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General News Details

World Stocks Mostly Higher Tuesday

World Stocks Mostly Higher Tuesday     12/11 05:54

   World markets were mostly higher on Tuesday after the U.S. and China 
broached plans for talks to soothe a festering trade dispute.

   SINGAPORE (AP) -- World markets were mostly higher on Tuesday after the U.S. 
and China broached plans for talks to soothe a festering trade dispute.

   KEEPING SCORE: In Europe, Germany's DAX gained 0.7 percent to 10,696.51 and 
France's CAC 40 added 0.7 percent to 4,775.32. Britain's FTSE 100 was up 0.3 
percent at 6,743.91. Wall Street was set to open lower. Dow futures fell 0.3 
percent to 24,410.00 and the broader S&P 500 futures lost 0.4 percent to 
2,633.10.

   ASIA'S DAY: Softer economic data from Japan and China weighed on some Asian 
indexes on Tuesday. Japan's benchmark Nikkei 225 lost 0.3 percent to 21,148.02 
and South Korea's Kospi dropped less than 0.1 percent to 2,052.97. But Hong 
Kong's Hang Seng edged 0.1 percent higher to 25,771.67. The Shanghai Composite 
rose 0.4 percent to 2,594.09. Australia's S&P/ASX 200 added 0.4 percent to 
5,575.90. Shares rose in Taiwan but fell in Singapore, Indonesia and Thailand.

   U.S.-CHINA RELATIONS: U.S. Treasury Secretary Steven Mnuchin and Chinese 
Vice Premier Liu He have spoken by phone about "the promotion of the next 
economic and trade consultations," a statement by China's Commerce Ministry 
said Tuesday. It did not elaborate. This indicates that the detention of Meng 
Wanzhou, the chief financial officer of Chinese telecommunications giant 
Huawei, in Canada may not derail trade talks. Meng is wanted in the U.S. for 
allegedly misleading banks about the company's business dealings in Iran. China 
has protested her arrest and a bail hearing for Meng is underway in Vancouver, 
British Columbia. Still, traders fear a 90-day tariffs cease-fire may not be 
enough for the countries to resolve deep-seated issues.

   ANALYST'S TAKE: "While traders have responded positively to comments from 
China providing a semi-road map going forward, they are waiting for something 
concrete. Markets want to see a definite timeline against a backdrop of global 
risks," Stephen Innes of OANDA said in a phone interview.

   BREXIT HURDLE: British Prime Minister Theresa May has postponed a 
parliamentary vote on a Brexit deal that she was widely expected to lose. The 
deal, brokered between May and 27 other European leaders, has been criticized 
by Brexit supporters and opponents alike. May acknowledged Monday that deal 
would likely be rejected "by a significant margin" and said she will seek 
assurances from the European Union before calling for another vote. A date has 
not been set.

   IPHONE BAN IN CHINA: On Monday, U.S. chipmaker Qualcomm said it won an order 
in a Chinese court banning sales of some Apple phones in China. This is part of 
a lengthy dispute over two Qualcomm patents allowing users to format photos and 
manage phone apps using a touch screen. Although Qualcomm said the ban applies 
to models of the iPhone 6S through X, Apple said all iPhones will remain 
available for customers in China. Qualcomm shares jumped 2.2 percent to $57.24 
on the news.

   ENERGY: Oil prices were steady after a sharp decline overnight that erased 
gains from news of a production cut by OPEC countries and other major oil 
producers. U.S. benchmark crude lost 5 cents to $50.95 a barrel in electronic 
trading on the New York Mercantile Exchange. It gave up 3.1 percent to $51.00 a 
barrel in New York on Monday. Brent crude, used to price international oils, 
shed 6 cents to $59.91. The contract dropped 2.8 percent to $59.97 a barrel in 
London.

   CURRENCIES: The dollar weakened to 113.08 yen from 113.34 yen. The euro rose 
to $1.1384 from $1.1355. The British pound strengthened to $1.2625 from 
$1.2567. It fell to a 20-month low of $1.2515 on Monday. 


(BE)

Market Commentary

Good evening, Jan beans finished down 7 cents, March corn down 1.5, and March wheat down 6 cents. US Trade Representative Robert Lighthizer went on cable news over the weekend making clear that March 1st was a “hard deadline” for the US – China trade talks. Concerns over the timeline and the ability to get something done before then were weighing on markets today. Market direction is going to follow the outcomes of these talks. The arrest of Meng Wanzhou (CFO of Huawei) is still weighing on the talks. China is protesting the arrest to the US ambassador in China saying it will take an unspecified “further action”. Anything threatening a trade resolution is weighing on ag market. The news regarding the Wanzhou bail hearing are likely going to add to the weakness we saw today. Market is still chasing headlines.
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