California’s fires as both tragedy and lesson

Last year, when wildfires in California were already breaking records, Gov. Jerry Brown advised the state to accept it as “the new normal.” This November, as the state saw its most destructive fires in history with dozens of people killed, the governor said the fires are instead “the new abnormal.”

He did not explain his change of terms. Yet the switch nicely wraps up a decades-long debate over whether wildfires are part of a natural order or something to quickly suppress, as Smoky Bear told generations of Americans.

It also hints at the question of whether humans are disrupting that order – such as with climate change – even as they struggle to find a harmonious place in it. Ancient humans may have “discovered” fire. But we moderns have yet to learn to live with it or deal with how we cause it.

Recommended: California fires: climate change, worsening drought, or more?

Compared with other states, California has done well in dealing with an increase in wildfires and in trying to find a balance between human structures and the grasslands, brush, and trees that are tinder for wildfires. The state, which is the world’s fifth-largest economy, has been a leader in reducing carbon emissions. It requires nonflammable materials in many new houses and a “defensible space” around homes to keep fires at bay. It has tried to use prescribed or “controlled” burns to get rid of dead vegetation, although not as well as in many Southeast states.

Like most states, it has not done as well in preventing the sprawl of homes onto the edges of forest and scrub, or what is called the wildlife-urban interface. The rising proximity of people to combustible lands may be the new normal. Yet isn’t it normal for humans to fit into the natural order of wildfires, which have long been necessary to maintain a resilient and balanced ecosystem?

In wilderness, constant change is the natural order yet humans somehow insist on defining what is good in nature, often demanding wild lands remain the same. As more people build homes near natural settings, the desire for aggressive fire suppression also rises. More government money still goes into fighting forest fires than other aspects of dealing with wildfires, such as zoning or green energy. Nationwide an estimated 46 million homes are in fire-prone areas.

At many levels of governance, there is still no universal consensus on how to deal with wildfires. “All fire strategies suffer failures and at roughly the same rate,” says fire historian Stephen Pyne, a professor at Arizona State University. About 2 to 3 percent of wildfires escape an initial attack by firefighters. A similar number of prescribed fires escape or fail to do the ecological work expected, he adds.

California’s battle with wildfires represents a mix of different strategies designed to both contain fire and live with it. What is normal or abnormal is not yet clear. But somewhere in the struggle lies the ideal of a natural order, with humans as part of it.

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Even after sell-off, Blackstone’s Wien avoids gloom on U.S. stocks

NEW YORK (Reuters) – U.S. stocks have been battered over the last few weeks but a senior executive at Blackstone Group LP, one of the world’s most influential asset managers, said there is no cause to be overly worried about next year.

Byron Wien, Vice Chairman of Private Wealth Solutions group, speaks during the Reuters Global Investment 2019 Outlook Summit, in New York, U.S., November 13, 2018. REUTERS/Brendan McDermid

“The market is getting oversold,” Byron Wien, vice chairman of the Blackstone Group’s Private Wealth Solutions Group, told the Reuters Global Investment 2019 Outlook Summit in New York on Tuesday. Yet he added, “I am not that pessimistic about next year.”

Speaking a day after the S&P 500 Index slid around 2 percent when worries about technology companies pulled most everything else lower too, Wien offered an explanation for the recent pullback and a modestly soothing outlook. The S&P is up only slightly for the year.

“Markets thrive on liquidity and we are siphoning it off (through the Federal Reserve’s interest rate tightening),” he said, adding, “that’s a cloud hanging over the markets that there isn’t as much liquidity.”

The sell-off has been fueled in part by worries about trade frictions between the United States and China as well as slowing growth abroad that investors fear might infect the United States.

Still, Wien, who became an industry icon during his two decades as chief U.S. investment strategist at Morgan Stanley, said he is “not pessimistic about next year.”

While earnings growth is expected to slow to 8.8 percent in 2019 from an estimated 24 percent this year according to IBES data from Refinitiv, there are still good companies to buy. He declined to give specific names but said he favors U.S. growth stocks and likes small-cap names.

Wien said he was less inclined to bet on large conglomerates because they often fail to deliver. “I am not a buyer of General Electric right now,” he said, referring to a company whose share price has been halved since the start of 2018 and which recently ousted its CEO, John Flannery, after just more than a year on the job.

