Chinese stocks rise on hopes for U.S. trade progress

Source Willy Woo  Twitter

Source Willy Woo Twitter

Against the euro, the USA dollar had strengthened 0.25 percent to US$1.137, its strongest since January 4.

A distinguishing, precedent-breaking characteristic of President TrumpDonald John TrumpPentagon update to missile defense doctrine will explore space-base technologies, lasers to counter threats Giuliani: "I never said there was no collusion" between the Trump campaign and Russia Former congressmen, RNC members appointed to Trump administration roles MORE's trade policy is its focus on the trade balance.

WALL STREET: Stocks climbed on trade optimism following the report Mnuchin might support a cut in US penalty duties on Chinese imports. The Standard & Poor's 500 index rose 0.8 per cent to 2,635.96. The Dow jumped 336.25 points, or 1.4 percent, to 24,706.35.

While the equity rally lifted all major sectors, trade-sensitive industrials .SPLRCI posted among the biggest S&P 500 sector gains, up 1.9 percent on the day.

At a summit last month, the two countries agreed that the United States would postpone imposing higher tariffs on Chinese imports until March 1st while they continue negotiations to try to settle their dispute. "That's always been unacceptable to the US because of the strategic costs". China reported Monday its 2018 trade surplus with the United States swelled to a record $323.3 billion.

Liu held talks in June in Beijing with U.S. Commerce Secretary Wilbur Ross as trade tensions mounted. The two countries have raised taxes on billions of dollars of each other's goods in the spat over the trade deficit, Beijing's manufacturing plans, and USA complaints that China steals technology from foreign companies.

Some strategists said relatively light equity trading volume this week indicated that some investors were still waiting on the sidelines.

Citing anonymous sources, the paper said the Department of Justice is looking into allegations of theft of trade secrets from Huawei's USA business partners, including a T-Mobile robotic device used to test smartphones.

The Philadelphia SE semiconductor index rose more than 2 per cent and Germany's exporter-heavy DAX was up 2.6 per cent.

Japan's Nikkei gained 1.2 percent to ¥20,661.00, marking a one-month high.

Volume on US exchanges was 7.19 billion shares, compared to the 8.58 billion average over the last 20 trading days.

Benchmark 10-year notes last fell 11/32 in price to yield 2.786%, compared with 2.747% late on Thursday. Brent crude, used to price global oils, added 2.5 percent to $62.70 a barrel in London.

Also helping to boost stocks on Thursday was a rebound in financial shares, which ended 0.5 percent higher after having dropped as much as 1 percent.

TESLA CUTS: Shares in Tesla were down nearly 7 percent in pre-market electronic trading in NY after the company said it would cut 7 percent of its workforce. Deere climbed more than 3 percent.

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