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U.S. markets get fresh new boost
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Loading...U.S. stock index futures jumped Wednesday morning after Treasury Secretary Steven Mnuchin told that the U.S. and China were close to reaching a trade deal.
“We were about 90% of the way there (with a deal) and I think there’s a path to complete this,” he told.
He said he’s confident President Donald Trump and Chinese President Xi Jinping can make progress in stalled trade talks at the forthcoming Group of 20 (G-20) meeting this weekend. “The message we want to hear is that they want to come back to the table and continue because I think there is a good outcome for their economy and the U.S. economy to get balanced trade and to continue to build on this relationship.”
Trade tensions between the world’s largest economies intensified last month after the U.S. hiked tariffs on billions of dollars worth of Chinese imports. China retaliated with tariffs of its own.
Wall Street saw its worst day of June on Tuesday on the back of comments from Federal Reserve officials. Fed Chair Jerome Powell Tuesday said the central bank is assessing whether the U.S. economy is calling for lower rates. However, Powell also said that the Fed will take a wait-and-see approach given how rapid recent economic changes have been.
In corporate news, Micron shares shot up 8% in the premarket after the chipmaker said it could “lawfully resume ” shipments to Chinese telecom giant Huawei. The stock also got a boost from better-than-expected quarterly results.
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