Oil extends gains as Brent jumps by 5%
Oil rose today as market’s hopes increased after Trump’s administration announcement which has eased the US-China trade dispute.
Trump’s administration decided to delay the tariffs increase on several Chinese imports until mid-December.
Which comes instead of Trump's decision to impose a 10% tariffs increase on Chinese imports worth $300 billion as of September 1st.
Devices such as cell phones, video games and clothes were exempted from the decision.
As of 16:30 GMT, dollar rose by 0.4% to 97.7 points, with a high of 97.8 and a low of 97.3.
In oil market, By 16:25 GMT, WTI rose by 4.3% to $57.3 per barrel, with a high of $57.4 and a low of $54.2.
Brent jumped by 5% to $61.3 per barrel, with a high of $61.4 and a low of $58.
Copper rises 2% as trade tensions ease
Copper rose today as US-China trade tensions eased after US officials announced intensive calls with the Chinese side, which have boosted market's hopes about demand on metals.
US Treasury Secretary Steven Mnuchin said President Trump's administration has delayed the tariffs increase decision on several Chinese imports until mid-December.
Which comes instead of Trump's decision to impose a 10% tariffs increase on Chinese imports worth $300 billion as of September 1st.
As of 14:45 GMT, dollar vs. a basket of currencies rose by 0.4% to 97.7 points, with a high of 97.8 and a low of 97.3.
By 14:41 GMT, copper futures (September delivery) rose by 2% to $2.632 per pound, with a high of $2.638 and a low of $2.567.
Trump delays tariffs on Chinese imports, including cell phones and video games
US Trump's administration announced today that it will postpone imposing tariffs on some chinese imports, such as iPhones, Xbox consoles and Chinese made laptops.
While the 10 percent tariffs increase on $300 billion in Chinese imports was supposed to start from September 1st, Trump exempted several of them from tariffs until December 15th.
Devices such as cell phones, video games, and smart home appliances such as Amazon Eco would have been targeted with tariffs for the first time in the US, if it wasn't for this exemption.
Dow Jones rises 1.5%, returns above 26,000 points
US stocks rose today, returning to rise again after the US-China trade war concerns eased in addition to positive economic data.
News agencies said today Trump's administration intends to exempt several Chinese products from the 10% tariffs increase until mid-December instead of 1st of September.
This decision came after intensive calls between the two countries recently to ease the ongoing trade escalation after Trump's decision to impose more tariffs.
The US released data today that showed that the CPI rose by 0.3% in July.
By 15:04 GMT, Dow jones rose by 1.5% or 385 points to 26,287 points, Nasdaq rose by 1.8% or 140 points to 8,003, and S&P 500 rose by 1.4% or 41 points to 2,921.