“Being a chief executive is like being a (National Football League) player,” Wien said, referring to a sport known for high turnover of players and head coaches. “You are there for four years, first to clean up the mess of your predecessor and then to make your own messes.”

The octogenarian investor also had suggestions for President Donald Trump, urging him to boast more about the economy and remain silent on more emotionally charged issues like immigration and healthcare.

In the end, Wien said, the Nov. 6 U.S. elections in which the Democrats took control of the House of Representatives marks a favorable outcome for markets. “It will restrain the more extreme moves the Republicans could have made,” he said.

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Reporting by Svea Herbst-Bayliss and Jonathan Stempel in New York; Editing by Matthew Lewis

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UPDATE 1-Greece working on plans to help banks tackle bad debt mountain – sources

ATHENS (Reuters) – Greece is working on at least two different plans to provide asset protection to help its banks offload sour loans, bankers and sources close to the matter said on Tuesday.

FILE PHOTO – People make transactions in ATMs outside a National Bank branch in Athens, Greece, November 13, 2018. REUTERS/Alkis Konstantinidis

A source close to the consultations said the Greek government had asked JP Morgan to come up with a plan for an asset protection scheme and the Greek central bank also had a plan on how to tackle the banks’ mountain of bad loans.

“Both the central bank and the government are looking at initiatives to help banks reduce their non-performing loan portfolios,” the source told Reuters.

The JP Morgan plan would not necessarily rival that put forward by the central bank, the source added. They could complement each other.

Another source said the central bank’s proposal had been presented to the Greek government and to the country’s international lenders and was expected to be presented publicly in the coming days.

The HFSF (Hellenic Financial Stability Fund), which holds stakes in Greek banks after taking part in three recapitalizations, was reported to have proposed its own protection scheme earlier in the year.

Bad loans are the biggest challenge facing the Greek banking sector.

The plans are the latest attempt to tackle the conundrum of what to do with a pile of sour loans on banks’ balance sheets, inhibiting credit and depriving the economy of a potential source of growth.

Banks have agreed with European Central Bank regulators to take steps to shrink bad loans to 64.6 billion euros by the end of 2019. By the end of June, they stood at 88.6 billion euros, or 47.6 percent of banks’ overall loan book.

The sources confirmed a Bloomberg report saying that under the central bank’s plan, banks would transfer about half of their deferred tax claims to a special purpose vehicle. The vehicle will then sell bonds and use the proceeds to buy some 42 billion euros of bad loans from the lenders, the report said, citing people familiar with the matter.

Yiannis Stournaras, the central bank governor, told a conference in Geneva on Tuesday that efficient management of bad loans was of “utmost importance” to banking sector stability.

Writing by Michele Kambas; Editing by Adrian Croft and Edmund Blair

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Oil slumps 7 percent to one-year low as rout extends to 12 days

NEW YORK (Reuters) – Oil’s slide accelerated on Tuesday, with U.S. futures suffering their steepest one-day loss in more than three years due to ongoing worries about weakening global demand and oversupply.

FILE PHOTO: A general view of the drilling platform, the first out of four oil platforms to be installed at Norway’s giant offshore Johan Sverdrup field during the 1st phase development, near Stord, western Norway September 4, 2017. REUTERS/Nerijus Adomaitis/File Photo

U.S. futures closed down 7.1 percent, for a record 12th straight decline and the lowest since November 2017. More than 980,000 contracts changed hands, as funds shed positions.

“It’s like a run on the bank,” said Phil Flynn, analyst at Price Futures Group in Chicago. “It’s getting to the point where it doesn’t seem to be about fundamentals anymore, but a total collapse in price.”

Traders said the selling was an extension of Monday’s, which was triggered after U.S. President Donald Trump posted a tweet meant to put pressure on the Organization of the Petroleum Exporting Countries not to cut supply to prop up prices.

Trump’s tweet followed weekend reports that Saudi Arabia was considering a production cut at the December OPEC meeting, on increased alarm that supply has started to outpace consumption.

Speculators have pulled back on heavy bets on an oil rally, a process that continued Tuesday, traders said. As of last week, hedge funds and other money managers had reduced their long position in oil contracts to their lowest since August 2017.

Traders said that recent weakness in equities has fanned concerns about global growth, which is also contributing to declines in oil.

U.S. crude futures CLc1 settled down $4.24 a barrel, or 7.1 percent, to $55.69 a barrel. It was the largest one-day percentage decline for the contract since September 2015. U.S. crude has lost 28 percent since its early October peak.

