<a href="https://www.wionews.com/business-economy/samsung-electronics-ends-mobile-phone-production-in-china-253273">Samsung&nbsp;Electronics</a>, the world's largest smartphone and memory chip maker, saw&nbsp;net&nbsp;profits slump by more than half in the&nbsp;third quarter, it said Thursday, hit by an enduring downturn in the global chip market.

Net&nbsp;profits in the three months to September were $5.40 billion, it said in a statement,&nbsp;down&nbsp;52 per cent year-on-year.

"Earnings from the memory business slumped significantly year-on-year as memory chip prices continued its downward trend," the company said.

The firm is the flagship subsidiary of the giant&nbsp;Samsung&nbsp;Group, by far the largest of the family-controlled conglomerates known as "chaebols" that dominate business in the world's 11th-largest economy.

But in recent months it has been battered by falling chip prices as global supply increases.

Samsung&nbsp;also faces challenges from the <a href="https://www.wionews.com/world/united-states-wants-china-trade-deal-in-same-time-frame-despite-apec-summit-cancellation-258895">US-China trade war </a>and tough export restrictions imposed by Tokyo on key supplies as part of a dispute with Seoul over wartime forced labour.

The South Korean tech titan leads the global smartphone market with a 23 per cent share, trailed by Chinese competitors Huawei and Oppo, with Apple in fourth place, according to sales tracker IHS Markit.

The premium smartphone market has grown fiercely competitive and overall sales have cooled as a lack of major innovation has seen buyers waiting longer before upgrading to new models.

But&nbsp;Samsung&nbsp;said profits in its mobile division had been boosted by strong sales of the Galaxy Note 10 and its A series devices, along with bigger margins for mass-market models.&nbsp;

"The business also expanded its 5G product offerings and launched the Galaxy Fold, demonstrating&nbsp;Samsung's technology leadership," it added.

Samsung&nbsp;released its top-end S10 5G smartphone earlier this year after South Korea won the global race to commercially launch the world's first nationwide 5G network.

But in April it was embarrassingly forced to delay the release of the hotly anticipated Galaxy Fold after reviewers provided with early devices reported screen problems within days of use.

In another setback, earlier this month it also acknowledged a major flaw with its fingerprint system allowing non-users to open other people's top-end smartphones.

But Tom Kang, research director at Counterpoint Research, noted&nbsp;Samsung's flagship Note 10 device had sold far better than&nbsp;previous models,&nbsp;and that the firm would benefit from restrictions imposed by Washington on its key Chinese competitor.&nbsp;

"From September, Huawei's devices have been unable to have Google mobile services," he told AFP.&nbsp;

"This is&nbsp;also likely to continue giving&nbsp;Samsung's mobile phones a significant advantage.&nbsp;Samsung&nbsp;phones will appeal to high-end users."

Operating&nbsp;profit&nbsp;plunged 55.7 per cent to 7.8 trillion won in the&nbsp;third quarter, the firm said, while sales fell 5.3 per cent to 62 trillion won.&nbsp;

But analysts voiced optimism for the coming months, noting that falling inventory levels for semiconductors,&nbsp;which account for more than half of&nbsp;Samsung's&nbsp;profit,&nbsp;will help stabilise chip prices after double-digit drops this year.

Adding to the firm's difficulties, the retrial of its vice chairman Lee Jae-yong began last week over a sprawling corruption scandal that could see him return to prison.

He is not being held in custody during the trial, but it is expected to last for months and a guilty verdict could deprive the firm of its top decision-maker.

Samsung&nbsp;shares were up 1.79 per cent in morning trade.&nbsp;

&nbsp;

Samsung Electronics, the world's largest smartphone and memory chip maker, saw net profits slump by more than half in the third quarter, it said Thursday, hit by an enduring downturn in the global chip market.

Samsung Electronics, the world's largest smartphone and memory chip maker, saw net profits slump by more than half in the third quarter, it said Thursday, hit by an enduring downturn in the global chip market. Net profits in the three months to September were $5.40 billion, it said in a statement, down 52 per cent year-on-year. "Earnings from the memory business slumped significantly year-on-year as memory chip prices continued its downward trend," the company said. The firm is the flagship subsidiary of the giant Samsung Group, by far the largest of the family-controlled conglomerates known as "chaebols" that dominate business in the world's 11th-largest economy. But in recent months it has been battered by falling chip prices as global supply increases. Samsung also faces challenges from the US-China trade war and tough export restrictions imposed by Tokyo on key supplies as part of a dispute with Seoul over wartime forced labour. The South Korean tech titan leads the global smartphone market with a 23 per cent share, trailed by Chinese competitors Huawei and Oppo, with Apple in fourth place, according to sales tracker IHS Markit. The premium smartphone market has grown fiercely competitive and overall sales have cooled as a lack of major innovation has seen buyers waiting longer before upgrading to new models. But Samsung said profits in its mobile division had been boosted by strong sales of the Galaxy Note 10 and its A series devices, along with bigger margins for mass-market models. "The business also expanded its 5G product offerings and launched the Galaxy Fold, demonstrating Samsung's technology leadership," it added. Samsung released its top-end S10 5G smartphone earlier this year after South Korea won the global race to commercially launch the world's first nationwide 5G network. But in April it was embarrassingly forced to delay the release of the hotly anticipated Galaxy Fold after reviewers provided with early devices reported screen problems within days of use. In another setback, earlier this month it also acknowledged a major flaw with its fingerprint system allowing non-users to open other people's top-end smartphones. But Tom Kang, research director at Counterpoint Research, noted Samsung's flagship Note 10 device had sold far better than previous models, and that the firm would benefit from restrictions imposed by Washington on its key Chinese competitor. "From September, Huawei's devices have been unable to have Google mobile services," he told AFP. "This is also likely to continue giving Samsung's mobile phones a significant advantage. Samsung phones will appeal to high-end users." Operating profit plunged 55.7 per cent to 7.8 trillion won in the third quarter, the firm said, while sales fell 5.3 per cent to 62 trillion won. But analysts voiced optimism for the coming months, noting that falling inventory levels for semiconductors, which account for more than half of Samsung's profit, will help stabilise chip prices after double-digit drops this year. Adding to the firm's difficulties, the retrial of its vice chairman Lee Jae-yong began last week over a sprawling corruption scandal that could see him return to prison. He is not being held in custody during the trial, but it is expected to last for months and a guilty verdict could deprive the firm of its top decision-maker. Samsung shares were up 1.79 per cent in morning trade.

Samsung Electronics third-quarter net profit slumps 52%

<a href="https://www.wionews.com/india-news/apple-starts-selling-locally-assembled-iphone-xr-in-india-257374">Apple</a> on Wednesday reported stronger-than-expected profits for the past quarter, fueled by growth in digital services and wearables that helped offset slower iPhone sales.

Profit in the quarter ending in September dipped four per cent from a year ago to $13.7 billion while revenues edged up two per cent to $64 billion.

Apple, set to launch a new <a href="https://www.wionews.com/entertainment/jennifer-aniston-apple-explore-messy-world-of-tv-news-after-metoo-256491">streaming television service</a> this week, saw strong revenue gains in its services segment, which includes music, digital payments and software, and in its segment for wearables and accessories that includes its Home Pod, Apple Watch and ear buds.

