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World stocks rise amid U.S.-China trade hopes; dollar slips

Reuters  |  NEW YORK 

By Lewis Krauskopf

NEW YORK (Reuters) - A gauge of stocks around the world rose to its highest point in about two months on Monday amid hopes for improving trade relations between the and China, while the U.S. dollar weakened for a fourth straight session against a basket of currencies.

U.S. pledged on Sunday to help Corp "get back into business, fast" after a U.S. ban crippled the Chinese company, offering a job-saving concession to ahead of high-stakes trade talks this week.

MSCI's index of stocks across the globe gained 0.22 percent, hitting a roughly two-month high during the session.

Growing trade tensions have worried investors, with concerns about a global trade war feeding into increased volatility in the in recent months.

"At least today, investors are looking at that as a sign that meaningful negotiations are going forward between the U.S. and on trade," Bucky Hellwig, senior vice at in Birmingham, Alabama, said of the announcement.

Wall Street's main indexes edged higher in afternoon trading, pulling back from stronger gains earlier in the session.

The rose 85.61 points, or 0.34 percent, to 24,916.78, the gained 4.08 points, or 0.15 percent, to 2,731.8 and the added 17.99 points, or 0.24 percent, to 7,420.87.

Shares of optical components makers and rallied following the

In Asia, Shanghai's SSE Composite index rose 0.3 percent, Hong Kong's Hang Seng index climbed 1.4 percent, and Japan's Nikkei rose 0.5 percent.

Investors also pointed to improving sentiment about geopolitical tensions involving U.S. said on Sunday that would agree to lift sanctions on if the country agrees to dismantle its nuclear weapons program, a move that would create economic prosperity that "will rival" that of

The pan-European index lost 0.04 percent.

The dollar fell as investors questioned whether a rally that last week sent the greenback to more than four-month highs had run out of steam.

The dollar index fell 0.09 percent, with the euro up 0.17 percent to $1.1962.

"The momentum behind the dollar move is starting to stall a little bit," said Mark McCormick, North American at in

Yields on key U.S. and European bonds rose after a policymaker said the ECB could give fresh guidance on the timing it its first rate hike as the end of its purchases approaches.

Benchmark 10-year Treasury notes last fell 4/32 in price to yield 2.986 percent, from 2.971 percent late on Friday, Benchmark German 10-year yields climbed to a 2-1/2-week high.

rose as OPEC reported that the global has been virtually eliminated, while U.S. crude's discount to global benchmark Brent widened to its deepest in nearly five months.

U.S. crude rose 0.34 percent to $70.94 per barrel and Brent was last at $78.16, up 1.35 percent on the day.

(Additional reporting by in New York, Sruthi Shankar in Bengaluru, Kit Rees in London; Editing by and Cynthia Osterman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 14 2018. 23:21 IST
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