Published: Sat, November 03, 2018
Finance | By Jaime Brady

Stock markets rally after Trump and Xi talk trade

Stock markets rally after Trump and Xi talk trade

President Donald Trump has not asked USA officials to draw up a proposed trade plan for China, White House economic adviser Larry Kudlow said Friday. Suddenly, talks of 7.00 has nearly all but evaporated and the surge higher in the yuan here will continue to give added backing to gains seen in the aussie and the kiwi ahead of the U.S. jobs report later.

At a campaign rally in Columbia, Missouri, on Thursday night he said, "they want to make a deal".

"Xi noted in the conversation that China has repeatedly made clear its stance on bilateral ties, and hopes that both countries will promote a healthy, stable development of bilateral ties", Xinhua said of the call.

Trump said he also talked with Xi about "many subjects", including a "good discussion" on North Korea, where Trump is trying to negotiate an end to Pyongyang's nuclear weapons program. The Chinese president also said he would like to meet Trump at the G20.

Tensions have increased in recent months with United States officials accusing China of meddling in the U.S. midterm elections, conducting cyber espionage and military aggression.

However, a senior Trump administration reportedly denied that Trump was preparing to make a deal, a CNBC journalist said in a Twitter post on Friday.

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Xi on Thursday said he looks forward to meeting with Trump in Argentina and hopes the two sides build stable relations, according to China's state media.

"What they've done to our country is take out anywhere from $300 billion to $500 billion a year". -China Business Council in Beijing, said there were plenty of challenges that would require significant negotiations in advance of a meeting between Trump and Xi to ensure success.

In recent months, China has repeatedly questioned the US's sincerity in trade talks, wary of agreeing to something only to have Mr Trump change his mind. "President Xi Jinping also stressed that China-U.S. trade has always been serving as ballast and a stabilizer for China-US relations".

"The best situation (from a Trump-Xi meeting) would be no further actions, temporarily".

The HSI and Shanghai were already buoyant after Beijing said it would introduce measures to kickstart the stuttering economy following a string of weak data, including growth at its slowest pace in nine years during the third quarter.

Fujian Jinhua Integrated Circuit Co and Taiwan's United Microelectronics Corp were indicted along with three individuals, the Justice Department said. Trump said trade talks were "moving along nicely" and that meetings were "being scheduled" at the G20 summit in Buenos Aires. Ten percent tariffs on US$200 billion in imports that took effect in September are due to increase to 25% on Jan 1.

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