Chief executive Tim Cook said Apple saw its best-ever revenue gains for the fiscal fourth quarter period.

"There were no blemishes in the quarter with Cook &amp; Co. delivering a masterpiece quarter despite its back against the wall with the company the poster child of the <a href="https://www.wionews.com/world/united-states-wants-china-trade-deal-in-same-time-frame-despite-apec-summit-cancellation-258895">US/China trade battle</a>," Wedbush analyst Dan Ives said in a note to investors.

Apple shares rose some two percent in after-hours trade following the release.

Cook hailed the results as "the conclusion of a remarkable fiscal 2019 for Apple," and said the company "established new all-time highs for multiple services categories."

Apple, which has ceased reporting unit sales of iPhones, said revenue from its smartphones fell nine percent in the quarter to $33.4 billion.

Services accounted for 20 per cent of revenues, according to chief financial officer Luca Maestri, with 18 per cent growth in the segment to $12.5 billion.

The wearables and accessories category produced revenue growth of 54 percent to $6.5 billion, led by gains in sales of Apple Watch and the wearable Air Pods.

Apple saw modest sales declines in its "greater China" region and in Europe and Japan, but this was offset by gains in North America and elsewhere in Asia.

"Importantly on the iPhone front, China came in well above our and Street expectations and is on the path to showing growth in the region," Ives said.

Apple has been seeking to shift its revenue mix amid a slumping smartphone market and growing competition in the segment.

The company, which recently launched a lineup of iPhone 11 handsets, said it would allow customers to purchase the devices interest-free with its Apple Card and pay over 24 months.

"It's early but the trends look very good" for the iPhone, Cook said, when asked about sales of the new devices. "We're bullish."

Apple said it ended the quarter with some $260 billion cash on hand.

The report comes two days ahead of the launch of Apple TV+, a new streaming service which could challenge Netflix and will compete against an array of others including Disney+ and HBO Max.

Ives said Apple "has a compelling list of new shows coming out as we believe it has committed $6 billion annually to the original shows and movies to beef up its streaming content ambitions."

Apple has an opportunity to win users with its aggressive pricing of $5 monthly and some 900 million iPhone users worldwide, and is offering a year of Apple TV+ for free with new device purchases.

"We're really proud of the content, we'd like as many people as possible to view it," Cook told analysts.

The streaming television war is set to enter a new phase as titans Apple and Disney take direct aim at market leader &nbsp;Netflix, vying for consumers abandoning their cable TV bundles for on-demand services.

Apple on Wednesday reported stronger-than-expected profits for the past quarter, fueled by growth in digital services and wearables that helped offset slower iPhone sales.

Apple on Wednesday reported stronger-than-expected profits for the past quarter, fueled by growth in digital services and wearables that helped offset slower iPhone sales. Profit in the quarter ending in September dipped four per cent from a year ago to $13.7 billion while revenues edged up two per cent to $64 billion. Apple, set to launch a new streaming television service this week, saw strong revenue gains in its services segment, which includes music, digital payments and software, and in its segment for wearables and accessories that includes its Home Pod, Apple Watch and ear buds. Chief executive Tim Cook said Apple saw its best-ever revenue gains for the fiscal fourth quarter period. "There were no blemishes in the quarter with Cook & Co. delivering a masterpiece quarter despite its back against the wall with the company the poster child of the US/China trade battle," Wedbush analyst Dan Ives said in a note to investors. Apple shares rose some two percent in after-hours trade following the release. Cook hailed the results as "the conclusion of a remarkable fiscal 2019 for Apple," and said the company "established new all-time highs for multiple services categories." Apple, which has ceased reporting unit sales of iPhones, said revenue from its smartphones fell nine percent in the quarter to $33.4 billion. Services accounted for 20 per cent of revenues, according to chief financial officer Luca Maestri, with 18 per cent growth in the segment to $12.5 billion. The wearables and accessories category produced revenue growth of 54 percent to $6.5 billion, led by gains in sales of Apple Watch and the wearable Air Pods. Apple saw modest sales declines in its "greater China" region and in Europe and Japan, but this was offset by gains in North America and elsewhere in Asia. "Importantly on the iPhone front, China came in well above our and Street expectations and is on the path to showing growth in the region," Ives said. Apple has been seeking to shift its revenue mix amid a slumping smartphone market and growing competition in the segment. The company, which recently launched a lineup of iPhone 11 handsets, said it would allow customers to purchase the devices interest-free with its Apple Card and pay over 24 months. "It's early but the trends look very good" for the iPhone, Cook said, when asked about sales of the new devices. "We're bullish." Apple said it ended the quarter with some $260 billion cash on hand. The report comes two days ahead of the launch of Apple TV+, a new streaming service which could challenge Netflix and will compete against an array of others including Disney+ and HBO Max. Ives said Apple "has a compelling list of new shows coming out as we believe it has committed $6 billion annually to the original shows and movies to beef up its streaming content ambitions." Apple has an opportunity to win users with its aggressive pricing of $5 monthly and some 900 million iPhone users worldwide, and is offering a year of Apple TV+ for free with new device purchases. "We're really proud of the content, we'd like as many people as possible to view it," Cook told analysts. The streaming television war is set to enter a new phase as titans Apple and Disney take direct aim at market leader Netflix, vying for consumers abandoning their cable TV bundles for on-demand services.

Apple beats profit forecasts amid growth in services, wearables

Chile&nbsp;pulled&nbsp;out&nbsp;of hosting two major international summits on Wednesday as it struggled to restore order after more than ten days of <a href="https://www.wionews.com/videos/chile-anti-govt-protests-escalate-258114">civil unrest</a> that left at least 23 dead.

President Sebastian Pinera said "common sense" dictated the decision to withdraw from the Asia Pacific Economic Cooperation summit and the Cop 25&nbsp;climate&nbsp;change conference.

US President Donald Trump had said he was planning to&nbsp;meet&nbsp;Chinese counterpart Xi Jinping to lock down a<a href="https://www.wionews.com/world/united-states-china-close-to-finalising-part-of-a-phase-one-trade-deal-report-258209"> "phase one" agreement</a> at the November 16-17&nbsp;APEC&nbsp;meeting that would partially have ended an 18-month trade war between the world's two biggest economies.

The White House said it looked forward to finalising an agreement "within the same timeframe," although analysts Eurasia Group said that may not happen until the end of the year.

APEC&nbsp;said it supported&nbsp;Chile's decision but gave no indication there would be a replacement summit this year, saying only that Malaysia would&nbsp;host&nbsp;the 2020 event.

Russian leader Vladimir Putin had also been due to attend&nbsp;APEC, while teenage Swedish activist Greta Thunberg was among 25,000 delegates expected for COP 25.

The final of South American football's premier club competition, the Copa Libertadores, between Argentine holders River Plate and Brazilian giants Flamengo will go ahead on November 23 in Santiago,&nbsp;Chile's sports ministry said.

After more than 10 days of street protests, Pinera said&nbsp;Chile&nbsp;was not in a position to&nbsp;host&nbsp;either the&nbsp;APEC&nbsp;summit or the December 2-13&nbsp;climate&nbsp;convention.

