Stocks climb with bond yields on trade optimism

Dollar Rebounds After US-Mexico Deal Disappointing US Jobs Data

Dollar Rebounds After US-Mexico Deal Disappointing US Jobs Data

The Mexican peso jumped about 2.0% in early Monday trade to 19.2285 on the dollar on news of the deal, while the Chinese yuan slipped to its lowest levels this year on weak Chinese imports data and as talks to end the Sino-U.S. dispute remained deadlocked.

Over the past year, trade disputes between the United States and its trading partners, including a long-running conflict with China, have slowed global growth and unsettled financial markets. The 10-year US Treasuries yield was seen at 2.1223pc, after hitting a 21-month low of 2.053pc on Friday on soft US jobs data.

The pan-European STOXX 600 index rose 0.21 per cent and MSCI's gauge of stocks across the globe gained 0.53 per cent.

The U.S. -Mexico trade and migration deal also boosted emerging market stocks and sent U.S. government bond yields higher as investors favored riskier assets.

Against a basket of six peers, the dollar rose 0.2 per cent to 96.716, recovering slightly after ending with a 1.2 per cent loss last week, its worst weekly performance since the week of February 16 a year ago. -China trade war and slowing economic data.

China's exports unexpectedly returned to growth in May despite higher USA tariffs, data showed on Monday, but many suspected the rise was due to firms front-loading shipments to avoid higher USA tariffs.

China's yuan slipped to its weakest this year after the country's imports fell the most in almost three years and as talks to end the Sino-U.S. dispute remained deadlocked.

Still, the dollar's gains were checked by rising expectations the Federal Reserve will cut interest rates during the second half of the year.

"I would expect optimism to rule markets until the next Fed's meeting", said Naoya Oshikubo, senior economist at Sumitomo Mitsui Trust Asset Management.

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The yen weakened as much as 0.5% to 108.72 per dollar and USA stocks advanced, with the S&P 500 Index climbing 0.9% as of 11:38 NY.

Gold slipped 0.8%, having hit a 14-month high of $1,348.1 per ounce on Friday, near a major resistance around $1,350.

Threats by the US leader to introduce levies on Mexico sent the peso to a year-to-date low last week.

The Mexican peso rose more than 2% to 19.2275 pesos per dollar after trading resumed for the first time following Friday's migration agreement. The offshore yuan traded at 6.9385 yuan per dollar, having hit a seven-month low of 6.9616 on Friday. Tensions between the USA and Mexico had also added to concerns about global economic growth that have seen traders amp up their bets on potential interest-rate cuts by the Federal Reserve and provided fuel for the flight to safety that last week drove 10-year Treasury yields down to a level unseen since 2017.

"The yuan would weaken further should there be no summit meetings between the two countries at an upcoming G20 meeting in Osaka", Nomura's Kaku said.

Trump said on Monday that he was ready to impose another round of tariffs on Chinese imports if he does not reach a trade deal with China's president at a Group of 20 summit later this month.

Oil prices extended gains after Saudi Arabia said on Friday OPEC and non-member Russian Federation were close to agreeing to extend an output production cut beyond June and as Wall Street rallied.

Brent futures rose nearly 0.4pc to $63.51 per barrel while USA crude futures gained 0.4pc to $54.22.

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