LONDON: European and US stocks pivoted higher on Thursday as President Donald Trump stoked investor optimism over talks to end the US-China trade war.
Discussions between US and Chinese officials to find a way out of an impasse that has seen the world’s top two economies impose tariffs on hundreds of billions of goods and imperil global growth have fuelled gains in recent days.
But the lack of substantive information at the end of the three days of talks gave investors the jitters, and stocks pulled back in Asia, as well as most of the European trading and at the open on Wall Street.
However fresh comments by the US president helped bring about a return of optimism, said market analyst Joshua Mahony at online trading firm IG.
“Trump’s claim that the US is having ‘tremendous success’ in talks with China should be taken with a pinch of salt, yet to some extent the fact that talks have sustained this long without breaking down highlights a shift in tactics by both sides,” he said in a note to clients.
Stocks picked off their lows, with most leading US and European indices moving into positive territory, at least temporarily.
In Europe, London finished the day up 0.5 percent, followed by Frankfurt with a gain of 0.3 percent. Paris closed 0.2 percent lower, after having traded considerably lower during the afternoon.
Bears growl at Hong Kong bourse
HONG KONG: Shares fell more than one percent Tuesday, hit by concerns over rising Iran-US tensions and as investors await this week’s crucial trade talks between Donald Trump and Xi Jinping.
The Hang Seng Index sank 1.15 percent, or 327.02 points, to 28,185.98. The benchmark Shanghai Composite Index fell 0.87 percent or 26.07 points,
to 2,982.07, while the Shenzhen Composite Index, which tracks stocks on China’s second exchange, lost 0.99 percent, or 15.63 points, to 1,560.46.
Asset declaration scheme: No extension to be granted!
ISLAMABAD: PM has warned that there would be no extension in the 30th of June deadline, therefore, people should legalize their undeclared assets.
He was speaking on Monday (24th of June) about the asset declaration scheme. He said that the country stood at the crossroad and every citizen would have to play his role in ameliorating the economy of Pakistan. Maintaining that the country could not move forward unless taxes were collected, Imran Khan held that nation and government could work together for the success of the scheme.
He told that modern technology would be introduced in the tax system and a helpline would also be set up for facilitation of public. PM pointed out that the first time Baynaami laws had been enacted to bring the undeclared wealth into the tax net.
He said measures were being taken to augment income and reduce loans. He further pointed out that Govt. was implementing austerity drive to reduce expenditure. He lamented that half of the income goes to repay interest on loans.
USAID provides waste mgmt. eqpt. to Jacobabad
JACOBABAD: USAID Director for Sindh & Balochistan Michael Hryshchyshyn handed over waste management equipment to the municipality here at the DC office.
These 80 waste management vehicles and related equipment, provided under USAID’s Sindh Municipal Services Program (MSP), were handed over in the presence of Sindh Minister for Local Govt., Saeed Ghani and Chairperson of the Sindh Planning & Devt. Board, Naheed Durrani.
Michael Hryshchyshyn articulated that the US Govt. was proud to partner with the Govt. of Sindh in the joint initiative of providing a clean & healthy environment for the citizens of Jacobabad. Through MSP USAID is helping the city rehabilitate its water supply, sewerage, and garbage collection systems.
Construction of the new water system is near completion and over 300,000 citizens of Jacobabad will all have access to clean, potable water and will be living in a much cleaner environment, all which will have a significant impact on their health and well-being.
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