FAST FIVE: Futures Soar As China Offers To Buy Another $10 Billion Of US Goods
Futures Soar As China Offers To Buy Another $10 Billion Of US Goods Indeed, the last hour of watching E-mini S&P500 futures has been a wild ride.
There have been two spikes in futures, one at 5:10 am est.
or so, when a headline hit detailing how Beijing “may be open” to a “partial” US trade deal. Then, the next spike, at 5:47 am est.
was a 20 point, 71bps pop in 35 seconds, algos went into panic buying after the Financial Times reported Chinese officials offered “to increase annual purchases of US agricultural products by $10bn a year.” China's lead trade negotiator, Vice Premier Liu He, will meet with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Thursday to hash out a possible lite trade deal, and if all goes well, a potential meeting with President Trump could be seen on Friday.
“The Chinese are ready to de-escalate.” And all of these headlines are occurring as E-Mini S&P500 futures struggle to stay above the daily 200ema.