Mnuchin tells CNBC ‘we were about 90% of the way there’ on China trade deal Stocks set to recover a portion of Tuesday’s losses Mueller says he will testify on his Russia interference report on July 17
U.S. stock-index futures attempted to claw back some of the previous day’s loss after a report from Treasury Secretary Steven Mnuchin suggested that a Sino-American trade deal wasn’t far from complete, supporting some modest appetite for buying on Wall Street.
Futures for the Dow Jones Industrial Average YMU19, +0.40% rose 100 points, or 0.4%, to 26,694, those for the S&P 500 ESU19, +0.45% advanced 11.45 points, or 0.4%, at 2,933, while Nasdaq-100 futures NQU19, +0.70% climbed 49.50 points, or 0.7%, to 7,678.50.
Mnuchin told CNBC that Beijing and Washington are nearing a deal on tariffs. “We were about 90% of the way there (with a deal) and I think there’s a path to complete this,” he told the financial network in Bahrain.
The treasury secretary said that he was “hopeful” that a deal could be struck as the market awaits a sideline conversation between President Donald Trump and Chinese President Xi Jinping at the Group of 20 gathering in Osaka, Japan, which kicks off on Friday.
Concerns about escalating trade tensions between the China and the U.S., the world’s largest economies, have fed a sense of rising uncertainty about the health of the global economy, at least partly contributing to central banks across the world signaling a willingness to reinstitute a fresh wave of economic stimulus just about 10 years after the 2008 financial crisis rocked financial markets world-wide, warranting a wave of easy-money programs by monetary policy makers.
On Tuesday, equity markets suffered one of the worst declines in about a month, led by a selloff in trade-sensitive informational technology shares, also