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A container ship in the port of Qingdao, Shandong Province, eastern China. Photography: AP
Hello and welcome to our slippery coverage of the global economy, financial markets, the eurozone and businesses.
The new optimism that the United States and China could end their trade war is pushing the markets higher this morning.
Asian stocks reached their highest level in seven months today, with gains in Tokyo, Shanghai, Seoul and Hong Kong. Optimism is on the rise and shakes worries about the global economy.
The rally comes as Chinese Vice Premier Liu He travels to Washington with a group of trade negotiators to reach an agreement.
White House economic adviser Larry Kudlow fueled the optimism of a breakthrough, telling the US Chamber of Commerce:
"We expect to make more progress. I can not talk about any details, but it's a broader and broader discussion than anything we've had before in the US-China trade relationship, and there is some optimism.
The exorbitant tariffs imposed by China and America on the products of the other party have recently been attributed to slowing global growth. Investors are desperate for signs of relaxation.
President Trump will also want to announce a victory, as the US economy seems to have cooled for some time.
However, hawks in the US administration will demand significant concessions from Beijing on issues such as the protection of intellectual property. There is therefore no guarantee of breakthrough this week.
Oil also benefits from this morning's wave of optimism, reaching its highest level since early 2019.
Yesterday, global markets reached their highest level in six months. The British FTSE 100 has jumped more than 1%, reaching its highest level since October 2018. European markets are expected to increase even more today.
IGSquawk
(@IGSquawk)European calls for opening:#FTSE 7401 + 0.14%#DAX 11850 + 1.44%#CAC 5461 + 1.02%#MIB 21721 + 0.92%#IBEX 9440 + 1.06%
Also coming today
The latest Purchasing Managers' Survey (PMI) will show the performance of global services companies last month.
The services PMI in the United Kingdom is expected to change from 51.3 to 51.0, indicating weak growth in March.
Europe could do better, with its services as the PMI is expected to stay at 52.7, while America has probably seen a month stronger.
L & # 39; s calendar
- 9am: BST: euro area PMI for March
- 9.30 BST: British PMI services for March
- 15h BST: US services PMI for March
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