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Stocks surge as U.S. and China plan trade talks; hiring climbs

Stocks surge as U.S. and China plan trade talks; hiring climbs

U.S. President Donald Trump has called the Fed's rate hikes a mistake and said he was not happy with Powell. Powell said last week he wouldn't resign if the president asked him to step down. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

The greenback fell despite US job growth surging and comments from Federal Reserve Chairman Jerome Powell that the central bank will be sensitive to market concern about a USA economic slowdown.

Yet the unemployment rate went up to 3.9 per cent, which was highest level since July, 2018.

"As always, there is no preset path for policy", Powell said, along with his predecessors Janet Yellen and Ben Bernanke at the American Economic Association's annual meeting in Atlanta on Friday.

"With Chairman Powell's remarks today, I would say they will do just one hike or maybe no hikes this year", said Sung Won Sohn, chief economist at SS Economics. "With the muted inflation readings we have seen coming in, we will be patient as we watch to see how the economy evolves".

"However, this idea that has been percolating in the market that round the corner, the U.S. maybe looking at recession risk, that makes no sense because monetary policy all around the world are still more accommodative and the USA economy is growing faster than it long run trend and the Fed policy is still accommodative, the real Fed funds rate is barely above zero", Glassman said in an interview with CNBC-TV18. Sellers were also driven by a dramatic shift in the tone of U.S. Federal Reserve Chairman Jerome Powell, who reversed his hawkish tone from December to dovish.

The Labor Department's employment report showed the US economy added 312,000 new jobs in December, far more than the 177,000 analysts expected. This response no doubt helped the market to recover on Friday. Wages and labour force participation both rose, signalling sustained economic strength.




Volume on USA exchanges was 8.68 billion shares, compared to the 9.14 billion average over the last 20 trading days.

China's Commerce Ministry said trade talks will be held Monday and Tuesday in Beijing, and investors will again look for signs the world's largest economic powers are resolving their dispute. The Fed said in December it anticipated raising rates twice in 2019.

In contrast to the recession chatter recently making the rounds in financial markets, Powell delivered a positive assessment of the United States economic outlook to the American Economic Association's annual meeting.

"That's quite welcome", Powell said.

While not a change in policy, it was a nod to market concerns that the Fed had a key decision on "auto-pilot", as Powell put it last month, even as it pledged to be dependent on economic data.

"We're listening with - sensitively to the message that markets are sending and we'll be taking those downside risks into account as we make policy going forward". Articles appear on euronews.com for a limited time.

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