World stocks mixed as U.S., China move toward deal

Annabelle Liang, The Associated Press
Published Monday, April 15, 2019 12:06AM EDT
Last Updated Monday, April 15, 2019 5:38AM EDT

SINGAPORE — World stocks were mixed Monday after the U.S. and China said they were closing in on a trade deal, without giving a timeline for when negotiations would wrap up.

Britain’s FTSE 100 lost 0.1% to 7,431.90 in early trading while the CAC 40 in France gained 0.1% to 5,506.59. Germany’s DAX was flat at 12,000.12.

On Wall Street, the future contract for the broad S&P 500 index slipped less than 0.1% to 2,911.80. That for the Dow Jones Industrial Average was 0.1% higher at 26,433.00.

U.S. stocks were supported Friday by strong first-quarter profits from banks JPMorgan Chase and Wells Fargo. Traders are waiting to see if other big companies do equally well in the days ahead, as a judge of the strength of corporate America.

“Further encouraging readings during the remainder of the earnings season should feed into the broader risk sentiment narrative and help improve investor confidence, as long as the releases do not reveal any negative surprises,” Lukman Otunuga, a research analyst at FXTM, said in a commentary.

On Saturday, U.S. Treasury Secretary Steven Mnuchin told reporters that the U.S. and China were moving closer to an agreement on trade.

Speaking on the sidelines of the International Monetary Fund and World Bank spring meetings, Mnuchin said the U.S. and China held phone discussions last week and he wasn’t sure if more face-to-face meetings would be needed. He did not give a timeframe for when negotiations might be wrapped up.

Mnuchin added that the proposed agreement has seven chapters and will allow both countries to set up enforcement offices to make sure the deal is followed.

Chinese foreign ministry spokesman Lu Kang said Thursday that the discussions were

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