Investing.com – Here are the top five things you need to know in financial markets on Tuesday, Jan. 8:
1. Focus on U.S.-Sino trade as talks wrap up
Tuesday marked the second and final day in a round of trade discussions between the U.S. and China being held in Beijing, with optimism on an amicable outcome buoying global risk assets.
“There’s a very good chance that we’ll get a reasonable settlement that China can live with, that we can live with, and that addresses all the key issues,” Commerce Secretary Wilbur Ross told CNBC on Monday.
China approved five genetically modified (GM) crops for import on Tuesday, in an apparent show of good faith during the last day of trade talks. The U.S. is the world’s largest producer of GM crops.
“It’s a goodwill gesture towards the resolution of the trade issue,” a China representative of a U.S. agricultural industry association told Reuters on Tuesday.
Washington and Beijing have until March 1 to make a deal, after which U.S. President Donald Trump has pledged to ramp up tariffs to 25%, from 10%, on $200 billion worth of Chinese imports.
“The talks are still underway and I believe we will release a detailed readout after they are concluded,” Lu Kang, spokesperson for China’s Foreign Ministry, announced on Tuesday, although no specific time was given.