Chinese stocks rose Friday on signs of possible progress in negotiations over Beijing's tariff war with Washington. Economists say the 90-day window is too short to resolve conflicts that have strained their relations for almost two decades.
However, that threat seems to be passed as the latest announcement says that the Chinese government has proposed to spend heavily into buying goods made in the USA, as a countermeasure to reduce and hopefully eliminate the existing trade gap.
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.
But weakness on Wall Street - where the Dow Jones Industrial Average has lost more than 9 per cent since its Oct 3 peak - and mounting unease among Mr Trump's political supporters hurt by the tariff war are triggering the President's dealmaking instincts, the people familiar with the discussions said.
Stocks in Moscow rose 0.6 percent, registering broad-based gains led by search engine giant Yandex N.V., while Turkey's BIST 100 index was on track to deliver its best weekly gain since July 2016. "We've heard noise around trade policy before though, so I would want to make sure the progress happens and sticks".
The U.S. trade imbalance with China has been a source of constant complaints from President Donald Trump. Global stock markets rose but then fell back after the meeting produced no agreements.
Asian markets rallied today as another broadly positive week drew to a close, with investors cheered by a report that the United States was considering lifting tariffs on China as officials look to hammer out a trade deal.More news: Kim-Trump next meeting in February
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In Europe, London's FTSE 100 gained 1.4 percent to 6,932 and Germany's DAX advanced 1.5 percent to 11,079.
The 10-year Treasury yield stood at 2.766 per cent, its highest in three weeks.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.55 per cent.
The SARB (South African Reserve Bank) has significantly lowered its inflation forecasts and its key rate outlook, mainly due to the significant decline in oil prices in the fourth quarter of 2018, Commerzbank analysts said in a note.
Brent crude gained $1.52 to settle at $62.70 a barrel, or 2.48 per cent higher.
Volume on USA exchanges was 7.19 billion shares, compared to the 8.58 billion average over the last 20 trading days.
Elsewhere in commodities, palladium was 1.5 per cent higher at $1,417.00 an ounce after rising to an all-time high of $1,434.50 overnight.
The dollar rose to 109.79 yen from 109.23 yen. They were all up more than 1 percent for the week entering Friday's session. The euro fell to $1.1370 from $1.1390.