U.S. equities recovered some poise
U.S. equities recovered some poise amid hopes that the trade spat could have a potentially benign resolution after malign tone of late that swamped stocks again on Friday. On the U.S. side, Trump and Kudlow made hopeful noises over the weekend, though Trump subsequently went back on the warpath on Twitter, describing 2.5% U.S. auto tariffs vs 25% in China as "stupid trade" shortly after endorsing his friendship with Xi and touting a likely amicable resolution to trade barriers. Xi will be making a keynote speech on trade tomorrow that will be closely eyed for any thaw in hostilities, after news that China is reportedly studying yuan devaluation as part of its retaliatory arsenal. The Dow is 153-points firmer, S&P gained 14-points and NASDAQ is up 44-points ahead of the opening bell. This followed mild moves in Asia and Europe, which have been caught in the crossfire. Japan's N-225 rose 0.5%, HK's Hang Seng +1.2%, while China's CSI 300 sank marginally. Europe has cooled off after initially roaming higher. GM rallied 2.5% after a Morgan upgrade, while AveXis surged 85% after a $8.7 B bid from Novartis of Switzerland.