Global stocks rebound as Wall Street nears its peak.
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Most global stocks rose during Friday's trading, nearing the end of the trading week, amid the continuation of the ceasefire between Israel and Iran and the emergence of signs of progress towards a trade agreement between China and the United States. Investors were awaiting more details after President Donald Trump announced the signing of a trade agreement between the United States and China. U.S. Commerce Secretary Howard Lutnick said in an interview with Bloomberg Television that the deal was signed two days ago, but he did not provide further details, adding that "the President prefers to conclude these deals himself." For its part, the Chinese Ministry of Commerce said on Friday that the two sides had "further confirmed the details of the framework" for their trade talks. However, its statement did not explicitly refer to an agreement to guarantee U.S. access to Chinese rare earth minerals, materials used in most advanced industries from electronic chips to spacecraft. The ministry added, "China will approve export requests for controlled materials that meet legal requirements. The United States will abolish a series of restrictive measures taken against China accordingly. It is hoped that the United States and China will reach a compromise." Europe Joins the Wall Street Train In European markets, the German DAX index rose at the start of trading by 0.8 percent to 23,847 points. The French CAC40 index rose by 1.3 percent to 7,656 points and the British FTSE stock index rose by 0.5 percent to 8,780 points. China's Stocks Stumble, Japan Rises In Asia, the Hong Kong Hang Seng Index fell by 0.2 percent to 24,284 points, and the Shanghai Composite Index of Chinese stocks fell by 0.7 percent to 3,424 points after China announced a 9.1 percent drop in industrial corporate profits in May, its biggest drop since last October. Stephen Innes, managing partner at SPI Asset Management, said in a comment: "Beijing may have stopped the worst stages of the trade dispute with Washington, but the effects of tariffs are beginning to show, and unless demand rises or prices stabilize, pressure on profit margins and corporate confidence will continue." The Nikkei 225 index in Tokyo rose by 1.4 percent to 40,151 points, as the Japanese government announced a slight decrease in consumer prices in May. The Kospi Composite Index in Seoul fell by 0.8 percent to 3,056 points, while the S&P/ASX Australia index fell by 0.4 percent. It is worth mentioning that U.S. stocks ended yesterday's trading with a significant increase, as the S&P 500 index rose by 0.8 percent to 6,141 points, which is only 0.05 percent less than its all-time high recorded last February before losing about 20 percent of its value last April against the backdrop of Trump's announcement of imposing comprehensive tariffs on U.S. imports. The Dow Jones Industrial Average rose yesterday by 0.9 percent, while the Nasdaq Composite Index rose by 1 percent.
