China Will Lift Some Tariffs On Additional U.S. Pork & Soybeans

Clay Curtis
December 10, 2019

European shares are expected to give up some of the gains made on Friday after the US payrolls data, with pan-European Euro Stoxx 50 futures down 0.14%, German DAX futures slipping 0.04% and FTSE futures losing 0.35%. It had lifted to 108.92 yen on the U.S.jobs data before losing momentum.

Still, investors think things could change if trade tensions escalate further, especially if Trump goes ahead with the planned tariffs on some $156 billion worth of products from China in mid-December.

On Friday, White House economic adviser Larry Kudlow said the 15 December deadline - to impose a new round of tariffs on some $156bn of Chinese exports - remained in place.

The rise in Chinese imports marks the 1st year-on-year growth since April.

The 17-month long trade war has heightened the risks of a global recession and fuelled speculation that Beijing will unleash more stimulus measures to prop up slowing growth in the world's second-largest economy.

Top White House economic adviser Larry Kudlow said on Friday that a Dec 15 deadline is still in place to impose a new round of U.S. tariffs on Chinese consumer goods, but President Donald Trump likes where trade talks with China are going.

A fast-approaching deadline for the next wave of USA tariffs on Chinese goods meant some caution in global markets, benefiting the greenback against currencies sensitive to the trade war such as the Australian and New Zealand dollars.

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"It's still early in the quarter, but these data suggest an increase in the drag from net exports on GDP, at -0.2 percentage points in the fourth quarter, compared with 0.1 percentage points in the third".

Friday's jobs numbers were viewed as positive for the greenback, bolstering expectations that the Fed would this week continue to signal a pause in its rate-cutting cycle.

About 6.2 billion shares changed hands in USA exchanges, below the 6.6 billion-share daily average over the last 20 sessions.

Against the euro, the pound hit a 2-1/2-year high of 84.10 pence per euro.

The S&P index recorded 23 new 52-week highs and one new low, while the Nasdaq recorded 80 new highs and 44 new lows.

On currency markets the pound was holding gains with just days ahead of the United Kingdom general election, which is expected to see Prime Minister Boris Johnson's Conservatives win a big enough majority to push through his Brexit deal.

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