World stock markets ticked higher on Monday, hovering just below record levels ahead of the expected signing of a Phase 1 China-U.S. trade deal, although markets have yet to see details of the agreement.
After Asian shares touched 19-month highs, European bourses ticked up at the open. Germany’s DAX rose 0.2%, France’s CAC 40 gained 0.1% and Britain’s FTSE 100 added 0.3%. The pan-European STOXX 600 index was marginally higher, eking out a 0.02% gain.
U.S. S&P 500 e-mini stock futures were looking more bullish, rising 0.31% to 3,274.8, just short of record highs.
MSCI’s All Country World Index, which tracks shares across 47 markets, was up 0.1%, just short of a record high hit last week.
China’s commitments in the Phase 1 trade deal with the United States were not changed during a lengthy translation process and will be released this week as the document is signed in Washington, U.S. Treasury Secretary Steven Mnuchin said on Sunday.
On Monday afternoon in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.67%, touching its highest level since June 2018. South Korea’s trade-sensitive Kospi added 1.04% and Hong Kong’s Hang Seng was up 1.11%, while Taiwan shares added 0.74% in the first trading day after Taiwan re-elected President Tsai Ing-wen by a landslide on Saturday.
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