Brent LCOc1 ended down $4.65, or 6.6 percent, to $65.47 a barrel, the largest one-day loss since July. Brent has lost 25 percent since peaking at a four-year high in early October. It now sits at levels not seen since March.

In its monthly report, OPEC said world oil demand next year would rise by 1.29 million barrels per day (bpd), 70,000 bpd less than predicted last month and the fourth consecutive forecast cut. Output, however, rose by 127,000 bpd to 32.9 million bpd, OPEC said.

Saudi Energy Minister Khalid al-Falih said on Monday that OPEC agreed there was a need to cut oil supply next year by around 1 million barrels per day from October levels to prevent oversupply.

Even as the Saudis have promised to reduce output, U.S. production reached 11.6 million bpd in the most recent week, a new record. Russia has given mixed signals about a cut, with Lukoil Chief Executive Vagit Alekperov saying on Monday that he did not see cuts being necessary.

“They can’t make up their minds on a cutback or not,” said Bob Yawger, director of energy futures at Mizuho. “These strange bedfellows no longer seem like they’re in the same bed anymore.”

Reporting by David Gaffen in New York; additional reporting from Christopher Johnson in London and Henning Gloystein in Singapore; Editing by Marguerita Choy and Leslie Adler

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UPDATE 5-Deadly California wildfire grows as city of Paradise smolders

PARADISE, Calif. (Reuters) – Convoys of fire engines rumbled through the smoldering northern California town of Paradise on Tuesday on their way to combat still-active sections of the state’s deadliest and most destructive wildfire in history, which grew by 8,000 acres.

Teams of workers wielding chainsaws cleared downed power lines and other obstacles from the streets, while forensics teams mobilized to resume their search for human remains in the charred wreckage of the Butte County town of 27,000, which was almost completely consumed by fire last Thursday, just hours after the blaze erupted.

The “Camp Fire” continued to rage in Butte County, about 175 miles (280 km) north of San Francisco, and expanded to 125,000 acres (50,500 hectares), more than four times the area of the city, the California Department of Forestry and Fire Protection (Cal Fire) said.

The death toll stood at 42 people, the most on record from a California wildfire. More than 7,600 homes and other structures burned down, also an all-time high.

Some 228 people are still unaccounted for and listed as missing. Officials asked relatives and friends to keep checking with evacuation shelters and call centers in the hope many of them could be located.

On a residential street in Paradise lined with burned down houses, a team of 10 rescue and forensic workers wearing white suits and helmets used a dog to search for victims.

“Look for skulls, the big bones,” one forensics worker said to others as they used metal poles and their hands to sift through the remains of a house.

Another found a firearm and marked it for later removal.

Across the street, two rescue workers in red led a dog around a burnt-out car and through the foundation of a house.

The fire was 30 percent contained, suggesting a “big chunk” was under control, but full containment was not expected until the end of November and the progress would depend largely on the wind and the weather, Cal Fire spokeswoman Erica Bain said.

NASA’s Operational Land Imager satellite image shows the Camp Fire burning at around 10:45 a.m. local time near Paradise, California, U.S., on November 8, 2018. Picture taken on November 8, 2018. Courtesy NASA/Handout via REUTERS

“Thirty percent is kind of where we’re getting close to rounding the corner. When we’re in the 30s and 40s, they’re getting a good handle on it. By the end of this week I’d like to see that number up to 40, maybe 45,” Bain said.

One hundred fifty search-and-recovery personnel were due to arrive in the area on Tuesday, bolstering 13 coroner-led recovery teams in the fire zone, said Butte County Sheriff Kory Honea.

The sheriff has requested three portable morgue teams from the U.S. military, a “disaster mortuary” crew, cadaver dog units to locate human remains and three groups of forensic anthropologists.

Some 52,000 people remained under evacuation orders and 8,700 firefighters from 17 states have been battling the wildfires.

In Southern California, two people died in the separate “Woolsey Fire,” which has destroyed 435 structures and displaced about 200,000 people in the mountains and foothills near Southern California’s Malibu coast, west of Los Angeles.

The Woolsey Fire was 35 percent contained, up from 30 percent a day earlier, Cal Fire said, as authorities reopened a number of communities that had been under evacuation orders.

Authorities were probing the cause of the fires. A spokeswoman for the California Public Utilities Commission said on Tuesday the regulator has launched investigations that may include an inspection of the fire sites once Cal Fire allows access.

