BANGKOK (AP) — European shares advanced on Monday while Asian shares retreated following a rout Friday on Wall Street. Oil prices gained more than $1 a barrel.
European shares advanced on Monday while Asian shares retreated following a rout Friday on Wall Street.
Oil prices gained more than $1 a barrel.
On Monday, Beijing urged U.S. President Donald Trump to withdraw a threat he made Friday to crank tariffs on Chinese-made goods higher after China placed stricter restrictions on exports of rare earths, which are materials critical for manufacturing everything from consumer electronics to jet engines.
The potential for more friction between the world’s two biggest economies rattled markets, giving U.S. shares their worst day since April. But over the weekend, Trump adopted a more conciliatory stance, easing investors’ jitters.
While Trump did not withdraw his threat, he struck a more moderate tone, saying in a Truth Social post Sunday, “The U.S.A. wants to help China, not hurt it!!!”
Germany’s DAX gained 0.5% to 24,367.45, while the CAC 40 in Paris also rose 0.5%, to 7,957.52. Britain’s FTSE 100 edged up less than 0.1% to 9,431.44.
The future for the S&P 500 jumped 1.4% while that for the Dow Jones Industrial Average gained 1%.
“Markets woke up Monday to the smell of détente — that familiar scent of risk-on optimism that only comes after a weekend of mutual saber-rattling followed by a wink and a handshake from Washington,” Stephen Innes of SPI Asset Management said in a commentary.
