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From: Ahmed Shawky
DirectBEIJING: The appeasement of fears of a monetary war between China and the United States dominated the global market scene on Tuesday at the end of the transactions.
In a move that eased global market fears of a fall in the yuan, the People's Bank of China set the yuan's benchmark rate at 6.9683 yuan to the dollar, a rate higher than the 6-fold forecast, 9736 yuan.
This decision contributed to the relative stability and recovery of global markets after yesterday's net losses, as the US dollar fell from its lowest level in two weeks.
US stocks also rallied sharply, with the Dow Jones index gaining more than 310 points at closing.
European stocks fell at the end of the session due to trade tensions, but less than yesterday's session, while Japanese stocks fell to the lowest level in seven months.
In the same vein, the United States has described China as a "currency manipulator", to answer Beijing that this decision would destroy the global financial system.
Oil losses and gold gains
The price of gold rose for the third consecutive session, as trade tensions increased and hopes of rate cuts raised the metal to over US $ 7, its highest level in six months. years.
On the contrary, oil prices continued their losses, with crude oil falling by about 2% in the face of concerns about the impact of the trade war on demand.
Declarations and economic data
US President Donald Trump said that the US economy was in a strong position and was bringing back a lot of money from China.
Trump's economic adviser said the US president was flexible with regard to the application of tariffs to China according to the negotiations.
As the trade war unfolded, the former US Treasury Secretary warned that markets could experience the worst financial moment since the 2009 financial crisis.
According to current economic data, the number of jobs available in the United States declined in June, while orders to German factories grew at the fastest pace in two years.
Walt Disney's business turnover reached a new record in the third quarter but did not live up to badysts' estimates.
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