PG&E Corp, which operates in northern California, and Edison International, the owner of Southern California Edison Co, have reported to regulators that they experienced problems with transmission lines or substations in areas where fires were reported around the time they started.

President Donald Trump on Monday night declared a major disaster exists from the fires, making federal funds available to people and local government agencies in Butte, Los Angeles and Ventura counties.

The pledge came two days after Trump blamed the brush fires on forest mismanagement, tweeting “Remedy now, or no more Fed payments!”

Slideshow (13 Images)

He struck a more sympathetic tone while speaking from the White House on Tuesday.

“We mourn the lives of those lost and we pray for the victims,” Trump said while thanking first responders. “We will do everything in our power to support and protect our fellow citizens in harm’s way.”

For a graphic on Deadly California fires, see – tmsnrt.rs/2Plpuui

Reporting by Noel Randewich and Sharon Bernstein; Additional reporting by Brendan O’Brien in Milwalukee; Writing by Daniel Trotta; Editing by Steve Orlofsky and Lisa Shumaker

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Wall Street gives up early gains as energy weighs on stocks

NEW YORK (Reuters) – Wall Street struggled for momentum on Tuesday, giving up early gains as a rebound in technology stocks and renewed hope for progress in trade talks were offset by drops in Boeing and energy stocks.

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 12, 2018. REUTERS/Brendan McDermid

Boeing Co (BA.N) reported a 37 percent increase in 737 deliveries in October but shares fell on concerns related to last month’s deadly crash of a 737 operated by Indonesia’s Lion Air. The stock was last down 2.6 percent, providing the biggest drag on the Dow.

Energy stocks .SPNY weighed heaviest on the S&P 500, driven down after crude prices LCOc1 fell 7.2 percent.

Technology bounced back from recent losses, edging the Nasdaq into positive territory.

U.S.-China trade tensions enjoyed a reprieve as negotiations between the world’s two largest economies appeared to be making headway.

China President Xi Jinping and U.S. President Donald Trump are expected to meet at a G20 summit in Argentina at the end of November in an ongoing effort to iron out trade differences that have troubled markets for much of the year.

Tariff-vulnerable industrial stocks .SPLRCI were up 0.3 percent, led by General Electric Co (GE.N) and Caterpillar Inc (CAT.N).

“(Trade is) still an open question. It’s still a work in progress,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. “It will continue to dog the markets short term until it gets worked out”

General Electric was up 8.6 percent as the conglomerate unveiled plans to raise $4 billion by accelerating a sale of its stake in oilfield services provider Baker Hughes (BHGE.N).

Homebuilder Beazer Homes USA Inc (BZH.N) jumped 28.6 percent after its quarterly revenue topped estimates and the company announced a $50 million buyback scheme.

Home Depot Inc (HD.N) posted better-than-expected same-store sales, but suggested that U.S. home sales were slowing down and impending tariffs could lead to price hikes for its products.. The stock recovered from early losses, and was last up 0.3 percent.

Amazon.com shares were down 0.4 percent following the online retailer’s announcement that it had selected New York City and Northern Virginia for its two new headquarters.

Shares of Tyson Foods Inc (TSN.N) dropped 5.8 percent, the biggest percentage loser on the S&P 500, after the top U.S. meat processor’s sales missed Wall Street estimates due to lower demand for chicken.

The Dow Jones Industrial Average .DJI fell 126.93 points, or 0.5 percent, to 25,260.25, the S&P 500 .SPX lost 4.23 points, or 0.16 percent, to 2,721.99 and the Nasdaq Composite .IXIC added 1.81 points, or 0.03 percent, to 7,202.67.

Third-quarter earnings season approaches the final stretch, with 91 percent of S&P 500 companies having reported, 77.5 percent of which have beaten estimates, according to Refinitiv data.

Of the 11 major sectors in the S&P 500, six were in negative territory.

Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.04-to-1 ratio favored advancers.

The S&P 500 posted 8 new 52-week highs and 9 new lows; the Nasdaq Composite recorded 15 new highs and 126 new lows.

Reporting by Stephen Culp; Editing by Chizu Nomiyama

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US STOCKS-Wall Street gives up early gains as energy weighs on stocks

NEW YORK (Reuters) – Wall Street struggled for momentum on Tuesday, giving up early gains as a rebound in technology stocks and renewed hope for progress in trade talks were offset by drops in Boeing and energy stocks.

