S&P 500 futures extend rally overnight as Trump says no plans to fire Powell

Stock markets were enjoying a much-needed relief rally in Asia on Wednesday after President Donald Trump said he had no plans to fire the head of the Federal Reserve, and hinted at lower tariffs for China. The dollar jumped across the board after Trump walked back on threats to dismiss Fed Chair Jerome Powell, which had badly shaken investor confidence in U.S. assets. Trump also reiterated he wanted to do a deal with China where tariffs would not be anywhere near 145%, but added that he would set the terms of a deal if Beijing did not enter talks. Earlier…