FRANKFURT (dpa-AFX) – Tariff cuts between the US and China in their dispute, which has been escalating since April, sent the DAX to new record highs at the start of the week. Shortly after the start of trading, the German benchmark index jumped 1.54 percent to 23,861.01 points, after breaking through the 23,500-point mark for the first time on Friday.
China and the US have agreed to reduce their mutual tariffs in the ongoing trade dispute. According to a joint statement, the arrangement will apply temporarily for 90 days.
The market reacted with relief to the news that the world’s two largest economies had moved towards each other and wanted to reduce their tariffs again. In addition, the upcoming negotiations between Russia and Ukraine on a possible permanent peace are also viewed positively, as is the ceasefire between India and Pakistan on the Asian stock markets, said portfolio manager Thomas Altmann of QC…