The pullout is seen as a blow to&nbsp;Chile's tourism industry, and the Santiago stock exchange dropped 2.8 points while the peso fell to its lowest rate against the dollar since 2003.

"This has been a very difficult decision, a decision that has been deeply painful because we know exactly how important&nbsp;APEC&nbsp;and COP are for&nbsp;Chile&nbsp;and the world," said Pinera.

"When a father has problems, he must always prioritize his family over other options. The same goes for a president, he must always put his own compatriots first, ahead of any other considerations," he added.

Chile&nbsp;is grappling with its worst social crisis in decades, one that shows little sign of abating despite Pinera announcing a raft of measures aimed at placating protesters.

Demonstrators have demanded that the 69-year-old right-wing leader, whose personal fortune is estimated by Forbes at $2.8 billion, step down.

They have been angered by low salaries and pensions, poor public health care and education, and a yawning gap between rich and poor.

<a href="https://www.wionews.com/world/support-for-chiles-pinera-lowest-for-president-since-pinochet-era-poll-258433">Pinera</a> announced last week an increase in the minimum wage and pensions as well as measures to alleviate sky-high health care costs and a streamlining of public offices.

"I'm not rejecting any structural reform," Pinera said Wednesday. "This is the time to listen to the people."&nbsp;

On Monday, he reshuffled his cabinet for the third time since coming to power in March 2018, but the street movement continues.

Protests began on October 18 and during the first few days there was widespread destruction, arson and looting.&nbsp;

Demonstrations have been largely calm over the last week but there were violent clashes between demonstrators and security services on Monday, when shops were looted and a building set on fire.

Huge numbers took to the streets on Wednesday, with the country semi-paralyzed as numerous shops and businesses remained closed.

Canceling the two major international events is more likely to backfire than to placate the demonstrators, University of&nbsp;Chile&nbsp;analyst Octavio Avendano told AFP.

He said it would be seen "as a sign of weakness and a sharpening of the conflict."

Chilean prosecutors announced Wednesday night that they were conducting investigations into the deaths of 23 people during the crisis.

Sixteen of the dead were killed "during the alleged commission of so-called 'common' crimes," five people "by actions of agents of the state" and two "under state custody," prosecutors said on Twitter.&nbsp;

Previously, the official death toll had stood at 20. &nbsp;

A mission led by the United Nations High Commissioner on Human Rights Michelle Bachelet, Chile's former president,&nbsp;is expected to open a probe later this week into allegations of police brutality.

Justice and Human Rights Minister Hernan Larrain admitted on Tuesday that the government recognized that some incidents involving law enforcement during the protests "appear to be human rights violations."&nbsp;

Amnesty International has expressed concern about claims of "sexual torture," reports of eye injuries and situations in which police or military action directly led to a death.

&nbsp;

Chile pulled out of hosting two major international summits on Wednesday as it struggled to restore order after more than ten days of civil unrest that left at least 23 dead.

Chile pulled out of hosting two major international summits on Wednesday as it struggled to restore order after more than ten days of civil unrest that left at least 23 dead. President Sebastian Pinera said "common sense" dictated the decision to withdraw from the Asia Pacific Economic Cooperation summit and the Cop 25 climate change conference. US President Donald Trump had said he was planning to meet Chinese counterpart Xi Jinping to lock down a "phase one" agreement at the November 16-17 APEC meeting that would partially have ended an 18-month trade war between the world's two biggest economies. The White House said it looked forward to finalising an agreement "within the same timeframe," although analysts Eurasia Group said that may not happen until the end of the year. APEC said it supported Chile's decision but gave no indication there would be a replacement summit this year, saying only that Malaysia would host the 2020 event. Russian leader Vladimir Putin had also been due to attend APEC, while teenage Swedish activist Greta Thunberg was among 25,000 delegates expected for COP 25. The final of South American football's premier club competition, the Copa Libertadores, between Argentine holders River Plate and Brazilian giants Flamengo will go ahead on November 23 in Santiago, Chile's sports ministry said. After more than 10 days of street protests, Pinera said Chile was not in a position to host either the APEC summit or the December 2-13 climate convention. The pullout is seen as a blow to Chile's tourism industry, and the Santiago stock exchange dropped 2.8 points while the peso fell to its lowest rate against the dollar since 2003. "This has been a very difficult decision, a decision that has been deeply painful because we know exactly how important APEC and COP are for Chile and the world," said Pinera. "When a father has problems, he must always prioritize his family over other options. The same goes for a president, he must always put his own compatriots first, ahead of any other considerations," he added. Chile is grappling with its worst social crisis in decades, one that shows little sign of abating despite Pinera announcing a raft of measures aimed at placating protesters. Demonstrators have demanded that the 69-year-old right-wing leader, whose personal fortune is estimated by Forbes at $2.8 billion, step down. They have been angered by low salaries and pensions, poor public health care and education, and a yawning gap between rich and poor. Pinera announced last week an increase in the minimum wage and pensions as well as measures to alleviate sky-high health care costs and a streamlining of public offices. "I'm not rejecting any structural reform," Pinera said Wednesday. "This is the time to listen to the people." On Monday, he reshuffled his cabinet for the third time since coming to power in March 2018, but the street movement continues. Protests began on October 18 and during the first few days there was widespread destruction, arson and looting. Demonstrations have been largely calm over the last week but there were violent clashes between demonstrators and security services on Monday, when shops were looted and a building set on fire. Huge numbers took to the streets on Wednesday, with the country semi-paralyzed as numerous shops and businesses remained closed. Canceling the two major international events is more likely to backfire than to placate the demonstrators, University of Chile analyst Octavio Avendano told AFP. He said it would be seen "as a sign of weakness and a sharpening of the conflict." Chilean prosecutors announced Wednesday night that they were conducting investigations into the deaths of 23 people during the crisis. Sixteen of the dead were killed "during the alleged commission of so-called 'common' crimes," five people "by actions of agents of the state" and two "under state custody," prosecutors said on Twitter. Previously, the official death toll had stood at 20. A mission led by the United Nations High Commissioner on Human Rights Michelle Bachelet, Chile's former president, is expected to open a probe later this week into allegations of police brutality. Justice and Human Rights Minister Hernan Larrain admitted on Tuesday that the government recognized that some incidents involving law enforcement during the protests "appear to be human rights violations." Amnesty International has expressed concern about claims of "sexual torture," reports of eye injuries and situations in which police or military action directly led to a death.

Crisis-wracked Chile pulls out as APEC, climate meet host

Louis Vuitton owner LVMH&nbsp;has approached Tiffany &amp; Co with a $14.5 billion acquisition offer, people familiar with the matter said, at a time when the US&nbsp;luxury jeweler grapples with the impact of tariffs on its exports to China.

LVMH, which has for years been looking for ways to expand in the US&nbsp;market, submitted a preliminary, non-binding offer to Tiffany earlier this month, one of the sources said.

LVMH's offer valued Tiffany at about $120 per share, another of the sources added. Tiffany shares ended trading on Friday at $98.55.

Tiffany has hired advisers to review LVMH's offer but has not yet responded to it, and there is no certainty that it will negotiate a deal, according to the sources.

