Global Stocks Remain in Red

Forex News

US financial markets are closed for the Thanksgiving Day holiday, but other global markets will operate on a normal schedule. Global stocks remain under pressure. Asian stock markets closed mostly in negative territory and European shares are also lower.

The Chinese markets leading losses, amid concern over the ongoing trade spat between Beijing and Washington. Tensions between the two countries have dominated headlines this year, with both sides imposing tariffs on each other's products. US President Donald Trump is expected to meet Chinese President Xi Jinping on the sidelines of the upcoming G-20 summit in Argentina at the end of the month.

The British pound rallied today, following reports that the UK and the European Union have reached an agreement on a draft text outlining future EU-UK ties post-Brexit. The GBP/USD pair jumped by nearly 1%.

It was reported that the draft text says that the EU and the UK will commit to 'deep' customs cooperation and build on 'single customs territory'. The EU is to recognize UK's independent trade policy and the transition period can be extended for up to "one or two years".