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Markets Rally on U.S.-China Tariff Deal
The S&P 500 surged 2.9% at the open on Monday after the U.S. and China agreed to slash tariffs for 90 days, signaling a temporary de-escalation in their trade war. The techheavy Nasdaq also jumped 4.1% following the agreement, which came after weekend negotiations in Geneva. The deal will see the U.S. reducing tariffs on Chinese goods imposed during President Trump's second term from 145% to 30%, while China will lower retaliatory duties on U.S. imports from 125% to 10%. The announcement boosted the U.S. dollar by 1.2% against a basket of currencies, and Brent crude oil prices rose 3.2% to $65.96 per barrel. Analysts described the tariff reductions as unexpectedly early and significant, with Chris Turner from ING highlighting the larger-than-anticipated concessions. Capital Economics estimated that, after the agreement, total U.S. tariffs on China would average around 40%, while Chinese tariffs on U.S. goods would be about 25%.
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S&P upgrades Ghana’s credit rating to CCC+; outlook stable
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Kosmos Energy pledges US$2bn investment in petroleum sector
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T-bills auction: Government fails to meet target; interest rates fall again
The government for the second consecutive week failed to meet its treasury…
Shell’s Deepwater Dreams Hit Delay in the Gulf
Shell’s plans to juice output from its deepwater Perdido development in the…
