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US stock futures rise as China vows to implement trade truce

Dec 05 2018 09:27
Abhishek Vishnoi, Bloomberg

US stock-index futures rose in Asia on Wednesday after China said the trade meeting with the US was “very successful” and it is “confident” of implementing the results agreed upon at the talks.

December contracts on the S&P 500 Index rose as much as 0.5% as of 06:35 in London. Futures on the Nasdaq 100 Index and Dow Jones Industrial Average gained a maximum of 0.6 percent and 0.4%, respectively.

Futures regained their footing in the wake of the underlying market’s biggest rout in almost two months on Tuesday. All three major indexes in the US closed down more than 3%, as a lack of meaningful progress on trade relations between the US and China damped investor sentiment while an inverted yield curve sparked concerns of a recession.

China’s positive remarks on Wednesday of a trade agreement helped calm investors’ nerves, said Kay Van-Petersen, global macro strategist at Saxo Capital Markets Pte. The gains, however, may not last for long as both “China and the US seem confused about the trade agreement,” he added.

US financial markets will be closed on Wednesday for a national day of mourning to honor former President George H.W. Bush, while futures will trade until 08:30 Central Time, CME Group said in a release on Sunday.

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equities  |  markets  |  currencies
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