Home Breaking Sterling, global stocks jump after Xi remarks on opening up

Sterling, global stocks jump after Xi remarks on opening up

by LLB Reporter
10th Apr 18 2:21 pm

Sterling up 0.3 per cent against the dollar to US$1.418

Chinese President Xi Jinping eased worries by talking about further opening the Chinese economy for foreign investors amid the escalating US-China trade row. Following his remarks, Sterling was up 0.3 per cent against the dollar to US$1.418, while the FTSE 100 is up 34 points at 7229.

The FTSE 250 also gained 104 points at 19,588.

Financial markets reacted positively after Xi vowed to open China’s economy further, protect intellectual property of foreign firms and he criticised a “Cold War mentality” as obsolete, in his first public comments since the trade dispute with US President Donald Trump’s administration erupted.

Meanwhile, global markets also showed a rising trend with the Frankfurt Dax climbing 1 per cent this morning and Germany’s DAX rising 0.8 per cent.

France’s CAC 40 was up 0.51 per cent while the Nikkei 225 tacked on 0.54 per cent to 21,794.32. The US S&P 500 E-mini futures also gained 1.15 per cent.

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