LONDON: A dive in the dollar catapulted the euro higher and flattened stocks on Thursday, as the first U.S.-China trade talks since July and a report accusing the European Central Bank chief Mario Draghi of going rogue jostled for attention.
The Financial Times reported that the ECB had restarted its bond-buying program last month despite objections of its own officials, a further sign of how the move has reopened divisions within the institution. U.S. S&P 500 mini futures traded down 0.1per cent, with a large part of early losses cut after the New York Times reported that Washington would soon issue licenses allowing some U.S. firms to supply non-sensitive goods to China's Huawei Technologies.
"Barring any surprise today, it looks like their talks are breaking down. The tariff will be hiked. The situation looks dire," said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities. "Mr. Trump's recent impeachment risk has turned the timetable against him," Chi Lo, senior economist at BNP Paribas Asset in Hong Kong, wrote in a report to clients.
The 10-year Treasuries yield dipped to one basis point to 1.577per cent although the ECB chatter helped push euro zone yields slightly higher.
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