Thursday, 15 November, 2018

Trump, Xi upbeat on ending trade war

China's economy is being damaged by its trade war with the US and a domestic debt cleanup Chinese tech stocks are going bananas after Trump said he had a 'good conversation' with Xi Jinping on trade
Elsie Buchanan | 02 November, 2018, 14:31

President Donald Trump said Thursday said trade discussions with China were "moving along nicely" and that he planned to meet with Chinese President Xi Jinping at the upcoming G-20 summit after a "very good" talk with his counterpart.

But Trump described the call between the two leaders as "a long and very good conversation" and said "discussions are moving along nicely".

Dealers were set for a strong end to a healthy week after Mr Trump's tweet, which was a rare sign of hope in the months-long stand-off between the world's top two economies that many fear could batter global growth.

Tai Hui at JPMorgan Asset Management said a stabilising trade relationship between United States and China and more stimulus from Beijing would be the key ingredients to revive market confidence in Asia.

In a phone call with U.S. President Donald Trump, Xi also said China would continue to play a constructive role in the process.

Chinese tech stocks traded in the United States are surging across the board.

The report lit a fire under stock markets that have beset by fears of a full-blown trade war between the world's two biggest economies.

It was unclear if Trump was easing up on USA demands that China has resisted.

U.S. justice department charges former Goldman bankers in 1MDB scandal
Prosecutors say Low, Ng, and Leissner conspired to launder the proceeds of fraud involving 1MDB through the USA financial system. Goldman said in an emailed statement that it "continues to cooperate with all authorities investigating this matter".


According to a report by state broadcaster CCTV, Li said China and the U.S. had benefited from cooperation, and that they should respect each other's core interests and concerns.

China and the United States are locked in an increasingly bitter trade war, and both countries have already placed tariffs on some of each other's imports.

Federal Bureau of Investigation director Christopher Wray said the US has filed a civil lawsuit seeking to prevent the two indicted companies, Taiwan-based United Microelectronics Corp. and China's state-owned Fujian Jinhua Integrated Circuit, from exporting any products created using USA trade secrets and blocking the further transfer of trade secrets.

Although U.S. -China relations have been rocky, Keqiang said he is optimistic both nations can work together in the spirit of mutual respect.

Chinese President Xi Jinping hopes the United States and North Korea will further promote the denuclearization of the Korean peninsula and push for peace, Chinese state media reported on Thursday.

US Senator Lamar Alexander of Tennessee told Li that the delegation was there "to show our respect to a great country and a great people", and that the two countries "are competitors but not adversaries".

'We're going way up, and China has been hurt over the last number of months. And they're having a hard time, and they'll be fine.

"I'm not going to make a prediction I do think part of the uncertainty in stocks is about the election", Kudlow said.

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