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World stocks rise in value after Xi and Biden meeting on Monday 

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World stocks rise in value after Xi and Biden meeting on Monday 

Global stocks rose Tuesday after Wall Street gave back some of last week’s huge gains, the presidents of the United States and China met and Chinese consumer spending contracted in a sign of that its economy is weakening.

Frankfurt, Shanghai, Tokyo and Hong Kong advanced, London was little changed, while oil prices fell.

Wall Street futures rose, suggesting prices could rebound from Monday’s 0.9% loss for the benchmark S&P 500 index. That market gave back some of last week’s 5.9% gain after that lower US inflation raised hopes that the Federal Reserve could ease planned rate hikes.

“Equity markets are looking slightly positive,” Oanda’s Craig Erlam said in a report. The rally of the past few weeks is “perhaps slowing down a bit,” he said, but “there doesn’t seem to be a lot of appetite at this stage to bail it out.”

Also on Monday, Presidents Joe Biden and Xi Jinping met during a summit of the Group of 20 major economies in Indonesia. That fueled hopes for an easing of tensions between the United States and China over security, trade, technology and human rights.

The meeting was “surprisingly positive,” ING’s Robert Carnell and Nicholas Mapa said in a report.

In early trade, London’s FTSE lost less than 0.1% to 7,380.66. The DAX in Frankfurt gained less than 0.1% to 14,326.36 and the CAC 40 in Paris added 0.3% to 6,628.70.

On Wall Street, the S&P 500 future rose 0.7% and the Dow Jones Industrial Average future gained 0.5%.

On Monday, the Dow Jones lost 0.6% and the Nasdaq Composite fell 1.1%.

In Asia, the Shanghai Composite Index rose 1.6% to 3,134.07 after Chinese consumer spending contracted 0.5% in October compared to a year ago on pressure from antivirus controls. . The growth of manufacturing activity also weakened.

The performance was worse than expected by forecasters who say Chinese economic activity will cool as interest rate hikes by global central banks depress demand for exports.

Hong Kong’s Hang Seng rose 4.1% to 18,343.12 and Tokyo’s Nikkei 225 gained 0.1% to 27,990.17.

Seoul’s Kospi rose 0.2% to 2,480.33 while Sydney’s S&P-ASX 200 lost less than 0.1% to 7,141.60.

India’s Sensex open lost less than 0.1% to 61,559.08. The New Zealand and Southeast Asian markets advanced.

Investors fear that repeated interest rate hikes this year by central banks to cool inflation near multi-decade highs could push the global economy into recession.

Traders expected the Fed to raise its benchmark interest rate again in December, but by a smaller margin of half a percentage point after four increases of 0.75 percentage points. Fed officials say rates may need to stay high for a long time to cool prices.

The government is due to report US wholesale inflation on Tuesday. Economists say it likely slowed to 8.3% from 8.5% in September.

On Wednesday, the US government gives an update on retail spending. Economists say growth likely revived to 0.9% in October from flat performance the previous month.

In energy markets, benchmark US crude fell 76 cents to $85.11 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $3.09 to $85.87 on Monday. Brent crude, the price basis for international oil trade, fell 53 cents to $92.61 a barrel in London. It fell $2.85 the previous session to $93.14.

The dollar fell to 139.72 yen from 139.92 yen on Monday. The euro rose to $1.0404 from $1.0353

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