After plunging over 600 points just minutes earlier as we approached 3pm, the Dow Jones has ripped higher by 400 points after the Washington Post reported, for the second time today, that presidents Trump and Xi have agreed to meet at next month's G-20 summit in Argentina.
This is the second iteration of the same "meeting" news which Dow Jones reported earlier, and which was promptly shut down during a CNBC interview with Larry Kudlow who clarified that, while talks about a meeting between Trump and Xi were ongoing, a concrete agreement has not yet been reached. His comments sent stocks lower once again, with Dow futs moving off their session highs.
And, just like after the first report meeting earlier on Thursday, after surging in kneejerk reaction, stocks have once again faded the move higher as doubts have crept in that i) Trump will actually follow through with the agreement or ii) be willing to concede anything.
Meanwhile, despite Kudlow's walk back, the offshore yuan advanced more than 0.5% on Thursday, strengthening past 6.90 on speculation that Trump may finally be ready to come to the negotiating table.