World stocks edge up US-China trade tariffs kick in

Published: July 07, 2018 12:53:07 | Updated: July 10, 2018 15:19:48

Global stock markets rose and the euro climbed to a three-week peak on Friday as the threat of tariffs by the US and China became a reality.

MSCI’s measure of world equities markets rose nearly 0.8 per cent to the highest level since June 22 while Asian stocks climbed nearly half a percent, led by a rebound in Chinese shares.

Stocks edged higher in Europe, with the pan-European FTSEurofirst 300 index closing 0.2 per cent higher, reports Reuters.

US equities marched higher after monthly jobs data showing a 213,000 gain in non-farm payrolls in June and stable wage growth.

The Dow Jones Industrial Average rose 99.74 points, or 0.41 per cent, to 24,456.48, the S&P 500 gained 23.21 points, or 0.85 per cent, to 2,759.82 and the Nasdaq Composite added 101.96 points, or 1.34 per cent, to 7,688.39, reports Reuters.

Benchmark indexes had opened in negative territory and gradually rose in morning trade.

Benchmark 10-year notes last rose 4/32 in price to yield 2.8254 percent, from 2.84 per cent late on Thursday.

US President Donald Trump has warned that the United States may ultimately target over $500 billion worth of Chinese goods, an amount that roughly matches its total imports from China last year.

Copper, seen as a barometer of the world’s economic strength because of its wide industrial use, fell to near a one-year low, at $6,221.50 per tonne, before recouping some losses.

US crude rose 1.22 per cent to $73.83 per barrel and Brent was last at $77.07, down 0.41 per cent on the day.

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