Stocks rally as Xi promises to open China's economy - Distressed Volatility

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Tuesday, April 10, 2018

Stocks rally as Xi promises to open China's economy

Chinese President Xi Jinping promises to open the country's economy further and lower import tariffs on products including cars, in a speech that struck a conciliatory tone amid rising trade tensions between China and the United States.



A sigh of relief from markets as Xi Jinping promises to open up China's economy, easing worries over a potential trade war.

(SOUNDBITE) (Mandarin) CHINESE PRESIDENT XI JINPING, SAYING:

"Cold war mentality and zero sum game are more and more old-fashioned and outdated."

Xi spoke at the annual Boao Forum for Asia, promising several specific plans in his Tuesday (April 10) address.

That includes "significantly" lowering import tariffs for cars, decreasing duties on some other products, and improving the investment environment for international companies.

His speech sent U.S. stock futures, the dollar and Asian shares higher.

The Nikkei climbed 1.08 percent after being in negative territory earlier in the day.

Toyota and Honda, who both have business in China, rallied around 2 percent each.

This comes after a week of escalating tariff threats between China and the U.S., sparked by Washington's frustration with Beijing's trade policies.

Analysts say with Xi's Tuesday speech, there's growing hope that a trade war might be averted.

But now with the ball in Trump's court, the big question is - how will the U.S. president react?



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(Source: YouTube, April 10, 2018 at 08:07AM)

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