The selective Spanish bounced with force when knowing the truce in the Trade war between the US and China, announced during this weekend at the G20. The news has been very well received by investors, since despite not reducing tariffs, the Bases to negotiate a new trade agreementl.
The US postpones the decision to increase the tariffs of the current 10%, to the 25% that it had planned to implement from January 1. While China, in addition to stop taxing car imports, is committed to buying more agricultural, industrial and energy products from the US.
In Europe the biggest sources of tension continue to be Brexit and Italian budgets. On December 11, the British parliament will decide whether to accept the approved agreement between Theresa May and the European Union, while Brussels continues to press Italy to lower the budget target to below 2% next year.
The companies most affected by the commercial war, such as Arcelor, Acerinox and Cie Automotive, were the ones that rose the most when they heard the news. Oil also rebounded strongly, as it is beginning to discount the production cuts expected to be announced by OPEC and its partners this week.