French media: Trump sends signals of easing tariff stance towards China, Wall Street stocks benefit
Sino-US - US President Trump said on October 17 that the high tariffs on Chinese goods would not last long, indicating a possible shift in Sino-US trade relations. When asked whether the current tariff levels would continue, Trump told Fox Business Channel, "It's unsustainable."
"I think our relationship with China will improve," Trump said in a clip from the interview aired on Friday.
Trump's remarks brought relief to European stock markets. The performance of several banks exceeding expectations also helped ease market sentiment. Truist, Regions Financial and Fifth Third Bancorp reported lower-than-expected credit losses, supporting the view that the shock on the 16th was not a replay of the regional banking crisis of 2023.
American regional banks Zions Bancorp and Western Alliance Bancorp disclosed that they had encountered loan fraud, loans that may never be repaid. Following this, the shares of these two banks fell by more than 10% as investors worried that other banks, big or small, might also report bad loans, leading to serious questions about credit quality.
Jamie Dimon, CEO of JPMorgan Chase, said on Tuesday: "When you see a cockroach, there may be several more!" This follows the bankruptcy of car retailers Tricolor and parts manufacturer First Brands, which he had previously dealt with. Both companies had large amounts of credit.
Global stock markets fluctuated on Friday, with worries about the plight of U.S. regional banks and hopes for positive signals from a potential trade war. The New York Stock Exchange closed higher on Friday, with Trump's comments on the 16th sparking hope for a reduction in trade tensions. The Dow Jones Industrial Average rose 0.52%, the Nasdaq Index also rose 0.52%, and the S&P 500 Index rose 0.53%.
Source: rfi
Original: www.toutiao.com/article/1846293498504394/
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