ASX set to rise, Wall Street boosted by US-China talks; $A stronger
US stocks are drifting closer to their records as the world's two largest economies begin talks on trade that could help avoid a recession.
The S&P 500 was 0.3 per cent higher in late trading. The Dow Jones was up 93 points, or 0.2 per cent, with an hour remaining in trading, and the Nasdaq composite was 0.5 per cent higher. The Australian sharemarket is set to advance, with futures at 5am AEST pointing to a gain of 16 points, or 0.2 per cent, at the open. The ASX was closed on Monday for the King's birthday public holiday.
The Australian dollar strengthened. It was 0.3 per cent higher at 65.25 US cents at 5.13am AEST.
Officials from the United States and China are meeting in London to talk about a range of different disputes that are separating them. The hope is that they can eventually reach a deal that will lower each's punishing level of tariffs against the other, which are currently on pause, so that the flow of everything from tiny tech gadgets to enormous machinery can continue.
Hopes that President Donald Trump will lower his tariffs after reaching such trade deals with countries around the world have been among the main reasons the S&P 500 has rallied so furiously since dropping roughly 20 per cent from its record two months ago. It's back within 2 per cent of its all-time high, which was set in February, and it's higher than it was before Trump shocked financial markets in April with his wide-ranging tariff announcement on what he called 'Liberation Day.'
This may be the shortest sell-off following a shock of heightened volatility on record, according to Parag Thatte, Binky Chadha and other strategists at Deutsche Bank. Typically, stocks take around two months to bottom following a spike in volatility and then another four to five months to recover their losses. This time around, stocks have basically made a round trip in less than two months.
But nothing is assured, of course, and that helped keep trading relatively quiet on Wall Street Monday.
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Some of the market's biggest moves came from the announcement of big buyout deals. Qualcomm rallied 4.4 per cent after saying it agreed to buy Alphawave Semi in a deal valued at $2.4 billion. IonQ, meanwhile, rose 1.6 per cent after the quantum computing and networking company said it agreed to purchase Oxford Ionics for nearly $1.08 billion.
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