By James Sillars, business and economics reporter
It could be argued that Donald Trump was in need of some positive headlines.
It’s been a horrendous past week for the self-styled champion of American industry, with stock market investors taking a revised view on his trade war.
After recent losses on the S&P 500 topped $4trn in the wake of his refusal to rule out a recession, along with a collapse in the value of the dollar, US and European markets declined further yesterday.
The falls were more measured, with the latest tariff threats emanating from the White House a key driver.
But there was a shift in focus today, with hopes of a ceasefire in the Russia-Ukraine war bolstering sentiment, according to analysts.
US-brokered talks in Saudi Arabia achieved agreement from Ukraine on the terms – with the ball now in Russia’s court.
Also, seemingly, brightening the mood further was US confirmation that it had restored military and intelligence aid to Ukraine.
US futures were trading higher as dealing in Asia got into full swing.
After losses above 1% across many European indices on Tuesday, the FTSE 100 opened 0.3% higher.
The CAC in France and DAX in Frankfurt were both 0.9% up.
Gains were tempered by the EU’s decision to retaliate as US tariffs on all steel and aluminium imports took effect.
Threats to the return to buying are looming large.
Higher than expected US inflation data this lunchtime, along with any new trade war salvoes, are seen as the main risks.
