hurricane Florence.
Shares in Japan, South Korea and Hong Kong climbed. China’s yuan stayed lower and equities in Shanghai slipped after August economic data showed the economy in a modest slowdown. But overall Asian equities are ending the week on a high after enduring the longest daily losing streak since 2002. Emerging-market stocks gained and many currencies extended a rally, led by the ruble after Russia’s central bank unexpectedly raised its policy rate a day after Turkey.
From cooling U.S. inflation to central-bank meetings in Europe, the U.K. Turkey and Russia, it’s been a busy week for investors. American retail sales figures for August showed households took a breather from spending, though the data was still indicative of a strong job market and more after-tax pay. News that the U.S. and Chinese governments are working out the details for a new round of trade talks helped lift sentiment, though the outcome remains far from certain.
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