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 12, 2018. REUTERS/Brendan McDermid

Boeing Co (BA.N) reported a 37 percent increase in 737 deliveries in October but shares fell on concerns related to last month’s deadly crash of a 737 operated by Indonesia’s Lion Air. The stock was last down 2.6 percent, providing the biggest drag on the Dow.

Energy stocks .SPNY weighed heaviest on the S&P 500, driven down after crude prices LCOc1 fell 7.2 percent.

Technology bounced back from recent losses, edging the Nasdaq into positive territory.

U.S.-China trade tensions enjoyed a reprieve as negotiations between the world’s two largest economies appeared to be making headway.

China President Xi Jinping and U.S. President Donald Trump are expected to meet at a G20 summit in Argentina at the end of November in an ongoing effort to iron out trade differences that have troubled markets for much of the year.

Tariff-vulnerable industrial stocks .SPLRCI were up 0.3 percent, led by General Electric Co (GE.N) and Caterpillar Inc (CAT.N).

“(Trade is) still an open question. It’s still a work in progress,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. “It will continue to dog the markets short term until it gets worked out”

General Electric was up 8.6 percent as the conglomerate unveiled plans to raise $4 billion by accelerating a sale of its stake in oilfield services provider Baker Hughes (BHGE.N).

Homebuilder Beazer Homes USA Inc (BZH.N) jumped 28.6 percent after its quarterly revenue topped estimates and the company announced a $50 million buyback scheme.

Home Depot Inc (HD.N) posted better-than-expected same-store sales, but suggested that U.S. home sales were slowing down and impending tariffs could lead to price hikes for its products.. The stock recovered from early losses, and was last up 0.3 percent.

Amazon.com shares were down 0.4 percent following the online retailer’s announcement that it had selected New York City and Northern Virginia for its two new headquarters.

Shares of Tyson Foods Inc (TSN.N) dropped 5.8 percent, the biggest percentage loser on the S&P 500, after the top U.S. meat processor’s sales missed Wall Street estimates due to lower demand for chicken.

The Dow Jones Industrial Average .DJI fell 126.93 points, or 0.5 percent, to 25,260.25, the S&P 500 .SPX lost 4.23 points, or 0.16 percent, to 2,721.99 and the Nasdaq Composite .IXIC added 1.81 points, or 0.03 percent, to 7,202.67.

Third-quarter earnings season approaches the final stretch, with 91 percent of S&P 500 companies having reported, 77.5 percent of which have beaten estimates, according to Refinitiv data.

Of the 11 major sectors in the S&P 500, six were in negative territory.

Declining issues outnumbered advancing ones on the NYSE by a 1.04-to-1 ratio; on Nasdaq, a 1.04-to-1 ratio favored advancers.

The S&P 500 posted 8 new 52-week highs and 9 new lows; the Nasdaq Composite recorded 15 new highs and 126 new lows.

Reporting by Stephen Culp; Editing by Chizu Nomiyama

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Emerging debt, unlike most fixed income, not expensive: TCW’s Foley

NEW YORK (Reuters) – Emerging market debt is a rare fixed-income class that does not look too expensive, and could be an even more attractive investment if the U.S. dollar weakens, according to Penny Foley, portfolio manager for TCW Group Inc’s emerging markets and international equities groups.

Penny Foley, Portfolio Manager for the TCW Emerging Markets and International Equities Groups, speaks during the Reuters Global Investment 2019 Outlook Summit, in New York, U.S., November 13, 2018. REUTERS/Brendan McDermid

Foley said at the Reuters Global Investment 2019 Outlook Summit in New York that the 360 basis point (3.6 percentage point) average spread on JPMorgan’s Emerging Market Bond Index is only about 10 basis points above its longer-term median.

“We’re trading at about 10 basis points wide of fair value,” she said. “I don’t think there’s another fixed-income class I can think of that is trading anywhere near fair value. Most of them are trading expensive to their long-term averages.”

Foley, who helps invest $14 billion, said TCW’s total return portfolio carries an average “double-B” credit rating and roughly 7.125 percent yield, far above the sub-3 percent yields from the majority of fixed income investments worldwide.

The portfolio began the year with a 15 percent weighting in local currency debt, which TCW pared after yield premiums fell.

But Foley said new opportunities could arise if the strong U.S. dollar falls, including if U.S. budget deficit rises.

