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US stocks made up some of Wednesday’s lost ground and closed higher on Thursday as strong earnings from Walmart Inc and positive US retail data lifted markets. The Dow Jones Industrial gained 99.97 points, or 0.39 percent, to 25,579.39, while the S&P 500 index edged up 7.00 points, or 0.25 percent to 2,847.60. The Nasdaq Composite however slipped 7.32 points, or 0.09 percent, to end the session at 7,766.62.
European markets meanwhile ended lower after choppy trading as China’s warning of retaliation to US trade tariffs heightened fears of an escalated trade war’s impact on global growth. The pan-European STOXX 600 closed down 0.3 percent after having recovered from the session’s low of 1 percent with the UK’s FTSE 100 also closing 1 percent lower.
Maltese markets were closed on Thursday for the Santa Maria holiday.
Trump optimistic for trade deal, China still counters tariffs
U.S. President Donald Trump said on Thursday that U.S. and Chinese negotiators were holding “productive” trade talks and expected them to meet in September despite U.S. tariffs on over $125 billion worth of Chinese imports taking effect Sept 1. He said U.S. and Chinese officials had “a very good conversation” earlier this week, before his administration delayed until Dec. 15 tariffs on over $150 billion in Chinese imports, including toys, cell phones, and laptop and tablet computers.
However, the Chinese finance ministry said in a statement that Washington’s tariffs violated a consensus reached between Trump and Chinese President Xi Jinping at a June summit in Japan to resolve their disputes via negotiation. China on Thursday vowed to counter the latest U.S. tariffs on $300 billion of Chinese goods but called on the United States to meet it halfway on a potential trade deal.
In a separate statement, China’s foreign ministry spokeswoman, Hua Chunying, said, “We hope the U.S. will meet China halfway, and implement the consensus of the two heads of the two countries in Osaka.”
This article was issued by Peter Petrov, Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.
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