After substantive progress was made in the high-level economic and trade talks between China and the United States, U.S. stock index futures rose on the local evening of May 11.
According to reports from CNBC and Reuters, as of 7:44 PM Eastern Time on May 11, the Dow Jones Industrial Average (DJIA) futures rose by 439 points, an increase of 1.06%. The S&P 500 Index futures and Nasdaq futures increased by 1.29% and 1.68%, respectively.
Reporters pointed out that the rise in U.S. stock index futures indicates that investors feel relieved that the worst-case scenario of the China-U.S. trade war may be avoided.
Treasury Secretary Basant said without providing specific details that the trade negotiations held with Chinese officials in Geneva were "productive" and achieved "substantial results."
Basant stated that the details would be announced at a press conference on May 12 local time.
According to reports from CCTV News, He Lifeng, the head of the Chinese delegation for economic and trade affairs and Vice Premier of the State Council, stated at a news conference held by the Chinese delegation that this round of high-level economic and trade talks between China and the United States was candid, in-depth, constructive, and achieved important consensus and substantive progress. Both sides agreed to establish a China-U.S. economic and trade consultation mechanism. Both sides will soon finalize the relevant details and will release the joint statement reached during the talks on May 12.
Dan Ives, global technology research director at Wedbush Securities, an American investment bank, said in a report to clients, “This is a huge positive step in the right direction for the market.”
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Original source: https://www.toutiao.com/article/7503346269499179557/
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