Battered global shares struggle to find their footing
Equities are still under pressure after China says it will meet the US, while a small dip in the dollar and a recovery in the lira help to steady emerging-market currencies
London — Bruised world shares and emerging-market currencies fought to regain their footing on Thursday, after China said it will hold trade talks with the US in August and Turkey’s lira continued its recovery run. Asian equities had hit one-year lows overnight as they tracked Wednesday’s global falls and Tencent results disappointed, but a fresh recent high for the FTSE and modest gains elsewhere pulled Europe up early on. A dip in the dollar and the sight of the lira striding back above six to the dollar and a higher Chinese yuan also steadied emerging-market currencies like the rand, Russia’s rouble and Mexico’s peso. Emerging-market stocks nudged lower again though after they had crossed the 20% peak-to-trough threshold that defines a "bear" market. Metals markets clawed higher, however, after copper had also entered bear territory. "The Chinese are heading to Washington and yuan bounced, the Qataris are heading to Ankara and the lira bounced and has left everything else floatin...
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