(Markets Insider) President Joe Biden’s call to his Chinese counterpart Xi Jinping on Friday raised optimism globally on the revival of trade between the two rivals. Global stocks surged following the news.
In the talks, Biden and Jinping discussed each country’s responsibility to maintain healthy competition that does not escalate into conflict.
Dow Jones futures surged 0.4%. S&P 500 and Nasdaq jumped about 0.3% each.
In Asia, the Shanghai Composite gained 0.2%. Hong Kong’s Hang Seng gained 1.8%, as Tokyo’s Nikkei surged by 1.2%.
The surge in Asian stocks provided a bullish momentum on oil, gaining 1.7% to hit a price slightly above $72 a barrel. The West Texas Intermediate was up 1.7% to $69.33 per barrel.
London’s FTSE 100 gained 0.2%. Euro Stoxx 50 gained 0.4%, while Frankfurt’s DAX rose by 0.2%.
Biden’s call to Jinping is the first since February, with the Chinese foreign ministry calling for more positive dynamics into the two countries’ relationship.
S&P 500 is down -0.46%, FTSE 100 is up +0.28%, Euro Stoxx 50 is up +0.49%, Hang Seng Index is up +1.91%.
