Stocks around the world built on their early 2019 rally Wednesday after negotiators from the US and China extended their trade talks to a third day, which investors took as a sign the discussions were productive even though no major breakthroughs have been announced.
This week's meetings are the first face-to-face talks since U.S. President Donald Trump and Chinese President Xi Jinping agreed in December to a 90-day truce in a trade war that has roiled global financial markets.
-China talks raised hopes of easing trade tensions between the two superpowers, while OPEC-led crude output cuts also provided support.
They agreed to maintain close contact, the statement said.
U.S. and Chinese officials discussed "ways to achieve fairness, reciprocity and balance in trade relations", the U.S. Trade Representative's office said in a statement.
A spokeswoman for the U.S. trade representative's office, which is leading the U.S. negotiating team, said talks would continue on Wednesday and "a statement will likely follow then". On Tuesday, US President Donald Trump wrote on Twitter that the talks "are going very well".
"The two sides will release messages at the same time on Thursday morning Beijing time", Hu said.
"At the beginning of 2018 the global economy was firing on all cylinders, but it lost speed during the year and the ride could get even bumpier in the year ahead, " World Bank Chief Executive Officer, Kristalina Georgieva, said in a semi-annual report released late on Tuesday.
President Trump has said if no deal is reached before the truce expires on March 2, he will increase duties on $200bn worth of Chinese goods from 10% to 25%. Liu made a brief appearance at the talks in Beijing on January 7, boosting optimism that China was serious about making progress on a deal. The gains for US indexes faded slightly after President Donald Trump and Democratic leaders said Trump cut short a meeting on ending the partial shutdown of the federal government. Hong Kong was up 2.1 percent and Tokyo up more than 1 percent.
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"The positive news around the trade talks is giving a boost to risk assets it's what the global economy needs to see, said Chris Scicluna, head of economic research at Daiwa Capital Markets in London". They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged. He added: "It's been a good one for us".
Still, the US statement said the negotiations dealt with the need for any deal with China to be "subject to ongoing verification and effective enforcement" - a comment that reflects USA frustration that the Chinese have failed to live up to past commitments.
Trump has been demanding China to drastically reduce the Dollars 375 billion trade deficit and ensure IPR production for United States technology and services.
If talks continue to go well, a cabinet-level meeting is likely to happen before the end of the month. US crude rose 4.3 percent to $51.90 a barrel in NY.
Later this month, Lighthizer is expected to meet with Vice Premier Liu He, Xi's top economic aide who is leading negotiations for China.
"I don't speak for them obviously", Cook told CNBC in reference to the Trump administration. Those include subsidies and other favors for high-tech and state-owned industry, rules on technology licensing and preferential treatment of domestic suppliers in government procurement.
On Monday, Chinese importers made another large purchase of United States soybeans, their third in the past month.
The US delegation, led by Deputy Trade Representative Jeffrey Gerrish, had been scheduled to end its visit on Tuesday.