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Europe markets climb on signs of China stimulus What’s moving...

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    Europe markets climb on signs of China stimulus

    What’s moving the markets?

    U.S. President Donald Trump’s rhetoric on China grabbed the headlines, but markets appear to be rallying on news that China has reopened the credit spigots. Xinhua reports that local governments are being urged to issue “special” bonds to pay for major projects such as the development of the Beijing-Tianjin-Hebei region.

    Local government debt has frequently been cited as a concern by observers worried about the nation’s debt burden, an obstacle in the government’s plan to shift the economy toward consumption-led growth.

    President Trump meanwhile told CNBC that China will make a deal “because they have to”, and threatened to increase tariffs if China’s President Xi Jinping doesn’t attend the G-20 summit.

    Trump also complained about the weakening Yuan, which fell to year-to-date lows against the U.S. dollar Monday.

    China turns the credit faucet

    Stock-index futures pointed to a higher start on Tuesday, with the Dow Jones Industrial Average looking to extend its winning streak to seven days, after Chinese authorities appeared to back new measures to support the economy.

    What’s driving the market?

    Wall Street appeared poised to join a global equity surge that analysts attributed to a decision by Chinese authorities to back special-purpose bond issuances by local governments. The move is an effort to accelerate financing of major projects through the bond issuances, which are used largely for infrastructure investment, the People’s Bank of China said in a joint statement with other government agencies, The Wall Street Journal (paywall) reported.

    Investors, meanwhile, appeared to ignore a continued rumble of hostile rhetoric from the U.S. and China over trade. China’s foreign ministry on Tuesday said it would respond firmly if the U.S. insisted on escalating trade tensions, Reuters reported, after U.S. President Donald Trump on Monday said further tariffs on Chinese imports would take effect if the two countries don’t reach a deal at a meeting of Group of 20 leaders later this month.

    Chinese officials, however have not confirmed that President Xi will meet with president Trump at the meeting, to be held June 28-29. President Trump said Monday that if Xi doesn’t meet with him, additional tariffs will be placed on Chinese goods. U.S. Commerce Secretary Wilbur Ross said in an interview on CNBC Tuesday morning that he believes a deal will ultimately be reached, but cautioned investors not to expect a quick resolution.

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