“Local currency could be the surprise for 2019,” she said.

Foley said Brazil could offer opportunities after the recent election of right-wing Jair Bolsonaro, who will take office as president on Jan. 1.

She said TCW had a market-weight position in Brazil when the election campaign began. That included an emphasis on companies such as Petrobras SA and Banco do Brasil SA that were “shifting from being an instrument of public policy to more profit-oriented,” Foley said.

Foley said TCW doubled its weighting in Brazil to 8 percent during the campaign, optimistic about Bolsanaro’s economic policies and the people he installs to implement them.

“He has a social agenda that is very unsettling, and I find that difficult,” she said. “On the other hand, he has I think some strong and right thinking around economic issues, and has the support of folks who think these things through. … The big question is implementation.”

Foley is also waiting to see if U.S. President Donald Trump imposes tariffs on another $257 billion of goods from China, mainly consumer products, on top of recent tariffs on some $250 billion of steel, aluminum and other imports from there.

She said the administration risks alienating consumers who might feel the tariffs more directly at the checkout counter, because there are no intermediaries in supply chains to absorb the higher costs.

“It’s a very hard call on whether it will happen or not,” she said. “It’s very hard to trade that kind of market.”

Follow Reuters Summits on Twitter @Reuters_Summits

Reporting by Jonathan Stempel in New York; Editing by Jennifer Ablan and Richard Chang

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Oil plummets on global demand concerns; U.S. stocks turn lower

NEW YORK (Reuters) – Wall Street stock prices shed earlier gains on Tuesday while oil prices plunged on persistent concerns of weakening global demand.

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 12, 2018. REUTERS/Brendan McDermid

The U.S. benchmark S&P 500 stock index .SPX turned negative after energy stocks were depressed by falling Brent and U.S. crude futures. Oil prices tumbled 7 percent, with U.S. crude touching its lowest level in a year.

Brent and U.S. crude extended their fall from Monday after U.S. President Donald Trump put pressure on OPEC not to cut supply to prop up prices. Both crude benchmarks have fallen more than 20 percent since peaking at four-year highs in early October.

“It’s like a run on the bank,” said Phil Flynn, analyst at Price Futures Group in Chicago. “It’s getting to the point where it doesn’t seem to be about fundamentals anymore, but a total collapse in price.”

U.S. natural gas futures, however, soared to their highest since November 2014 on forecasts for colder weather.

Earlier, U.S. stocks had risen after White House Economic Adviser Larry Kudlow said Washington had resumed trade talks with China and characterized the development as “very positive.” Technology stocks bounced back a day after a rout that led the S&P 500’s nearly 2 percent decline.

The U.S. dollar index .DXY, which has steadily climbed as the U.S.-China trade dispute has escalated, dipped 0.2 percent.

“To the extent that we get movement in the tariff discussion the market will view that as a positive,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

The pound GBP=D3 rose 0.8 percent to $1.2953 after reports that the United Kingdom and the European Union had agreed upon the text of a Brexit agreement and that British Prime Minister Theresa May would hold a cabinet meeting on Wednesday.

The euro EUR=EBS also rose from a 16-month low, last up 0.4 to $1.1264, though its gains were capped by concerns over Italy’s budget and downbeat German investor sentiment data.

The Dow Jones Industrial Average .DJI fell 112.53 points, or 0.44 percent, to 25,274.65, the S&P 500 .SPX lost 3.22 points, or 0.12 percent, to 2,723 and the Nasdaq Composite .IXIC added 3.79 points, or 0.05 percent, to 7,204.66.

MSCI’s gauge of stocks across the globe .MIWD00000PUS shed 0.12 percent.

Benchmark 10-year U.S. Treasury notes US10YT=RR last rose 12/32 in price to yield 3.1452 percent, from 3.189 percent late on Friday. The Treasury market was closed on Monday for the Veterans Day holiday.

U.S. crude CLc1 fell 7.88 percent to $55.21 per barrel and Global benchmark Brent crude LCOc1 fell $5.12 a barrel to a session low of $65 a barrel in post-settlement trade.

But front-month gas futures NGc1 on the New York Mercantile Exchange jumped 7.7 percent.

Reporting by April Joyner; Additional reporting by David Gaffen and Stephen Culp in New York and Tom Finn and Marc Jones in London; Editing by David Gregorio and Cynthia Osterman

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