Published: Sat, April 14, 2018
Sports | By Brooke Harris

Xi's Friendship With Trump Only Goes So Far

Xi's Friendship With Trump Only Goes So Far

Industrial companies like Boeing and Caterpillar gained ground as well, with airlines climbing after Delta reported solid results in the first quarter.

Safe haven bond prices dropped as risk appetite recovered. The U.S. bought more than $500 billion in goods from China a year ago and now is planning or considering penalties on some $150 billion of those imports.

The naval drills - held near China's South China Sea island province of Hainan involved 48 warships, 76 fighter jets and 10,000 sailors, reports the BBC.

European share gains were widespread, with the STOXX 600 closing up 0.82pc, slightly behind Wall Street.

USA 10-year Treasuries fell, pushing their yields up 1.5 basis points to 2.8027 per cent. In other words, tariffs are like another version of a sales tax. "Up to now, Chinese and U.S. officials have not held any negotiations on the trade dispute", foreign ministry spokesman Geng Shuang said.

"Much ink has been spilt over trade wars in the last few days, and we now wait to see what the Trump administration does next", Stephen Innes, Asia Pacific forex trading head at OANDA, said. Natural gas lost 1.4 percent to $2.66 per 1,000 cubic feet.

All major USA equity indexes were up more than 1.3pc after Xi said Cold War and zero-sum mentalities were "out of place" and backed free trade and dialogue to resolve disputes.

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"He said it was in China's own interest to have an open economy, and that trade is good for everyone, he significantly acknowledged the intention to lower tariffs for some industries".

"China has become the biggest or the second biggest trade partner for a majority of Latin American countries", Jia said. "You might be less likely to raise wages".

Crude prices rose more than 3 percent, breaking above Dollars 65 per barrel.

He declared China's need for a well-armed navy had "never been more pressing".

Home goods retailer Bed, Bath & Beyond plunged after it gave a weak forecast for the fiscal year.

Stocks have been considerably more volatile this year than in 2017. But it has already corrected in the past 10 years, with US and Chinese firms now benefiting equally from each other's market.

Precious metals prices tumbled.

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The Dow was up 457 points, or 1.5 percent, to 24,323. It had added 3.5 percent to $71.04 a barrel in London. Australia's S&P/ASX 200 lost 0.3 per cent to 5,814.00. "I haven't seen any risky interaction", Koehler said, adding that problems could be avoided "if all the navies are operating in accordance with the worldwide norm and law". Bristol-Myers lost 2.2 percent to $58.84, giving it a market value of $96 billion. Germany's DAX rose 1 per cent, France's CAC 40 0.57 per cent and Britain FTSE 100 0.41 per cent.

Drugmaker Mallinckrodt dropped after a former employee filed a whistleblower lawsuit against the company.

Despite the fears of clashes and occasional exchanges of rhetoric, U.S. Rear Adm. Steve Koehler told reporters on board the Roosevelt that it has been smooth sailing so far, with U.S., Chinese and other forces engaging each other professionally.

Mallinckrodt said it "vehemently disagrees with the allegations" and will defend itself in court. VeriFone stock climbed 51.9 percent to $22.78.

Financial markets have reacted positively to Xi conciliatory speech, bidding up riskier assets such as stocks and commodity currencies like the Australian dollar. The euro fell to $1.2329 from $1.2362.

"Made in China 2025" identified 10 industries that the world's second-biggest economy wants to become globally competitive in by 2025, and globally dominant in during this century.

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