Deere board member Sherry Smith passes away
Investing.com - European equity indices traded in tight ranges Tuesday, with investors looking for continuing trade talks between China and the U.S. to indicate a thawing in the testy relationship between the two superpowers.
At 03:05 ET (07:05 GMT), the DAX index in Germany slipped 0.2%, while the CAC 40 in France gained 0.1% and the FTSE 100 in the U.K. rose 0.4%.
U.S./China trade talks continue
Trade talks between the world’s largest economies are set to extend into Tuesday, and confidence is growing that the talks will spur a further deescalation in a bitter trade tariff exchange between the U.S. and China, after they agreed in May to temporarily slash their respective tariffs.
Trump said on Monday that the talks were going well, and that he was “only getting good reports” from his team in London.
The focus this time round is on China’s restriction of rare earth minerals, which have threatened to greatly disrupt global supplies, as well U.S. restrictions on chip exports to China.
U.K. unemployment rose in April
Recent data indicates the trade war is taking a toll on not only the two major economies, but other major economies.
The U.K. unemployment rate rose once more in April, climbing to 4.6%, the highest level since July 2021, according to data released earlier Tuesday.
The Bank of England cut interest rates last month by a quarter of a percentage point to 4.25%, with the policymakers indicating that tariff increases by the U.S. and other countries would trim British economic growth and push down on inflation.
Bellway lifts FY revenue forecast
In the corporate sector, Bellway (LON:BWY) raised its full-year revenue expectations after reporting a 7.7% increase in forward orders and steady reservation rates during the spring selling season.
The U.K. housebuilder said it now expects to complete between 8,600 and 8,700 homes in the financial year ending July 31.
Ryanair (IR:RYA) announced plans to buy 30 new spare LEAP-1B engines with a list price of $500 million from jet engine maker CFM, which the budget airline expects to reduce its fuel consumption per flight as it rapidly grows its fleet.
Crude focuses on trade talks
Oil prices edged higher Tuesday, with traders anxiously awaiting the outcome of U.S.-China talks that could pave the way for easing trade tensions and improving fuel demand.
At 03:05 ET, Brent futures gained 0.3% to $67.22 a barrel, after rising to the highest since April 28 on Monday, and U.S. West Texas Intermediate crude futures rose 0.3% to $65.45 a barrel.
The prospect of a U.S.-China trade deal has helped reduce demand concerns, with free-flowing trade expected to boost global economic activity and thus crude demand.