The sources asked not to be identified because the matter is confidential. LVMH and Tiffany declined to comment. Bloomberg News reported earlier on Saturday that LVMH was holding talks with Tiffany.

LVMH, which is behind brands such as Fendi, Christian Dior and Givenchy, as well as Veuve Cliquot champagne, has stood out for several years as one of the top performers in the upscale retail sector, where not all labels are benefiting to the same degree from booming Chinese appetite for branded goods.

Tiffany, on the other hand, has not been as resilient. Beyond the tariffs that have been triggered by the <a href="https://www.wionews.com/world/united-states-china-close-to-finalising-part-of-a-phase-one-trade-deal-report-258209">trade war</a> between the United States and China, a lower Chinese domestic sales tax has also contributed to double-digit decreases in its sales to Chinese tourists in the United States and in other destinations.

High-end brands have also long relied on<a href="https://www.wionews.com/world/protests-erupt-in-hong-kong-police-fire-tear-gas-to-clear-rally-258401"> Hong Kong </a>as a major shopping hub drawing visitors from mainland China in particular, and four months of pro-democracy demonstrations are starting to take their toll.

However, earlier this month LVMH, which has a market capitalization of 194 billion euros, beat sales forecasts for the third quarter despite the unrest in Hong Kong. In August, Tiffany reported quarterly earnings that also beat analysts' expectations, thanks to a drop in marketing costs.

Tiffany has been refreshing its offerings with more affordable items such as pendants and earrings, to appeal to millennials who have been gravitating to lower-priced competitors such as Denmark's Pandora&nbsp;and Signet Jewelers.

Paris-headquartered LVMH is controlled by the Arnault family and is led by Bernard Arnault, France's richest man. Based in New York and best known for its diamond engagement rings, Tiffany operates more than 300 retail stores globally.

Louis Vuitton owner LVMH has approached Tiffany & Co with a $14.5 billion acquisition offer, people familiar with the matter said, at a time when the US luxury jeweler grapples with the impact of tariffs on its exports to China.

Louis Vuitton owner LVMH has approached Tiffany & Co with a $14.5 billion acquisition offer, people familiar with the matter said, at a time when the US luxury jeweler grapples with the impact of tariffs on its exports to China. LVMH, which has for years been looking for ways to expand in the US market, submitted a preliminary, non-binding offer to Tiffany earlier this month, one of the sources said. LVMH's offer valued Tiffany at about $120 per share, another of the sources added. Tiffany shares ended trading on Friday at $98.55. Tiffany has hired advisers to review LVMH's offer but has not yet responded to it, and there is no certainty that it will negotiate a deal, according to the sources. The sources asked not to be identified because the matter is confidential. LVMH and Tiffany declined to comment. Bloomberg News reported earlier on Saturday that LVMH was holding talks with Tiffany. LVMH, which is behind brands such as Fendi, Christian Dior and Givenchy, as well as Veuve Cliquot champagne, has stood out for several years as one of the top performers in the upscale retail sector, where not all labels are benefiting to the same degree from booming Chinese appetite for branded goods. Tiffany, on the other hand, has not been as resilient. Beyond the tariffs that have been triggered by the trade war between the United States and China, a lower Chinese domestic sales tax has also contributed to double-digit decreases in its sales to Chinese tourists in the United States and in other destinations. High-end brands have also long relied on Hong Kong as a major shopping hub drawing visitors from mainland China in particular, and four months of pro-democracy demonstrations are starting to take their toll. However, earlier this month LVMH, which has a market capitalization of 194 billion euros, beat sales forecasts for the third quarter despite the unrest in Hong Kong. In August, Tiffany reported quarterly earnings that also beat analysts' expectations, thanks to a drop in marketing costs. Tiffany has been refreshing its offerings with more affordable items such as pendants and earrings, to appeal to millennials who have been gravitating to lower-priced competitors such as Denmark's Pandora and Signet Jewelers. Paris-headquartered LVMH is controlled by the Arnault family and is led by Bernard Arnault, France's richest man. Based in New York and best known for its diamond engagement rings, Tiffany operates more than 300 retail stores globally.

French luxury group LVMH offers to buy US jeweler Tiffany & Co: Sources

Oil prices slipped on Tuesday as investors awaited US&nbsp;crude inventory data for a pointer on oil demand trends, while concerns about slower economic growth overshadowed signs of a thawing in the trade war between Washington and Beijing.

Brent&nbsp;futures were down 6 cents at $61.51 a barrel by 0311 GMT, having fallen 0.7 per cent&nbsp;on Monday.

US&nbsp;West Texas Intermediate (WTI)&nbsp;crude was down 12 cents at $55.69, after falling 1.5 per cent&nbsp;in the previous session.

Prices rose sharply last week amid a decline in US&nbsp;inventories and signs of an easing in the <a href="https://www.wionews.com/world/united-states-china-close-to-finalising-part-of-a-phase-one-trade-deal-report-258209">US-China trade war</a>, but worries on Monday about weaker economic growth offset hopes of a rise in oil demand even if trade talks progress.

"The inventory read last week is still reverberating through trading, although we did see that finally start to give way last night, but we can see there is very little appetite to go on with it today," said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

US&nbsp;crude inventories were forecast to have increased by around 700,000 barrels last week, according to a Reuters poll of analysts, having unexpectedly fallen the previous week, the first decline in six weeks.

US&nbsp;crude oil stockpiles at Cushing, Oklahoma, the delivery point for WTI, have risen by about 1.5 million barrels in the week through Oct. 25, traders said earlier, citing data from market intelligence firm Genscape.

The American Petroleum Institute releases industry data later on Tuesday, while the US&nbsp;government's Energy Information Administration releases inventory data on Wednesday.&nbsp;

The United States Trade Representative is studying whether to extend tariff suspensions on $34 billion of Chinese goods set to expire on December&nbsp;28 this year, the agency said on Monday.

US&nbsp;President <a href="https://www.wionews.com/videos/donald-trump-isis-chief-baghdadi-died-like-a-dog-258480">Donald Trump </a>said earlier on Monday he expected to sign a significant part of the trade deal with China ahead of schedule but did not elaborate on the timing.

Leaders of the world's two biggest economies are working to agree on the text for a "Phase 1" trade agreement announced by Trump on October&nbsp;11. Trump has said he hopes to sign the deal with China's President Xi Jinping next month at a summit in Chile.

The trade war has hit economic growth around the world and kept oil prices range-bound for months.

Oil prices slipped on Tuesday as investors awaited US crude inventory data for a pointer on oil demand trends, while concerns about slower economic growth overshadowed signs of a thawing in the trade war between Washington and Beijing.

