Global stocks rally and the yuan jumps after Biden says he's weighing cutting tariffs on China

On Monday, global stocks rose and the yuan appreciated after US President Joe Biden said he was considering cutting tariffs on China.

S&P 500 futures were up as of 5.27 a.m. When trading begins, stocks will open higher. The futures of the two major stock exchanges were up, with the Dow Jones futures up 0.36% and the Nasdaq 100 futures up 0.43%.

The European continent-wide Stoxx 600 was up. The CSI 300 closed lower, paring earlier losses, while the Nikkei rose.

During a news conference in Japan, Biden said he was considering lowering tariffs on China. The tariffs were put in place by President Donald Trump to reduce the US trade deficit.

I am considering it. We didn't impose any of those tariffs. Biden said that they were imposed by the last administration and that they were under consideration.

US and European futures are trading positive today as traders are feeling a bit optimistic about the news that the Biden Administration could be reversing some of the tariffs.

The yuan has fallen sharply this year as the country&s economy has slowed under the zero-COVID policy.

The offshore yuan was up as much as 0.7% and was last up 0.51% to 6.664 per dollar.

The US dollar index fell as investors sold the safe-haven currency because of their fears about the global economy.

The Australian and New Zealand dollars are leading the rally against the dollar this morning on the back of risk-on sentiment and another strong day for the Chinese yuan.

Reports that President Biden is considering lifting some of the tariffs on China are helping.

US government bonds dipped and pushed up yields. The yield on the 10-year US Treasury note went up.

A portfolio manager at a billionaire investor says to buy 27 stocks that have the pricing power to deliver returns as inflation soars.

Central banks have raised interest rates to tame inflation, the invasion of Ukraine has dragged on, and Chinese growth has slowed, as investors dumped global stocks at a rapid pace this year.

The S&P 500 is flirting with a bear market, a fall of 20% from recent highs. It was down around 19% from its peak as of Friday.

The minutes from the last Fed meeting will be published on Wednesday, and may give traders more insight into the central banks plans for raising interest rates further.

The data for the central bank's preferred inflation gauge is due Friday.