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Equity futures rose on Friday and the Dow advanced to an eighth consecutive session of gains, amid further signs of a de-escalation of the US-China trade war.
Here are the main market movements in anticipation of the opening bell of the New York Stock Exchange, starting at 8:37 am ET:
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S & P 500 futures contracts (ES = F): + 0.27%, or 8.25 points
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Dow futures (YM = F): + 0.37%, or 101.00 points
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Nasdaq (NQ = F): + 0.25% or 19.75 points
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10-year Treasury yield (^ TNX): + 3.5 basis points to 1.826%
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Gold (GC = F): + 0.51% to $ 1,515.10 the ounce
<p class = "canvas-atom web-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The Chinese government encourages companies to buy certain amount" of US agricultural products, including pork and soy, and will exempt these products from any additional tariff, & nbsp;China's Xinhua News Agency announced on Friday. This corroborates President Donald Trump's earlier assertion via Twitter on Thursday afternoon that & nbsp;"We expect China to buy large quantities of our agricultural products.""data-reactid =" 19 "> The Chinese government is encouraging companies to buy" a certain amount "of US agricultural products, including pork and soybeans, and exempt them from any other tariff, announced Friday. Chinese news agency Xinhua, which corroborates the Chinese president's view.The earlier statement of Donald Trump via Twitter post on Thursday that "We expect China to buy large quantities of our agricultural products."
Such an initiative would give a little respite to American farmers, who have become one of the biggest victims of the trade war with China. This would also be seen as a major gesture of goodwill, with Trump repeatedly accusing Beijing of failing to honor its promises, including increasing purchases of farm products in the United States. The country had stopped buying in August, apparently in retaliation after Trump announced new tariffs on imports from China.
<p class = "canvas-atom web-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "All this comes after some people responsible for it. Trump administration had been & nbsp;reported on Thursday& nbsp; think of an interim trade agreement with China aimed at defusing tensions in anticipation of a new round of trade talks in October. In his remarks to reporters, Trump said that he & nbsp;"Would consider" a temporary agreementbut would prefer a more permanent agreement. "data-reactid =" 21 "> All this comes after Trump administration officials on Thursday announced an interim trade deal with China aimed at defusing tensions before the resumption of trade talks. Trump said he would "consider" a temporary deal, but would prefer a more permanent deal.
<p class = "canvas-canvas-text canvas Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Throughout the week, the United States and China were exchanging olive branches in order to defuse the trade war, which has took a bite of both& nbsp; country & nbsp;savings. Earlier Trump & nbsp;pushed back the implementation date for additional rates& nbsp; on imports from China until October 15, two weeks later than expected, after China generated a & nbsp;list of 16 US product categories to exempt from new tariffs."data-reactid =" 22 "> Throughout the week, the United States and China exchanged olive branches in an attempt to defuse the trade war, which was right in the economies of both countries Earlier, Mr. Trump had postponed the implementation date of granting additional duties on imports from China as of Oct. 15, two weeks later than previously announced after China generated a list of 16 product categories from the United States to be exempted from the new rights.
Risk assets reacted positively to the situation as US equities are on track for a third consecutive weekly advance, with trade fears easing at least temporarily. The S & P 500 ended Thursday's session close to a record, being less than 1% of its record reached in July.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Meanwhile, bond yields of States in the United States and Europe continued their ascent on Friday while a sale in safe havens began, even after the end of the & nbsp;The European Central Bank (ECB) unveiled a set of new stimulus measures& nbsp; Thursday, including a reduction in the deposit rate of the bank. The ECB also announced that it would re-launch a quantitative easing program to help support the declining economy of the euro area. "Data-reactid =" 24 "> Meanwhile, US government bond yields in the US and Europe continued their ascent on Friday, after a massive sell in the vault. after the European Central Bank (ECB) on Thursday unveiled a set of new stimulus measures, including a reduction in the bank's deposit rate, the ECB also announced that it would restart a program of easing to help revive the troubled economy of the euro area.
Retail sales rose more than expected in August
A large measure of retail sales grew at a faster pace than expected in August, driven by sales by online retailers, building materials dealers and car dealerships.
Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Overall retail sales rose 0.4% in August, the & nbsp;Department of Commerce reported Friday, against 0.2% expected, according to data compiled by Bloomberg. Data-reactid = "27"> Total retail sales rose 0.4% in August, the Commerce Department announced Friday, against an expected gain of 0.2%, according to Bloomberg, data compiled.
Excluding auto and gasoline sales, retail sales rose only 0.1% for the month, missing expectations of a gain of 0.2% and a rise of 0, 9% in July. Excluding sales of motor vehicles and parts alone, retail sales were stable for the month, while the forecast increases were 0.1% and 1.0% in July.
The August figures follow a much stronger than expected July report, when overall retail sales rose 0.8% revised up for the month. July gains were widespread, driven by strong sales from e-commerce platforms, grocery stores and clothing retailers.
Although Friday's report is down from the July print, the results still indicate intact consumer activity, even in the midst of an ongoing trade war and fears of an economic slowdown. Consumer spending generates about 70% of US economic output and retail sales account for about 25% of personal consumption expenditure.
The Commerce Department's latest retail sales report is the last major piece of economic data before the Federal Reserve organizes its next two-day policy-making meeting on Tuesday.
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