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Stocks Rally on Trade Optimism; Treasuries Slip: Markets Wrap

  • U.S. growth slows but consumer spending exceeds forecasts
  • Pound falls amid Brexit risk; dollar, West Texas crude gain
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We favor gold over bonds as a hedge against uncertainty, says Janet Mui of Cazenove Capital.Source: Bloomberg
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U.S. equities rallied Thursday after China indicated it wouldn’t immediately retaliate against the latest American tariff increase. Treasuries edged down, while a dollar gauge hit a two-year high.