Global equity and dollar markets rose as the U.S. on Tuesday. President Donald Trump reiterated that the United States is close to signing a trade agreement with China, but no new details have been offered.
Wall Street stocks set fresh record highs before the highly anticipated remarks Trump made to New York's Economic Club, but slowly painted some gains after the speech, which did not contain any major policy announcements.
In a campaign-style speech, Trump praised the economic record of his administration but did not announce a venue or date for signing a trade agreement with Chinese President Xi Jinping as market speculation suggested he might have.
Rising technology shares helped to hit record highs on Wall Street, while European shares bounced back to four-year highs. MSCI's global equity performance gage. MIWD00000PUS climbed to a record peak set in January 2018 within 1%.
Trade-sensitive chipmakers helped to push Europe's STOXX 600.STOXX up by 0.38% as the Philadelphia semiconductor index. SOX rose by nearly 1%, but then pared gains to close by 0.28%.
Greg Anderson, BMO Capital Markets ' global head of foreign exchange strategy, said Trump's speech had no disclosures.
"The only thing that's perhaps new is that he didn't announce a date and time for a signing ceremony. Where markets had hoped for that, those hopes were thrown away," Anderson said.
Markets have focused on a U.S.-China trade deal, but recent improvements in economic data have also brought upside down, said Candice Bangsund, a global asset allocation strategist at Montreal's Fiera Capital.
"There has been so much pessimism about the state of the global economy that this year's equity gains in terms of earnings or fundamentals matter very little," Bangsund said.
"We expect the fundamentals to prevail in the future. That's going to drive the next leg." MSCI's stock gage across the globe. MIWD00000PUS gained 0.17%. In Europe, the index of leading regional shares FTSEurofirst 3000.FTEU3 closed down 0.42%.
The Nasdaq set a new high closing while intraday records hit the benchmark S&P 500 and Dow Jones industrials.
The. DXY dollar index rose 0.14%, with the EUR= 0.23% down to $1,1007. The Japanese yen JPM= increased at 109.00 per dollar by 0.07% compared to the greenback.
In more than three months, Gold slipped to its lowest level with an increased appetite for riskier assets.
GCcv1 U.S. gold futures settled down at $1,453.70 per ounce by 0.2%.
Oil prices fell by about 1% after paring gains.
The U.S. crude CLc1 settled at $56.80 a barrel for 6 cents, while the Brent crude LCOc1 futures settled at $62.06 for 12 cents.
Tags : Donald Trump, U.S., China, European,