Trade optimism and Chinese economic stimulus led to an early rally for global markets.
Global stocks rallied to begin the new year on Thursday, ensuring that the gains from late 2019 continue for now, thanks to renewed optimism over global trade and Chinese economic stimulus.overnight that it was lowering the amount of cash that banks are required to hold—the eighth time doing so since 2018, which will free up almost $115 billion for lending to boost the Chinese economy.
That helped the stock markets in Shanghai and Hong Kong rise on Thursday, by nearly 1.2% and 1.3%, respectively. The Chinese stimulus was also a boost for European firms who export to China: Stocks were broadly higher—also thanks to better-than-expected manufacturing data—with the Stoxx Europe 600 and the U.K.’s FTSE 100 both rising 1%, while the French CAC 40 rose 1.3%.
With China taking action to follow through on its promises to boost economic growth in 2020, that’s also combining with renewed global trade optimism—especially between the U.S. and China—to kick-start global stock markets in the new year.
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