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Global stocks climb as China's currency fix eases trade fears



Stocks fell again after China's stronger-than-expected daily fixation of its currency eased the fear of a worsening trade conflict.

The S&P 500 index set the course for the biggest two-month advance, led by technology companies, and erased the loss for the week, building on gains in Europe and Asia. Gold dipped after closing above $ 1,500 for the first time since 2013, while interest rates rose and the dollar weakened. Oil climbed.

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Stocks rallied after China's stronger-than-expected daily fixation of its currency eased the fear of a worsening trade conflict.

The S&P 500 index set the course for the largest two-month advance, led by technology companies, erasing the loss for the week and building on gains in Europe and Asia. Gold dipped after closing above $ 1

,500 for the first time since 2013, while interest rates rose and the dollar weakened. Oil climbed.

"For now, as far as volatility, the worst is over," said Rick Bensignor, founder of the Bensignor Group and a former Morgan Stanley strategist, in an interview at Bloomberg's New York headquarters. "China is doing what it can smartly. On their part, I think it's a good tactical move."

Elsewhere, returns on rounds have fluctuated after Reuters reported that Germany was mulling debt sales to finance climate protection plans, a finance ministry spokesman said the dollar extended its decline after President Donald Trump said a strong greenback hurt US producers and urged the Federal Reserve to cut interest rates.

Stoxx Europe 600 rose the most by seven A target of Asia stocks rose as China's Shanghai Composite rebounded from its lowest level since February, the Australian dollar won from its lowest level in a decade, Bitcoin hovering below $ 12,000, a level it failed to close above for a month.

Oil flicked a three-day losing streak after Saudi Arabia contacted other manufacturers to discuss options to stop a route driven by the worsening China's trade conflict.

Here are the key moves in the markets (all sizes and scopes are closing):

Stocks

The S&P 500 index increased 1.7 percent from New York time.
The Stoxx Europe 600 index jumped 1.7 percent, the biggest increase in more than seven weeks.
The MSCI Asia Pacific Index climbed 0.6 percent, the biggest increase in nearly three weeks.
The Shanghai Composite Index jumped 0.9 percent for the biggest increase in more than five weeks.

Currencies

Bloomberg Dollar Spot Index dipped 0.2 percent.
The yuan on land rose 0.2 percent to $ 7,045 per dollar.
The euro gained 0.1 percent to $ 1.1208.
The Australian dollar jumped 0.8 percent to $ 0.6812 for the biggest three-week increase.
The Japanese yen climbed 0.2 percent to $ 106.05 per dollar.

Bonds

The return on 10-year government bonds rose five basis points to 1.78 percent.
Germany's 10-year return rose two basis points to -0.56 percent, the first two-week advance.
The UK's 10-year return rose four basis points to 0.52 per cent.

Commodities

Gold fell 0.3 percent to $ 1,496.99 an ounce.
Middle Texas crude oil rose 3.1 percent to $ 52.68.

– With the help of David Ingles, Adam Haigh, Andreea Papuc, Laura Curtis and Andrew Dunn


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