U.S. Equity Markets edged higher to fresh records as investors looked for signs of progress in U.S.-China trade negotiations. The US Dollar again weakened and Treasury yields dipped. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite all fluctuated throughout the day, but ended up eking out a gain. Defensive shares such as consumer staples and utilities performed best. Word that White House would extend a license to allow U.S. companies to do business with Chinese telecom firm Huawei competed with reports that said Beijing was sceptical about reaching a broad deal anytime soon. Meanwhile, the US Dollar extended a slide after Federal Reserve Chairman Jerome Powell met with President Donald Trump and Treasury Secretary Steven Mnuchin on Monday to discuss the economy. Japanese and Chinese equities closed higher, while stocks slipped in India and Australia. Hong Kong’s market outperformed, even as unrest in the city continued. China’s Yuan dipped after the country’s Central Bank lowered borrowing costs on short-term loans for the first time since 2015 and injected $26 billion into the financial system. The moves were seen as aimed at shoring up confidence following a string of poor data in the second-biggest economy.
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