Oil prices slipped on Tuesday as investors awaited US crude inventory data for a pointer on oil demand trends, while concerns about slower economic growth overshadowed signs of a thawing in the trade war between Washington and Beijing. Brent futures were down 6 cents at $61.51 a barrel by 0311 GMT, having fallen 0.7 per cent on Monday. US West Texas Intermediate (WTI) crude was down 12 cents at $55.69, after falling 1.5 per cent in the previous session. Prices rose sharply last week amid a decline in US inventories and signs of an easing in the US-China trade war, but worries on Monday about weaker economic growth offset hopes of a rise in oil demand even if trade talks progress. "The inventory read last week is still reverberating through trading, although we did see that finally start to give way last night, but we can see there is very little appetite to go on with it today," said Michael McCarthy, chief market strategist at CMC Markets in Sydney. US crude inventories were forecast to have increased by around 700,000 barrels last week, according to a Reuters poll of analysts, having unexpectedly fallen the previous week, the first decline in six weeks. US crude oil stockpiles at Cushing, Oklahoma, the delivery point for WTI, have risen by about 1.5 million barrels in the week through Oct. 25, traders said earlier, citing data from market intelligence firm Genscape. The American Petroleum Institute releases industry data later on Tuesday, while the US government's Energy Information Administration releases inventory data on Wednesday. The United States Trade Representative is studying whether to extend tariff suspensions on $34 billion of Chinese goods set to expire on December 28 this year, the agency said on Monday. US President Donald Trump said earlier on Monday he expected to sign a significant part of the trade deal with China ahead of schedule but did not elaborate on the timing. Leaders of the world's two biggest economies are working to agree on the text for a "Phase 1" trade agreement announced by Trump on October 11. Trump has said he hopes to sign the deal with China's President Xi Jinping next month at a summit in Chile. The trade war has hit economic growth around the world and kept oil prices range-bound for months.

Oil prices edge lower ahead of US stockpile numbers

Asian shares rose to a three-month high on Monday, as risk assets got a fillip from hopes of a <a href="https://www.wionews.com/world/united-states-china-close-to-finalising-part-of-a-phase-one-trade-deal-report-258209">trade deal </a>and strong US&nbsp;corporate earnings, while major currencies marked time as focus shifted to a Federal Reserve rate decision.

European shares are expected to edge up, with pan-European Euro Stoxx 50 futures&nbsp;and German DAX futures&nbsp;traded up slightly ahead of European trade.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5 per cent&nbsp;for its third straight day of gains to the highest since late July.

Leading the gains were Chinese and Hong Kong shares. The CSI300&nbsp;of blue-chip mainland shares were up 0.6 per cent&nbsp;and Hong Kong's Hang Seng index&nbsp;jumped 1.0 per cent.

Japan's Nikkei&nbsp;was also upbeat, rising 0.3 per cent&nbsp;to a one-year high.

The gains came after a positive session in US&nbsp;and European markets on Friday.

US&nbsp;and Chinese officials are "close to finalising" some parts of a trade agreement after high-level telephone discussions on Friday, the US&nbsp;Trade Representative's office and China's Commerce Ministry said, with talks to continue.

US&nbsp;President Donald Trump has said he hopes to sign the deal with China's President Xi Jinping next month at a summit in Chile.

The protracted trade war between the world's largest economies has hurt manufacturing activity, exports and business confidence globally while denting profits of many major industrial firms.

"Up until now, uncertainties from the US-China trade have held companies from spending and hiring. But if they will come to a deal, that will mark a major turning point in economic sentiment," said Tatsushi Maeno, senior strategist at Okasan Asset Management in Tokyo.

Optimism that Beijing and Washington were finally close to resolving their dispute led the S&amp;P500&nbsp;to surpass its July 26 closing record of 3,025.86, though it ended a tad below that level on Friday. The S&amp;P 500's total return index&nbsp;posted an all-time high.

E-mini futures for the S&amp;P 500 started firm on Monday, up 0.15 per cent.

Strong results from companies including Intel&nbsp;also boosted sentiment in equities markets. More than 81 per cent&nbsp;of US&nbsp;companies have beaten Wall Street expectations so far this earnings season despite concerns about the trade war.

Investors next await earnings from the likes of Alphabet Inc, Apple, Facebook and Exxon.

Activity later in the week will be dominated by the US&nbsp;Federal Reserve, which markets expect is all but certain to lower interest rates at its Wednesday meeting.

The Bank of Japan meets on Thursday. On Friday, indicators for Chinese and US&nbsp;manufacturing will be released.

"The outcome of the FOMC policy meeting will most likely draw the largest market reaction," said Richard Grace, Sydney-based chief currency strategist at Commonwealth Bank.

"We also think the risk is the FOMC will articulate a pause," for future rate decisions, Grace added.

"That means the 27.6 per cent&nbsp;pricing for an additional 25 bps cut in December will quickly evaporate, sending US&nbsp;yields and the USD higher."

In currencies, the dollar index&nbsp;was flat at 97.817 against a basket of six major currencies. The Japanese yen was little changed at 108.73 to the dollar.

Sterling&nbsp;was last trading at $1.2822, a tad below Friday's close.

The European Union agreed to London's request for a<a href="https://www.wionews.com/videos/european-union-agrees-in-principle-to-extend-brexit-258217"> Brexit deadline extension</a> but set no new departure date. That gave Britain's divided parliament time to decide on Prime Minister Boris Johnson's call for a snap election.

Earlier, sources told Reuters the 27 European Union countries that will remain after Brexit hope to agree on Monday to delay Britain's divorce until Jan. 31 with an earlier departure possible.

The euro trod water too at $1.1083.

"It feels like the calm before a potential storm, where the event risk heats up with political twists and turns, key economic data and central bank meetings," said Chris Weston, Sydney-based strategist at Pepperstone.

Oil prices eased after strong gains last week.

US&nbsp;crude&nbsp;slipped 14 cents to $56.52 a barrel, while Brent&nbsp;edged down 12 cents to $61.90.

Spot gold&nbsp;quoted at $1,506.3 an ounce.

Asian shares rose to a three-month high on Monday, as risk assets got a fillip from hopes of a trade deal and strong US corporate earnings, while major currencies marked time as focus shifted to a Federal Reserve rate decision.

