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Wall Street set for strong open on Trump's trade comments

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U.S. stock futures jumped 0.9 percent on Wednesday, joining a global equities rally, as President Donald Trump’s encouraging comments fueled optimism over trade negotiations between the United States and China.

Axar.az reports citing Reuters.

Trump, in an interview with Reuters, said trade talks with Beijing were taking place by phone and he would not hike tariffs on Chinese imports until he was sure about a deal.

He also said he would intervene in the Justice Department’s case against a top executive at China’s Huawei Technologies [HWT.UL] if it would help secure a trade deal.

The comments set S&P 500 equity futures on course for their biggest one-day percentage jump since Dec. 3. The gains come a day after another volatile session ended with Wall Street finishing slightly lower following Trump’s threat to shut down the U.S. government and political uncertainty in Britain.

“There maybe some near-term optimism because of the trade headlines but we’ll see where it goes,” said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

“We have seen a lot of intraday movement lately and we might see the same today and that’s a sign the market is looking at what the appropriate level should be.”

Date
2018.12.12 / 18:16
Author
Axar.az
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