BlockBeats news, on May 12, the high-level China-US economic and trade talks that Wall Street is most concerned about took place in Geneva, Switzerland from May 10 to 11. The high-level China-US economic and trade officials subsequently announced that the talks had made substantial progress. Boosted by this news, US stock futures surged across the board on Sunday night, with Dow Jones, S&P 500, and Nasdaq index futures all rising by more than 1%. Meanwhile, the US and UK reached a trade agreement framework on May 8, which Trump described as 'breakthrough', aiming to lower tariff barriers and expand market access.
The dual positive news stimulated market sentiment, with the three major US stock indexes ending three consecutive weeks of decline, and Bitcoin skyrocketing over 6% in a single day, breaking through the $100,000 mark. US Commerce Secretary Raimondo emphasized that the 10% baseline tariff on many countries would 'remain unchanged in the short term', but the US-UK agreement may provide a reference for future trade negotiations. Analysts pointed out that although the details of the agreement still need to be improved, market optimism about global economic recovery and easing trade friction has significantly increased, and risk assets may continue to be strong in the short term.
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