Asian shares rose to a three-month high on Monday, as risk assets got a fillip from hopes of a trade deal and strong US corporate earnings, while major currencies marked time as focus shifted to a Federal Reserve rate decision. European shares are expected to edge up, with pan-European Euro Stoxx 50 futures and German DAX futures traded up slightly ahead of European trade. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5 per cent for its third straight day of gains to the highest since late July. Leading the gains were Chinese and Hong Kong shares. The CSI300 of blue-chip mainland shares were up 0.6 per cent and Hong Kong's Hang Seng index jumped 1.0 per cent. Japan's Nikkei was also upbeat, rising 0.3 per cent to a one-year high. The gains came after a positive session in US and European markets on Friday. US and Chinese officials are "close to finalising" some parts of a trade agreement after high-level telephone discussions on Friday, the US Trade Representative's office and China's Commerce Ministry said, with talks to continue. US President Donald Trump has said he hopes to sign the deal with China's President Xi Jinping next month at a summit in Chile. The protracted trade war between the world's largest economies has hurt manufacturing activity, exports and business confidence globally while denting profits of many major industrial firms. "Up until now, uncertainties from the US-China trade have held companies from spending and hiring. But if they will come to a deal, that will mark a major turning point in economic sentiment," said Tatsushi Maeno, senior strategist at Okasan Asset Management in Tokyo. Optimism that Beijing and Washington were finally close to resolving their dispute led the S&P500 to surpass its July 26 closing record of 3,025.86, though it ended a tad below that level on Friday. The S&P 500's total return index posted an all-time high. E-mini futures for the S&P 500 started firm on Monday, up 0.15 per cent. Strong results from companies including Intel also boosted sentiment in equities markets. More than 81 per cent of US companies have beaten Wall Street expectations so far this earnings season despite concerns about the trade war. Investors next await earnings from the likes of Alphabet Inc, Apple, Facebook and Exxon. Activity later in the week will be dominated by the US Federal Reserve, which markets expect is all but certain to lower interest rates at its Wednesday meeting. The Bank of Japan meets on Thursday. On Friday, indicators for Chinese and US manufacturing will be released. "The outcome of the FOMC policy meeting will most likely draw the largest market reaction," said Richard Grace, Sydney-based chief currency strategist at Commonwealth Bank. "We also think the risk is the FOMC will articulate a pause," for future rate decisions, Grace added. "That means the 27.6 per cent pricing for an additional 25 bps cut in December will quickly evaporate, sending US yields and the USD higher." In currencies, the dollar index was flat at 97.817 against a basket of six major currencies. The Japanese yen was little changed at 108.73 to the dollar. Sterling was last trading at $1.2822, a tad below Friday's close. The European Union agreed to London's request for a Brexit deadline extension but set no new departure date. That gave Britain's divided parliament time to decide on Prime Minister Boris Johnson's call for a snap election. Earlier, sources told Reuters the 27 European Union countries that will remain after Brexit hope to agree on Monday to delay Britain's divorce until Jan. 31 with an earlier departure possible. The euro trod water too at $1.1083. "It feels like the calm before a potential storm, where the event risk heats up with political twists and turns, key economic data and central bank meetings," said Chris Weston, Sydney-based strategist at Pepperstone. Oil prices eased after strong gains last week. US crude slipped 14 cents to $56.52 a barrel, while Brent edged down 12 cents to $61.90. Spot gold quoted at $1,506.3 an ounce.

Asian shares climb to three-month high, currencies mark time

China will closely monitor the US&nbsp;"entity list", which has led to sanctions on a few Chinese tech firms, and take measures to safeguard its rights and interests, the Ministry of Industry and Information Technology (MIIT) said.

Firms on the US&nbsp;"entity list" are barred from buying US&nbsp;parts and components without US&nbsp;government approval.

Huang Libin, a spokesman for the MIIT, said on Tuesday that China will not close its doors and blindly rely on Chinese-made technology, and it will further open up the telecommunications, internet and auto sectors to foreign investment.

"We will look at the trade friction between China and the United States with an open mind and a big heart," he told reporters during a briefing.

"We will not blindly emphasize 'self-reliance', and not decouple from the development of international industries."

China will closely monitor the US "entity list", which has led to sanctions on a few Chinese tech firms, and take measures to safeguard its rights and interests, the Ministry of Industry and Information Technology (MIIT) said.

China will closely monitor the US "entity list", which has led to sanctions on a few Chinese tech firms, and take measures to safeguard its rights and interests, the Ministry of Industry and Information Technology (MIIT) said. Firms on the US "entity list" are barred from buying US parts and components without US government approval. Huang Libin, a spokesman for the MIIT, said on Tuesday that China will not close its doors and blindly rely on Chinese-made technology, and it will further open up the telecommunications, internet and auto sectors to foreign investment. "We will look at the trade friction between China and the United States with an open mind and a big heart," he told reporters during a briefing. "We will not blindly emphasize 'self-reliance', and not decouple from the development of international industries."

China will monitor US entities list, further open to foreign investment

Oil&nbsp;prices&nbsp;were stable on Friday ahead of&nbsp;data&nbsp;that analysts say could show&nbsp;China, the world's largest&nbsp;oil&nbsp;importer, just recorded its <a href="https://www.wionews.com/world/chinas-q3-gdp-growth-slows-to-6-slowest-in-27-years-256577">weakest quarter of economic&nbsp;growth</a>&nbsp;in nearly three decades, dragged down by a <a href="https://www.wionews.com/world/china-says-hopes-to-reach-phased-trade-pact-with-us-as-early-as-possible-256449">trade dispute</a> with the United States.

Global benchmark Brent crude&nbsp;oil&nbsp;futures fell by 9 cents, 0.2 per cent, to $59.82 a barrel by 0039 GMT.

US&nbsp;West Texas Intermediate (WTI) crude&nbsp;futures were up by 4 cents, or 0.07 per cent, to $53.97 per barrel.

Analysts polled by Reuters expected&nbsp;China's gross domestic product (GDP) to grow 6.1 per cent&nbsp;in the July-September quarter from a year earlier, the slowest pace since the first quarter of 1992, the earliest quarterly&nbsp;data&nbsp;on record.

The Chinese government is due to release its third-quarter&nbsp;GDP&nbsp;data&nbsp;at 0200 GMT, along with other indicators for September.

With&nbsp;all&nbsp;eyes&nbsp;on the upcoming numbers, analysts expect weaker economic readings to add to pressure on Beijing to step up stimulus measures.

"The release of fixed asset investment and industrial activity (data) in&nbsp;China&nbsp;will set the tone in commodity markets," ANZ Bank predicted in a note.

Adding to downward pressure, US&nbsp;crude&nbsp;oil&nbsp;stockpiles surged last week as refinery output dropped to a two-year low, while gasoline and distillate fuel inventories decreased, the Energy Information Administration said on Thursday.

US&nbsp;crude inventories increased by 9.3 million barrels in the week ended October 11, compared with analysts' expectations for an increase of 2.9 million barrels.

Elsewhere, the joint technical committee monitoring a global deal to cut output between the Organization of the Petroleum Exporting Countries (OPEC) and partners, including Russia, found compliance with cuts for September stood at 236 per cent, according to four OPEC sources.

OPEC and its&nbsp;allies have agreed to limit their&nbsp;oil&nbsp;production by 1.2 million barrels per day&nbsp;until March 2020.

&nbsp;

Oil prices were stable on Friday ahead of data that analysts say could show China, the world's largest oil importer, just recorded its weakest quarter of economic growth in nearly three decades, dragged down by a trade dispute with the United States.

Oil prices were stable on Friday ahead of data that analysts say could show China, the world's largest oil importer, just recorded its weakest quarter of economic growth in nearly three decades, dragged down by a trade dispute with the United States. Global benchmark Brent crude oil futures fell by 9 cents, 0.2 per cent, to $59.82 a barrel by 0039 GMT. US West Texas Intermediate (WTI) crude futures were up by 4 cents, or 0.07 per cent, to $53.97 per barrel. Analysts polled by Reuters expected China's gross domestic product (GDP) to grow 6.1 per cent in the July-September quarter from a year earlier, the slowest pace since the first quarter of 1992, the earliest quarterly data on record. The Chinese government is due to release its third-quarter GDP data at 0200 GMT, along with other indicators for September. With all eyes on the upcoming numbers, analysts expect weaker economic readings to add to pressure on Beijing to step up stimulus measures. "The release of fixed asset investment and industrial activity (data) in China will set the tone in commodity markets," ANZ Bank predicted in a note. Adding to downward pressure, US crude oil stockpiles surged last week as refinery output dropped to a two-year low, while gasoline and distillate fuel inventories decreased, the Energy Information Administration said on Thursday. US crude inventories increased by 9.3 million barrels in the week ended October 11, compared with analysts' expectations for an increase of 2.9 million barrels. Elsewhere, the joint technical committee monitoring a global deal to cut output between the Organization of the Petroleum Exporting Countries (OPEC) and partners, including Russia, found compliance with cuts for September stood at 236 per cent, according to four OPEC sources. OPEC and its allies have agreed to limit their oil production by 1.2 million barrels per day until March 2020.

