Stocks, dollar up as investors wait for details on Sino-US trade talks
SINGAPORE (Reuters) -The United States and China ended high-stakes trade talks on a positive note on Sunday, with U.S. officials touting a "deal" to reduce the U.S. trade deficit while Chinese officials said the sides had reached "important consensus."
Wall Street stock futures climbed and the dollar firmed against safe haven peers on Monday as investors waited for a joint statement expected to be released in Geneva later in the day.
Vice Commerce Minister Li Chenggang said it would contain "good news for the world."
QUOTES:
CHARLES WANG, CHAIRMAN OF SHENZHEN DRAGON PACIFIC CAPITAL MANAGEMENT CO, SHENZHEN
"The weekend talks are better than expected. Both sides are under strong incentives, and pressure, to push forward trade talks. The U.S. is facing supply chain pressure, while China faces challenges in GDP growth. Both sides need to sit down to strike a mutually acceptable deal.
"But the game will be a long process. Both sides need to determine areas of concession and persistence."
JASON CHAN, SENIOR INVESTMENT STRATEGIST, BANK OF EAST ASIA, HONG KONG
"If the two sides announce or establish a mechanism for regular talks going forward, or some substantial tariff cuts, then other U.S. trade partners or countries trying to make deals will have a reference point or an indicator. How the U.S.-China talks went shows what's the bottomline for both sides.
"I think the talks should be quite positive and, if even China can make a deal, then other Asian countries like Japan, India, and Southeast Asian countries could follow and progress their own trade talks."
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