{"id":293341,"date":"2020-08-14T06:23:23","date_gmt":"2020-08-13T20:23:23","guid":{"rendered":"https:\/\/www.gomarketingteam.com\/articles\/us-china-trade-deal-meeting-eyed\/"},"modified":"2021-02-19T12:13:34","modified_gmt":"2021-02-19T01:13:34","slug":"us-china-trade-deal-meeting-eyed","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/weekly-summaries\/us-china-trade-deal-meeting-eyed\/","title":{"rendered":"US-China Trade Deal Meeting Eyed"},"content":{"rendered":"

By Deepta Bolaky<\/strong>
\n\u00a0@DeeptaGOMarkets<\/a><\/p>\n

Investors weighed the geopolitical tensions and standoff by the US Congress against the improving economic data while still monitoring the spread of the outbreak. While there were early signs of a slowdown in the number of daily coronavirus cases in the US, we are seeing more clusters in other countries.\u00a0<\/span><\/p>\n

As the week comes to an end, investors mulled over the US-China trade deal talks scheduled for this weekend. <\/b><\/p>\n

Stock Market – Global Stocks Erased Losses for the Year<\/b><\/h4>\n

The improvement in the economic data continues to provide support to the stock market despite the mounting number of COVID-19 cases. Global stocks erased all of its 2020 losses on the back of the amount of stimulus being injected in the pandemic-induced economy.\u00a0<\/span><\/p>\n

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\nSource: Bloomberg<\/p>\n

Major US equity indices flirted near record highs levels this week driven by the outperformance of mega-cap tech stocks. The US share market is showing strong resilience despite the looming recession and a pandemic with no immediate end in sight. Ahead of the US election which will take place in less than 3 months, investors will likely eye the stimulus relief package.<\/span><\/p>\n

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\nSource: Bloomberg<\/p>\n

Asian shares also managed to erase all of the losses fueled by the pandemic. MSCI Asia Pacific Index rose to the 2019 closing level.<\/span><\/p>\n

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\nSource: Bloomberg<\/p>\n

Forex Market<\/b><\/p>\n

In the forex market, major currencies were mixed against the US dollar. The greenback attempted to regain some momentum but was dragged by concerns over the mounting number of infections, uncertainty around the next round of stimulus package and escalating tensions between the US and China. <\/span><\/p>\n

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\nSource: Bloomberg Terminal<\/p>\n

The New Zealand dollar emerged as the worst-performing currency dragged by a dovish RBNZ, new coronavirus cases in Auckland, and downbeat China macro data. On the economic front, data was mixed across the board:<\/span><\/p>\n