Oil prices steady, all eyes on data seen showing China GDP growth slowdown

Oil&nbsp;prices&nbsp;eased on Thursday after industry data showed a&nbsp;larger-than-expected&nbsp;build-up in&nbsp;stocks in the United States, although losses were limited by <a href="https://www.wionews.com/world/additional-tariffs-on-china-may-be-imposed-in-case-of-a-no-deal-us-treasury-secretary-256016">comments by&nbsp;US&nbsp;Treasury</a> Secretary Steven Mnuchin on a&nbsp;<a href="https://www.wionews.com/world/united-states-china-trade-mini-deal-being-papered-trump-256340">US-China trade deal.</a>

Global benchmark Brent crude&nbsp;oil&nbsp;futures was down by 47 cents, or 0.8 per cent, at $58.95 a barrel by 0330 GMT.

US&nbsp;crude&nbsp;oil&nbsp;futures were down 48 cents, or 0.9 per cent, at $52.88 after earlier dropping more than 1 per cent&nbsp;to a session low of $52.76 earlier.

US&nbsp;crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to October&nbsp;11, according to the American Petroleum Institute's weekly report, published ahead of official government&nbsp;stocks data due on Thursday.&nbsp;

Analysts had estimated&nbsp;US&nbsp;crude inventories rose around 2.8 million barrels last week.

"An enormous&nbsp;US&nbsp;inventory&nbsp;build&nbsp;hits at precisely the wrong moment when the markets are overly focused on demand devastation due to the latest run of weaker global economic data," Stephen Innes, Asia Pacific market strategist at AxiTrader, said in a note on Thursday.&nbsp;

If confirmed by the government data, the&nbsp;build-up would be the biggest&nbsp;US&nbsp;inventory swell since February, 2017, Innes said.

It comes amid concerns about the global economy - and therefore&nbsp;oil&nbsp;demand - as data from the United States showed retail sales fell for the first time in seven months in September. That followed earlier data showing a moderation in job growth and services sector activity.

Still, hopes of a potential&nbsp;US-China trade deal helped offset&nbsp;oil&nbsp;prices&nbsp;losses after Mnuchin said&nbsp;US&nbsp;and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month.

"Overall, we are seeing a more constructive picture both in terms of the demand side of the equation with the partial agreement from the&nbsp;US&nbsp;(and) also from a technical point of view. (Prices) are at close to the bottom end of trading range rather than the top," said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney.

But short-term pressure on&nbsp;oil&nbsp;prices&nbsp;will likely remain until&nbsp;US&nbsp;government data on&nbsp;oil&nbsp;inventory is out later on Thursday, he added.

Oil prices eased on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, although losses were limited by comments by US Treasury Secretary Steven Mnuchin on a US-China trade deal.

Oil prices eased on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, although losses were limited by comments by US Treasury Secretary Steven Mnuchin on a US-China trade deal. Global benchmark Brent crude oil futures was down by 47 cents, or 0.8 per cent, at $58.95 a barrel by 0330 GMT. US crude oil futures were down 48 cents, or 0.9 per cent, at $52.88 after earlier dropping more than 1 per cent to a session low of $52.76 earlier. US crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to October 11, according to the American Petroleum Institute's weekly report, published ahead of official government stocks data due on Thursday. Analysts had estimated US crude inventories rose around 2.8 million barrels last week. "An enormous US inventory build hits at precisely the wrong moment when the markets are overly focused on demand devastation due to the latest run of weaker global economic data," Stephen Innes, Asia Pacific market strategist at AxiTrader, said in a note on Thursday. If confirmed by the government data, the build-up would be the biggest US inventory swell since February, 2017, Innes said. It comes amid concerns about the global economy - and therefore oil demand - as data from the United States showed retail sales fell for the first time in seven months in September. That followed earlier data showing a moderation in job growth and services sector activity. Still, hopes of a potential US-China trade deal helped offset oil prices losses after Mnuchin said US and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month. "Overall, we are seeing a more constructive picture both in terms of the demand side of the equation with the partial agreement from the US (and) also from a technical point of view. (Prices) are at close to the bottom end of trading range rather than the top," said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney. But short-term pressure on oil prices will likely remain until US government data on oil inventory is out later on Thursday, he added.

Oil prices fall on signs of large United States stock build

Gold prices held steady on Thursday as weak United States retail sales data fanned concerns that the country's economy may be feeling the pinch of the long-drawn trade war with China, while palladium held close to a record high hit the previous day.

Spot gold&nbsp;inched 0.1 per cent&nbsp;higher to $1,490.37 per ounce as of 0044 GMT&nbsp;US gold futures&nbsp;rose 0.1 per cent&nbsp;to $1,495.60.

Asian shares were subdued as the soft US&nbsp;sales data pointed to signs that the US&nbsp;economy was beginning to show signs of weakness, and a global recession was looming.

US&nbsp;retail sales fell for the first time in seven months in September, suggesting that manufacturing-led weakness could be spreading to the broader economy, keeping the door open for the Federal Reserve to cut interest rates again later this month.

Investors awaited further news on the <a href="https://www.wionews.com/world/united-states-china-trade-mini-deal-being-papered-trump-256340">US-China trade front</a>. US&nbsp;Treasury Secretary Steven Mnuchin said on Wednesday that trade negotiators are working on nailing down a phase 1 trade deal text for their presidents to sign next month.

Elsewhere, a European Union leaders' two-day summit in Brussels starting on Thursday will be dominated by last-gasp efforts to <a href="https://www.wionews.com/world/brexit-deal-at-hand-in-brussels-boris-johnson-struggles-to-win-support-at-home-256400">seal a deal on Britain's exit</a> from the bloc despite a raft of other pressing issues, from the crisis in the Middle East to the EU budget.

Investors have welcomed optimistic comments from key officials during last few days. British culture minister Nicky Morgan said late on Wednesday there is a good chance of a deal.

Indicative of sentiment, SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.16 per cent&nbsp;to 918.19 tonnes on Wednesday from 919.66 tonnes on Tuesday.

Palladium rose 0.2 per cent&nbsp;to $1,770.54 an ounce on Thursday after notching a fresh high of $1,779.23 on Wednesday.

Gold prices held steady on Thursday as weak United States retail sales data fanned concerns that the country's economy may be feeling the pinch of the long-drawn trade war with China, while palladium held close to a record high hit the previous day.

