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European stocks close higher following Draghi speech

Author:
Eray Bekir
Market News

Stocks surged on Tuesday as Wall Street increased bets on a U.S.-China trade deal after President Donald Trump said he will be meeting with his Chinese counterpart, Xi Jinping, at the upcoming G-20 summit. Sentiment was also lifted by hope that the Fed will ease monetary policy later this year.

The Dow Jones Industrial Average jumped 353.01 points to 26,465.54 as 3M and Boeing outperformed. The S&P 500 climbed 1% to 2,917.75 while the Nasdaq Composite advanced 1.4% 7,953.88. The S&P 500 also closed 1.2% from its all-time intraday high of 2,954.13, which was reached May 1.

Trump said in a tweet he “had a very good telephone conversation ” with Xi. He added: “We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting.” The summit will start on June 28.

European stocks closed sharply higher on Tuesday, after ECB President Mario Draghi suggested in a speech that the central bank will provide more stimulus — either through new rate cuts or asset purchases — if inflation does not pick up.

Gold prices pared gains on Tuesday after U.S. President Donald Trump confirmed he would meet with Chinese President Xi Jinping at an international summit, fanning hopes that an end to the U.S.-China trade dispute could be nearing.

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.