The world economy is expected to pick up slowly next year, but only if Washington and China drop their latest tariff moves.
European shares extended losses early on Monday from the biggest weekly slump this year as the U.S.-China deadlock quelled hopes that the two largest economies will be able to resolve their trade dispute anytime soon. The STOXX 600 index dropped 0.5 per cent by 0855 GMT to hit 7-month lows.
World shares climbed to a six-week high alongside benchmark government bond yields on Friday, as markets cheered signs of progress in US-China trade talks and another powerful slug of stimulus from the European Central Bank.
Stronger-than-expected Chinese export data helped push global stock markets higher on Thursday following a volatile week that had investors scrambling for safety due to fears of a worldwide economic pullback.
President Donald Trump’s administration is considering delisting Chinese companies from US stock exchanges, three sources briefed on the matter said on Friday, in what would be a radical escalation of US-China trade tensions.
Opec and allied nations agreed on Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to boost energy prices hard-hit by the coronavirus pandemic.
G20 members and invited countries have pledged more than $21 billion to fight COVID-19 and, with a spirit of solidarity, have shown they will spare no effort to protect lives and the most vulnerable.
Emaar chairman Mohamed Alabbar has told the UAE’s leading contractors that they must prepare for a new way of working as the economic activity gradually starts to pick up.