Vildana Hajric and Brendan Walsh, Bloomberg News 8/8/2019
Equities rallied after China’s stronger-than-expected daily fixing of its currency eased fears about a worsening trade conflict.
The S&P 500 Index posted its biggest advance in two months, building on gains in Europe and Asia and erasing its loss for the week. A surge in technology companies pushed the Nasdaq Composite up more than 2 per cent. Treasury yields edged lower and the dollar weakened. Oil climbed.
Thursday’s move by the People’s Bank of China was seen as an effort to stabilize its currency and went some way toward easing market concern that peaked Monday, when a weak reference rate spurred concern that the trade war was heating up. Despite evidence of some renewed risk appetite, stocks are still well off the record highs reached last month and traders remain jumpyabout the potential for escalation in the conflict.
More:
https://www.bnnbloomberg.ca/global-stocks-climb-as-china-currency-fix-eases-trade-fears-1.1298684
