Trump’s first trade deal might be a ‘nothingburger’ but stock investors like the taste of it anyway

Photo: FEASTERVILLE-TREVOSE, PENNSYLVANIA - OCTOBER 20: Republican presidential nominee, former U.S. President Donald Trump works behind the counter during a campaign event at McDonald's restaurant on October 20, 2024 in Feasterville-Trevose, Pennsylvania. Trump is campaigning the entire day in the state of Pennsylvania. Trump and Democratic presidential nominee Vice President Kamala Harris continue to campaign in battleground swing states ahead of the November 5th election. (Photo by Doug Mills-Pool/Getty Images) (Credit: Doug Mills—Pool/Getty Images)

• Global markets largely rose this morning as investors appear to be betting that President Trump will eventually compromise on much of his tariff agenda, and that although tariffs will remain in place they will sit at the 10% level—lower than some had predicted.

Stocks rose this morning across global markets as investors digested the few details available on the trade deal announced yesterday between the U.S. and the U.K. They also looked favorably upon comments by President Trump that the tariffs he has proposed for China will probably come down.