China & US To Hold Trade Talks In Beijing

Anna Jefferson
January 7, 2019

The Russell 2000 index surged 41 points, or 3.1 per cent, to 1,372. Still, manufacturing gauges are weakening as tariffs start to bite - and that's happening in China too.

Global stocks are jumping Friday as investors welcomed news of trade talks between the USA and China next week and the US government reported a big increase in hiring in December.

China and the United States will hold vice ministerial level trade talks in Beijing on January 7-8, as the two sides look to end a dispute that is inflicting increasing pain on both economies and roiling global financial markets. On Friday, the Department of Labor said USA employers added 312,000 jobs in December 2018, the fastest rate since last February, while the unemployment rate rose slightly to 3.9%. USA stocks have tumbled since October as investors anxious that the nation's economy might slow down dramatically because of challenges including the U.S.

"China's economy began to slow in the second half of 2018". The stock market's plunge also threatened to shake up the confidence and the spending plans of businesses and consumers.

Stocks rose even further after Federal Reserve Chairman Jerome Powell said the central bank will be flexible in deciding if and when it raises interest rates. "The Fed understands that what they attempted to communicate last month was inartful, that they didn't get the right message across, and Powell tried to reset".

The S&P 500 index climbed 53 points, or 2.2 per cent, to 2,501 at 10:05 a.m.

The Dow Jones Industrial Average jumped 590 points, or 2.6 percent, to 23,276.

Netflix and Intel rose 4.4 percent and 4.5 percent, respectively.

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About 90% of the stocks on the New York Stock Exchange gained ground.

Stocks sank Thursday after

The tech giant on Wednesday trimmed its sales forecast for the upcoming quarter, citing weak iPhone sales in China due in part to the US-China trade war. Other big exporters including technology and machinery companies also took big losses.

Mr Trump has slapped import tariffs on hundreds of billions of dollars of Chinese goods as he seeks concessions from Beijing on issues ranging from industrial subsidies to hacking.

A United States delegation is due to travel to Beijing to hold negotiations Monday, but Trump said he and Chinese leader Xi Jinping already have been actively engaged in the talks.

Analysts are now taking a dim view of rising corporate earnings in light of the more challenging global environment marked by slowing global economic growth.

Stocks are jumping at the open on Wall Street Friday as investors welcome news of trade talks between the US and China and a big gain in jobs in the U.S. Trade-related names like Caterpillar and Boeing rose 3.2 percent and 2.4 percent, respectively.

Thursday's declines were also a result of concern among investors over the largest one-month decline in US factory activity since the Great Recession.

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After the market's big drop in early December, stocks have whipsawed between huge gains and losses.

Stocks are rocketing higher Friday and wiping out much of the previous day's losses after a string of developments eased investors' concerns about the global economy and interest rates. Then again, with the political environment being what it is today, we can't realistically say that it's all that surprising. "There's mounting evidence we're going to see a slowdown".

Bond prices also changed course and moved sharply lower. The stock plunged almost 10% Thursday to $142.19 a share, its biggest one-day decline in six years.

In Asia, Hong Kong's Hang Seng jumped 2.2 percent.

Beijing has tried in vain to recruit France, Germany, South Korea and other governments as allies against Trump. In November, the Cupertino, California-based company said it would quit disclosing unit sales data for iPhones and other hardware items, leading many analysts to worry that a drop in iPhone sales was coming.

USA crude oil added 1.8 percent to $47.96 a barrel in NY. Brent crude, used to price global oils, was up 1.8 per cent to $56.94 per barrel in London.

Wholesale gasoline dipped 0.1 percent to $1.35 a gallon and heating oil added 1.6 percent to $1.77 a gallon. The February natural gas contract was up 9.9 cents at US$3.04 per mmBTU. The Nasdaq rose 2.3 percent, to 6,614.

The dollar strengthened to 108.51 yen from 107.77 yen.

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