Domestic stocks edged higher, while the dollar dipped as investors turned attention to the latest NAFTA talks. The yuan gained after China said it wouldn’t devalue its currency.
The S&P 500 Index rose for a second day ahead of trade talks between American and Canadian officials set for Wednesday in Washington. Banks paced gains as the 10-year Treasury yield advanced above 3.06%, while technology firms weighed on the benchmark. The dollar fell against most major currencies, and West Texas crude traded above $70 a barrel.
Earlier, shares in Japan, Hong Kong and China climbed. Emerging-market equities advanced for the fifth time in six sessions as their currencies strengthened.
While the threat to global growth remains, investors have had months to form a view on the trade war, and stock markets have been signaling an improving sentiment of late: A basket of global shares is rising for the seventh time in eight sessions. But that perspective could be in jeopardy if tariffs have a bigger-than-expected impact on the economy. As the week grinds on, Brexit remains a key item on the agenda as the U.K. and European Union battle against the clock for an accord.
Elsewhere, oil rose after gaining Tuesday when Saudi Arabia expressed comfort with Brent prices rising above $80 a barrel. The yen edged up after the Bank of Japan left its policy unchanged, keeping monetary stimulus in place.