Global equity markets, especially in Asia and Europe, will\nopen upward on Monday after China and the United States are close to finalizing\na deal.<\/p>\n\n\n\n
The performance of US stock markets improved after the\nannouncement of the US and China approaching the first phase of the trade deal.\nBut most markets in Asia and Europe were closed before the announcement. The\nS&P 500 closed at its second highest in history on Friday, while the Dow Jones\nIndustrial Average closed less than 1.5 per cent after the corporate financial\nresults.<\/p>\n\n\n\n
The S&P 500 rose 0.4 percent to 3,022 while the Dow\nJones gained 0.6 percent to 26,958 points last Friday. The Nasdaq jumped 0.7\nper cent to 8,243 points. The FTSE 100 fell 0.1 per cent to 7,324. While\nFrankfurt, Paris, Euro Stoxx, Tokyo and Shanghai gained, Hong Kong and London\nindices fell at the end of Friday’s sessions.<\/p>\n\n\n\n
Although markets were supported by trade deal news, markets\nacross Asia and Europe are expected to open higher on Monday and are likely to\ntrade positively in the coming days on the back of the Fed rate cuts and more\nclarity on the Brexit issue, both from the European Union as well as positive\ncorporate financial results.<\/p>\n\n\n\n
Timothy Fox, head of research and chief economist at First\nDubai Bank, said some stings appeared to emerge from US-China trade talks.<\/p>\n\n\n\n
“Both sides certainly seem keen to play up the progress\nbeing made, probably for domestic political reasons in the US case as Trump\nfaces impeachment proceedings and following a number of foreign policy\nblunders. China for its part has to contend with a sharply slowing economy with\nreal GDP growth in third quarter posting just 6 per cent, the weakest expansion\nin some thirty years. Thus it is probably in both parties’ interests to\naccentuate the positive for the time being, which should also help market\nsentiment to remain relatively favourable, ” he said.<\/p>\n\n\n\n
The United States and China have imposed billions of tariffs\non each other’s goods, hurting their respective financial markets and causing\nconcern that the conflict will force the global economy to shrink.<\/p>\n\n\n\n
Regarding the earnings reports already received, analysts\nexpect the S&P 500 quarterly profit to fall from July to September by 3.7\nper cent from last year. This is slightly better than the 4 per cent decline\nthat analysts had initially expected.<\/p>\n\n\n\n
On the issue of Brexit, London is awaiting the EU’s decision\nto delay the Brexit. But Britain’s culture minister, Nick Morgan, warned\nlawmakers on Sunday that October 31 was still the default date for Britain’s\nexit, calling on parliament to back Prime Minister Boris Johnson’s attempt to\nhold elections on December 12.<\/p>\n\n\n\n
Gulf stock markets fell on Sunday, after a series of\ndisappointing results in Saudi Arabia, while Egypt markets rose with the\nrecovery of real estate stocks.<\/p>\n\n\n\n
In Dubai, the index closed 0.1 per cent supported by real\nestate stocks. Emaar Properties, the largest listed developer in the emirate,\nadded 0.2 per cent. Abu Dhabi’s main index fell 0.3 per cent, winning a series\nof four-day victories with First Abu Dhabi Bank and Abu Dhabi Islamic Bank by\n0.8 per cent.<\/p>\n\n\n\n
In Saudi Arabia, the benchmark index fell 0.3 percent, a\nthree-day victory, as Saudi Basic Industries (SABIC) fell 1.2 percent after a 86\npercent drop in third-quarter net profit.<\/p>\n","protected":false},"excerpt":{"rendered":"
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