Publisher: Bloomberg
Author: Matthew Burgess
(Bloomberg) — U.S. stock-index futures rallied on Sunday amid optimism around trade talks between two of the world’s largest economies.
March contracts on the S&P 500 Index rose 0.6 percent as of 12:16 p.m. in Hong Kong after U.S. President Donald Trump said in a tweet that U.S.-China negotiations were “moving along very well” toward a comprehensive deal. Futures on the Nasdaq 100 Index climbed 0.9 percent, while those on the Dow Jones Industrial Average gained 0.8 percent.
Trump reported “big progress” in trade talks with his Chinese counterpart, providing an optimistic start to what could be a make-or-break year for ties between the world’s two largest economies. Chinese state media said Xi Jinping believed both sides wanted “stable progress.” The two presidents spoke at length by telephone Saturday, with each expressing satisfaction with trade talks initiated after their meeting earlier this month in Argentina.
“Market seems to take quite well to the Trump tweets that we got over the weekend,” said Kyle Rodda, a market analyst at IG Group Holdings Plc. Still, the move is likely exaggerated given given low holiday trading volumes “but it’s certainly indicative of the overall sentiment with one day to go in the year,” he said.
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