Shares climb…Talks could boost markets…OPEC pullout
SINGAPORE (AP) – Shares surged Monday in Europe and Asia after the U.S. and China reached a 90-day truce in a trade dispute that has dampened global growth and rattled investors worldwide. Futures point to opening gains on Wall Street. Oil prices were steady after the tiny, energy-rich Arab nation of Qatar said Monday it will withdraw from OPEC in January. Benchmark U.S. crude oil rose mor than $2, rising above $53 per barrel. The dollar fell against the yen and the euro.
WASHINGTON (AP) – Experts say the truce in the trade dispute between the U.S. and China should boost rattled financial markets, at least through the year’s end. But the stock market’s recent wild gyrations likely will persist as the two countries strain to reach a permanent accord. The U.S. was set to raise tariffs on $200 billion in Chinese goods on Jan. 1. President Donald Trump agreed Saturday in a meeting in Buenos Aires with Chinese Leader Xi Jinping at the G-20 summit to hold off for 90 days while the two sides try to settle their differences.
DUBAI, United Arab Emirates (AP) – The tiny, energy-rich Arab nation of Qatar announced on Monday it will withdraw from OPEC in January, mixing its aspirations to increase production outside of the cartel’s constraints with the politics of slighting the Saudi-dominated group amid the kingdom’s boycott of Doha. The surprise announcement from Qatar’s minister of state for energy affairs, Saad Sherida al-Kaabi, again throws into question the role of the cartel after needing non-members to push through a production cut in 2016 after prices crashed below $30 a barrel.
WASHINGTON (AP) – A group of business economists foresee U.S. economic growth remaining solid next year, with unemployment falling further and only a slight chance of a recession. But they express concern about potential risks, notably from trade conflicts. In its latest forecast being released Monday, the National Association for Business Economics predicts that the economy will grow 2.7% next year.
KATOWICE, Poland (AP) – U.N. Secretary-General Antonio Guterres opened the climate summit in Poland by issuing a dramatic appeal to world leaders Monday to take seriously the threat of global warming and act boldly to avert a catastrophic rise in temperatures before the end of the century. The U.N. chief chided countries, particularly those most responsible for greenhouse gas emissions, for failing to do enough to meet the goals of the Paris climate accord. The 2015 agreement set a goal of keeping global warming well below 2 degrees Celsius (3.6 Fahrenheit), ideally 1.5 C (2.7 F) by the end of the century.