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Stocks climbed on Friday as the growing prospect of a cut to US interest rates this month outweighed renewed tensions in the US-China trade war, an unexpected contraction in Singapore, and uninspiring Chinese trade data.
Federal Reserve Chair Jerome Powell told Congress that the central bank is largely in agreement that “more accommodative monetary policy may be appropriate.”
However, Trump accused China of “letting us down” by not purchasing US agricultural products as promised.
“Unhappy Trump brought the trade war back in focus, reminding investors that the year-old trade battle between the US and China is far from being over,” one analyst said.
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Stocks climbed on Friday as the growing prospect of a cut to US interest rates this month outweighed renewed tensions in the US-China trade war, an unexpected contraction in Singapore, and uninspiring Chinese trade data.

In a speech to Congress on Thursday, Federal Reserve Chair Jerome Powell flagged trade fears, slowing global growth, and low inflation as threats to business investment and continued economic expansion. “I think many of my colleagues have come to the view that a somewhat more accommodative monetary policy may be appropriate,” he said, according to Reuters.

However, President Donald Trump’s latest criticism of China threatened to weigh on market sentiment. “China is letting us down in that they have not been buying the agricultural products from our great Farmers that they said they would,” he wrote on Twitter. “Hopefully they will start soon!”

“Unhappy Trump brought the trade war back in focus, reminding investors that the year-old trade battle between the US and China is far from being over,” said Ipek Ozkardeskaya, senior market analyst at London Capital Group.

Meanwhile, a slowdown in Singapore highlighted the impact of the trade war on economic growth. The Asian nation’s GDP slumped …read more

Source:: Business Insider

      

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