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US-China 'phase one' deal progress boosts markets

Market futures pointed to a positive start to the week around the globe after the US and China made progress in trade talks last week.
US-China 'phase one' deal progress boosts markets US-China 'phase one' deal progress boosts markets US-China 'phase one' deal progress boosts markets US-China 'phase one' deal progress boosts markets US-China 'phase one' deal progress boosts markets

US president Donald Trump said the relationship with China was “very good”

Staff reporter

US president Donald Trump tweeted the "phase one" deal could be finalised and signed soon, with China already buying agricultural products and the US not increasing tariffs from 25% to 30% tomorrow.

"The relationship with China is very good," he said.

Safe haven asset gold lost a bit of its lustre, dropping to about US$1,483 an ounce on the spot market this morning.

Key market indices closed higher on Friday, except Toronto which finished lower ahead of its Thanksgiving holiday today.

Its metals and mining stocks had performed strongly, up 3.5% collectively.

Diversified miners gained, including First Quantum Minerals (TSX: FM) which closed up 5.71% and Teck Resources (TSX: TECK.B) which rose 5%.

However gold miners drooped, with Barrick Gold (TSX: ABX) down 5.7%.

Newmont Goldcorp (NYSE: NEM) lost 3.4% in New York and Australian gold miners fell as the market opened today, with Silver Lake Resources (ASX: SLR) down 4.3% in morning trade.

Finally, SolGold (LSE: SOLG) closed about 1.9% higher in London on Friday after reassuring shareholders last week its operations "remain unaffected" by protests in Ecuador over an economic reform package which included the removal of fuel subsidies.