NEW YORK (Reuters) - A gauge of global equity markets rose on Monday on hopes the U.S.-China trade dispute will cool at talks this week, while Turkey’s lira fell anew after cuts to the country’s credit ratings and shots were fired outside the U.S. Embassy in Ankara.
FILE PHOTO: A trader sits in front of the computer screens at his desk at the Frankfurt stock exchange, Germany, June 29, 2015. REUTERS/Ralph Orlowski/File Photo
Wall Street was mixed but broad-based gains in Europe and Asia lifted the MSCI’s all-country world index, which tracks shares in 47 countries. The gauge has recouped last week’s losses sparked by the lira’s plunge, but not declines of the prior week when the Turkish currency began its fall.
Mid-level U.S. and Chinese officials are expected to meet later this week in Washington to discuss their trade dispute. But it is unclear whether the talks will have any effect on the implementation of U.S. tariffs and retaliation by China.
“Traders are cautiously optimistic, but just because the meeting has been lined up doesn’t mean anything will come of it,” CMC Markets chief markets analyst David Madden said.
“Some traders view the (recent) weakness in the Chinese stock market and currency as a sign that Beijing will be more accommodating when it comes to negotiations,” he said.
Six days of public hearings on the proposed U.S. duties of up to 25 percent will start Monday in Washington as part of the U.S. administration’s efforts to pressure Beijing for sweeping changes to its trade and economic policies.
Tencent Holdings Ltd was the biggest contributor to MSCI’s global stock gauge, which rose 0.35 percent, and it was the top gainer on Hong Kong’s Hang Seng index, closing up 4.1 percent.
The pan-European
