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Manila Bulletin devider devider Global stocks mostly rise on North American trade deal

Global stocks mostly rise on North American trade deal

Published Oct 2, 2018 12:00 am
By Agence France-Presse Global stocks mostly rose Monday on news of a historic trade deal between Canada and the United States, while oil prices climbed to four-year peaks on supply worries. Markets in Asia and Europe are taking their cue from a relentless surge on Wall Street (AFP) (AFP file photo / MANILA BULLETIN) The United States-Mexico-Canada Agreement announced Sunday will replace the North American Free Trade Agreement -- which US President Donald Trump had long threatened to cancel. "It will transform North America back into a manufacturing powerhouse," Trump told reporters on Monday. The USMCA will "allow us to reclaim a supply chain that has been off-shored to the world because of unfair trade issues." Analysts at Briefing.com said the new deal made modest changes to NAFTA. It gives American farmers improved access to Canada's dairy market, while raising regional content requirements for auto manufacturing and strengthening intellectual property rules. "The trade agreement between the US and Canada has lifted global sentiment...and it spurred on traders to snap up stocks," said market analyst David Madden at CMC Markets UK. The Dow and S&P 500 both notched gains, while the Nasdaq retreated slightly. Matthew Miskin of John Hancock Investments said the trade agreement was good news but that sentiment had been affected by worries over higher oil prices, tightening interest rates and data suggesting slowing growth. "The market likes to see accelerating growth," Miskin said. "It's a decent backdrop but not as positive as a month or so ago." In Europe, both Frankfurt and Paris advanced, while London's blue-chip FTSE-100 retreated slightly, due to a stronger pound and weakness in construction and airline shares. Meanwhile, the US dollar fell against both the Canadian dollar and the Mexican peso. Oil surges The news also helped send Tokyo stocks to a 27-year peak but shares struggled elsewhere in Asian holiday trade. Tokyo's leading Nikkei index closed at 24,245.76 -- the highest since November 1991 -- as traders shrugged off disappointing business confidence data and a weekend typhoon that hit the country. Markets in Hong Kong and China were shut for holidays. Oil prices climbed to four-year peaks, with the US benchmark West Texas Intermediate ending above $75 a barrel, as worries about Iran sanctions added to angst about lagging supply. In US corporate action, General Electric jumped 7.1 percent after announcing it was replacing its chief executive with former Danaher chief H. Lawrence Culp in GE's latest move to try to reverse a two-year slide. Tesla Motors surged 17.4 percent after Elon Musk reached an agreement with regulators that will allow him to remain chief executive. - Key figures around 2020 GMT - New York - Dow Jones: UP 0.7 percent at 26,651.21 (close) New York - S&P 500: UP 0.4 percent at 2,924.59 (close) New York - Nasdaq: DOWN 0.1 percent at 8,037.30 (close) London - FTSE 100: DOWN 0.2 percent at 7,495.67 (close) Frankfurt - DAX 30: UP 0.8 percent at 12,339.03 (close) Paris - CAC 40: UP 0.2 percent at 5,506.82 (close) EURO STOXX 50: UP 0.4 percent at 3,414.16 (close) Tokyo - Nikkei 225: UP 0.5 percent at 24,245.76 (close) Hong Kong (closed) - Hang Seng at 27,788.52 Shanghai (closed) - Composite at 2,821.35 Euro/dollar: DOWN at $1.1578 from $1.1604 at 2100 GMT Pound/dollar: UP at $1.3037 from $1.3031 Dollar/yen: UP at 113.96 from 113.70 yen Oil - Brent Crude: UP $2.25 at $84.98 per barrel Oil - West Texas Intermediate: UP $2.05 at $75.30 per barrel
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