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Wall Street climbs on easing US-China tensions, cool US inflation
Wall Street stocks mostly rose Wednesday as investors welcomed cooler US inflation data and a China-US agreement aimed at lowering trade tensions.
After two days of talks between US and Chinese negotiators in London, US President Donald Trump said: "Our deal with China is done".
The United States and China slashed tit-for-tat tariffs after negotiations in Geneva last month, but tensions flared up again after Trump later accused Beijing of violating the pact reached in Switzerland.
The positive London talks provided some relief to markets.
"Constructive talks between the US and China have put markets on a firmer footing, as investors hope that the worst of the tariff turbulence may have passed," said Richard Hunter, head of markets at Interactive Investor.
Wall Street's three main indices were higher in late morning trading in New York.
London edged higher, supported by the government laying out its spending plans. But Paris and Frankfurt couldn't hold on to early gains and closed modestly lower.
Asian stock markets also won a lift on the China-US progress, with Hong Kong among the best performers.
As well as tariffs, a key issue in the discussions was China's export of rare earths used in smartphones and electric vehicles, while Beijing was keen to see an easing of restrictions on its access to tech goods.
Trump said on his Truth Social platform that China would supply rare earth minerals and magnets -- vital elements for US industries.
The United States, he added, would allow Chinese students to remain in US universities.
Washington has infuriated Beijing by vowing to revoke the visas of Chinese students -- a major source of revenue for US universities.
China said the trade talks made new progress, and vice premier He Lifeng stressed the need for Beijing and Washington to strengthen cooperation.
Chinese President Xi Jinping and Trump must approve the framework first.
The talks came as World Bank downgraded its 2025 forecast for global economic growth to 2.3 percent -- from the 2.7 percent predicted in January -- citing trade tensions and policy uncertainty.
It also said the US economy would expand 1.4 percent this year, half of its 2024 growth.
Meanwhile, data showed little impact of Trump's tariffs on US consumer prices in May.
Between April and May, the consumer price index (CPI) rose 0.1 percent. Analysts had expected it to continue at the 0.2 rate it rose in April.
It also rose less than expected in the so-called core reading that excludes volatile food and energy prices.
"Risk appetite remained firm after the release of weaker-than-expected US inflation data, which boosted speculation that the Federal Reserve will cut interest rates sooner than expected – possibly in September instead of October –- and potentially twice before the year is out," said City Index and FOREX.com analyst Fawad Razaqzada.
Following the release of the data Trump issued a fresh call for the Fed to lower interest rates.
Investors have worried that a tariff-driven surge in inflation could hinder the Federal Reserve from lowering interest rates to counter the slowdown in growth.
Investors now see a better than even chance the Fed, which has not reduced rates since December, will cut rates in September.
The dollar slid against its major rivals.
- Key figures at around 1530 GMT -
New York - Dow: UP 0.4 percent at 43,022.73 points
New York - S&P 500: UP 0.2 percent at 6,051.44
New York - Nasdaq Composite: UP 0.2 percent at 19,762.08
London - FTSE 100: UP 0.1 percent at 8,864.35 (close)
Paris - CAC 40: DOWN 0.4 percent at 7,775.90 (close)
Frankfurt - DAX: DOWN 0.2 percent at 23,948.90 (close)
Tokyo - Nikkei 225: UP 0.6 percent at 38,421.19 (close)
Hong Kong - Hang Seng Index: UP 0.8 percent at 24,366.94 (close)
Shanghai - Composite: UP 0.5 percent at 3,402.32 (close)
Euro/dollar: UP at $1.1488 from $1.1426 on Tuesday
Pound/dollar: UP at $1.3545 from $1.3501
Dollar/yen: DOWN at 144.65 yen from 144.88 yen
Euro/pound: UP at 84.82 pence from 84.61 pence
Brent North Sea Crude: UP 1.6 percent at $67.97 per barrel
West Texas Intermediate: UP 1.9 percent at $66.24 per barrel
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