People buy clothes in a store in Beijing on Wednesday. Agence France-Presse
LONDON: Fresh trade war fears weighed on global stocks on Wednesday before a US Federal Reserve meeting, with the dollar holding firm and Britain›s pound subdued on growing fears of a no-deal Brexit. Combative warnings from US President Donald Trump cast a shadow over Sino-U.S. trade talks, which concluded
European stocks and US equity futures were higher on Wednesday after a report fuelled optimism about progress in US-China trade talks, offsetting disappointment about the size of potential US interest rate cuts. Global shares had opened weaker after comments by Federal Reserve Chairman Jerome Powell and St. Louis
It is unfortunate that the US-China trade war has entered a new phase at a time when the global growth itself remains shaky. Indications that negotiations would resume some time
Spot gold jumped 1.6% to $1,942.45 per ounce by 0816 GMT, rebounding from a 2.5% drop in early Asian trade. US gold futures rose 0.2% to $1,949.40.
The dollar, which has held above a two-year low hit on Thursday of 92.495, was down nearly 0.1% against a basket of currencies at 93.643, after shedding gains made in Asian trading.
Brent crude was up 52 cents, or 1.2%, at $45.02 a barrel by 0648 GMT, after falling around 1% on Tuesday. West Texas Intermediate oil was up 49 cents, or 1.2%, at $42.10 a barrel, having dropped 0.8% in the previous session.
Britain officially entered recession in the second quarter after gross domestic product (GDP) contracted by 2.2 per cent in the first three months of the year. The technical definition of a recession is two quarterly contractions in a row.