Markets buoyed by optimism over US-China trade talks

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In a statement released on Thursday, China's Commerce Ministry said the country had concluded their trade talks with the USA and the talks were extensive, . while establishing a foundation to resolve both sides' concerns.

"Crude continues to extend gains as early reports from Beijing, regarding trade negotiations, are fuelling optimism around successful trade talks between the U.S. and China, " said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

The talks "enhanced mutual understanding, and established a foundation for solving, each other's concerns", said the statement, stressing that both sides agreed to maintain close communication, while providing few other details.

A statement from the Office of the U.S. Trade Representative didn't characterize the tone of the talks or say what would happen next.

"The talks also focused on China's pledge to purchase a substantial amount of agricultural, energy, manufactured goods, and other products and services from the United States", USTR said in a statement.

This meeting was previously unscheduled, signaling the two sides could be coming together on key issues. Trump tweeted on Tuesday.

If no deal is reached by March 2, Trump has said he will proceed with raising tariffs to 25 per cent from 10 per cent on $200 billion worth of Chinese imports at a time when China's economy is slowing significantly. "As for whether this move has any impact to the ongoing China-U.S. trade consultations.to properly resolve existing issues of all kinds between China and the U.S.is good for the two countries and the world".

The Global Times commentary said China's growing economy means it can "carry out a more intense boycott" of trade with the United States if needed.

The talks went ahead despite tensions over the arrest of a Chinese tech executive in Canada on US charges related to possible violations of trade sanctions against Iran. Japan's Nikkei 225 gained 1.1 percent and the Hang Seng in Hong Kong rallied 2.3 percent.

The next phase of trade negotiations will involve higher-level talks, likely when Trump attends the World Economic Forum in Davos, Switzerland, later in January. They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged. "If the results of the talks are positive, it would be beneficial for both China and the USA and good news for the global economy".

Markets buoyed by optimism over US-China trade talks
Markets buoyed by optimism over US-China trade talks

The talks went ahead despite tensions over the arrest of a Chinese tech executive in Canada on US charges related to possible violations of trade sanctions against Iran.

But Sanders said no one knows yet what that agreement will look like or when it will be ready.

China's Commerce Ministry, the lead agency on its side of the table, was silent after the conclusion of the talks, but was expected to address outcomes at its regular weekly news briefing on Thursday.

Oil prices jumped, helped by the hopes of easing trade tensions between China and the US, while OPEC-led crude output cuts also provided support.

"Talks with China are going very well!".

As the trade talks wound down, China's top economic official, Premier Li Keqiang, met with CEO Elon Musk of electric vehicle brand Tesla Inc.

On Monday, Chinese importers made another large purchase of U.S. soybeans, their third in the past month.

The US delegation to Beijing this week was led by Jeff Gerrish, deputy to US Trade Representative Robert Lighthizer who is leading the negotiations for the Trump administration.

"I don't speak for them obviously", Cook told CNBC in reference to the Trump administration.

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