Apr 10, 2018

Global stocks climb after Xi promises trade reforms

Xi spoke of opening China's economy in his speech. Photo: Qilai Shen/Bloomberg via Getty Images

Markets around the world are rallying Tuesday morning after Chinese President Xi Jinping delivered a speech pledging to significantly lower tariffs on imported cars and emphasizing that China wants a "greater balance of international payments."

The details, via WSJ: "Shortly after the U.S. open, the Dow Jones Industrial Average rose 373 points, or 1.6%, to 24352. The S&P 500 added 1.3%, and the Nasdaq Composite gained 1.4%."

Yes, but: Xi has made these promises before — most recently at the World Economic Forum in 2017 — and it's not yet clear what reforms will actually be implemented and when, but his positive tone was enough to ease trade tensions that had the markets in a frenzy.

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America's rundown roads add to farmers' struggles

Illustration: Sarah Grillo/Axios

American farmers are struggling to safely use the roads that cut through their fields; decades of neglect and lack of funding have made the routes dangerous.

The big picture: President Trump has long promised to invest billions in rural infrastructure, and his latest proposal would allocate $1 trillion for such projects. Rural America, where many of Trump's supporters live, would see a large chunk of that money.

South Korea and Italy see spikes in coronavirus cases

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. South Korea's confirmed cases jumped from 204 on Friday to 433 on Saturday, while Italy's case count rose from 3 to 62 as of Saturday.

The big picture: COVID-19 has now killed at least 2,362 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

Go deeperArrowUpdated 1 hour ago - Health

Centrist Democrats beseech 2020 candidates: "Stand up to Bernie" or Trump wins

Bernie Sanders rallies in Las Vegas, Nevada on Feb. 21. Photo: Mario Tama/Getty Images

Center-left think tank Third Way urgently called on the Democratic front-runners of the 2020 presidential election to challenge Sen. Bernie Sanders on the South Carolina debate stage on Feb. 25, in a memo provided to Axios' Mike Allen on Saturday.

What they're saying: "At the Las Vegas debate ... you declined to really challenge Senator Sanders. If you repeat this strategy at the South Carolina debate this week, you could hand the nomination to Sanders, likely dooming the Democratic Party — and the nation — to Trump and sweeping down-ballot Republican victories in November."