Gold prices held steady on Thursday as weak United States retail sales data fanned concerns that the country's economy may be feeling the pinch of the long-drawn trade war with China, while palladium held close to a record high hit the previous day. Spot gold inched 0.1 per cent higher to $1,490.37 per ounce as of 0044 GMT US gold futures rose 0.1 per cent to $1,495.60. Asian shares were subdued as the soft US sales data pointed to signs that the US economy was beginning to show signs of weakness, and a global recession was looming. US retail sales fell for the first time in seven months in September, suggesting that manufacturing-led weakness could be spreading to the broader economy, keeping the door open for the Federal Reserve to cut interest rates again later this month. Investors awaited further news on the US-China trade front. US Treasury Secretary Steven Mnuchin said on Wednesday that trade negotiators are working on nailing down a phase 1 trade deal text for their presidents to sign next month. Elsewhere, a European Union leaders' two-day summit in Brussels starting on Thursday will be dominated by last-gasp efforts to seal a deal on Britain's exit from the bloc despite a raft of other pressing issues, from the crisis in the Middle East to the EU budget. Investors have welcomed optimistic comments from key officials during last few days. British culture minister Nicky Morgan said late on Wednesday there is a good chance of a deal. Indicative of sentiment, SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.16 per cent to 918.19 tonnes on Wednesday from 919.66 tonnes on Tuesday. Palladium rose 0.2 per cent to $1,770.54 an ounce on Thursday after notching a fresh high of $1,779.23 on Wednesday.

Gold steady as disappointing US retail sales weigh on risk appetite

China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by Premier Li Keqiang said on Wednesday, state television reported.

But the move, which comes nearly 18 years after China joined the World Trade Organisation (WTO), could have a limited impact on the competitive landscape of an industry dominated by China's state firms.

China has stepped up efforts to open its financial sector amid a festering <a href="https://www.wionews.com/world/united-states-china-trade-mini-deal-being-papered-trump-256340">trade war </a>with the United States, with increased access to its financial sector among a host of demands from Washington.

Last week, China announced a firm timetable for opening its futures, brokerage and mutual fund sectors fully to foreign investors next year, as Beijing and Washington reached a tentative deal to resolve their trade dispute.

The cabinet did not elaborate on what effect the removal of the curbs would have. On Tuesday, the cabinet relaxed management rules for foreign insurers and banks, giving them easier access to China, and wider business scope.

China will also support local governments' efforts to attract more foreign investment and allow foreign companies to be more flexible in choosing how they borrow funds from abroad, the cabinet said.

China will not allow forced technology transfers by foreign firms, it said.

Stabilising foreign investment is part of Beijing's policies to support the<a href="https://www.wionews.com/business-economy/global-markets-asia-relieved-at-latest-trade-truce-china-data-disappoints-255740"> slowing economy </a>that has been hit by the country's trade war with the United States.

In 2007, HSBC Holdings, Standard Chartered Bank, Bank of East Asia&nbsp;and Citigroup&nbsp;became the first foreign banks allowed to set up locally-incorporated subsidiaries in China as Beijing gradually opened up the sector.

But hampered by numerous restrictions on business scopes and operations such as outlet openings, the roughly 40 foreign banks with local units operating in China account for a tiny fraction of a market dominated by state-owned rivals such as Industrial and Commercial Bank of China&nbsp;and Bank of China.

"Many people say 'the wolves are coming', but my observation is that...through opening, Chinese regulators intend to introduce technology and talents, but it doesn't mean foreign players can grab a big market share in China," Xin He, Societe Generale's&nbsp;China head of global markets told a financial conference over the weekend.

He added that the French bank has retreated from its retail business in China after realising that "foreign banks cannot compete with Chinese players in this business segment."

In the securities sector, China last year relaxed rules to allow foreign brokerages to own a majority stake in Chinese ventures. China said last week foreign ownership limits in the sector will be scrapped completely on Dec. 1, 2020. UBS Group, JPMorgan Chase&nbsp;and Japan's Nomura Holdings&nbsp;have obtained regulatory approval to set up majority-owned China ventures.

But China has yet to open more sensitive areas of its financial industry. US&nbsp;payments card giants Mastercard Inc&nbsp;and Visa Inc&nbsp;are still awaiting regulatory approval to conduct yuan clearing business in the country.

China's economic growth is expected to slow to a near 30-year low of 6.2 per cent&nbsp;this year and cool further to 5.9 per cent&nbsp;in 2020, a Reuters poll showed, even as Beijing steps up policy stimulus.

The government has been leaning heavily on fiscal stimulus to support the economy, including rolling out big tax cuts and increased spending on infrastructure investment.

Tax and fee cuts amounted to 1.5 trillion yuan&nbsp;in the first eight months, which has helped ease the burden on firms, boost incomes and employment, with full-year reductions set to exceed 2 trillion yuan, the cabinet said.

The government will also support local governments facing fiscal difficulties to ensure wage payments, the cabinet said.

China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by Premier Li Keqiang said on Wednesday, state television reported.

China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by Premier Li Keqiang said on Wednesday, state television reported. But the move, which comes nearly 18 years after China joined the World Trade Organisation (WTO), could have a limited impact on the competitive landscape of an industry dominated by China's state firms. China has stepped up efforts to open its financial sector amid a festering trade war with the United States, with increased access to its financial sector among a host of demands from Washington. Last week, China announced a firm timetable for opening its futures, brokerage and mutual fund sectors fully to foreign investors next year, as Beijing and Washington reached a tentative deal to resolve their trade dispute. The cabinet did not elaborate on what effect the removal of the curbs would have. On Tuesday, the cabinet relaxed management rules for foreign insurers and banks, giving them easier access to China, and wider business scope. China will also support local governments' efforts to attract more foreign investment and allow foreign companies to be more flexible in choosing how they borrow funds from abroad, the cabinet said. China will not allow forced technology transfers by foreign firms, it said. Stabilising foreign investment is part of Beijing's policies to support the slowing economy that has been hit by the country's trade war with the United States. In 2007, HSBC Holdings, Standard Chartered Bank, Bank of East Asia and Citigroup became the first foreign banks allowed to set up locally-incorporated subsidiaries in China as Beijing gradually opened up the sector. But hampered by numerous restrictions on business scopes and operations such as outlet openings, the roughly 40 foreign banks with local units operating in China account for a tiny fraction of a market dominated by state-owned rivals such as Industrial and Commercial Bank of China and Bank of China. "Many people say 'the wolves are coming', but my observation is that...through opening, Chinese regulators intend to introduce technology and talents, but it doesn't mean foreign players can grab a big market share in China," Xin He, Societe Generale's China head of global markets told a financial conference over the weekend. He added that the French bank has retreated from its retail business in China after realising that "foreign banks cannot compete with Chinese players in this business segment." In the securities sector, China last year relaxed rules to allow foreign brokerages to own a majority stake in Chinese ventures. China said last week foreign ownership limits in the sector will be scrapped completely on Dec. 1, 2020. UBS Group, JPMorgan Chase and Japan's Nomura Holdings have obtained regulatory approval to set up majority-owned China ventures. But China has yet to open more sensitive areas of its financial industry. US payments card giants Mastercard Inc and Visa Inc are still awaiting regulatory approval to conduct yuan clearing business in the country. China's economic growth is expected to slow to a near 30-year low of 6.2 per cent this year and cool further to 5.9 per cent in 2020, a Reuters poll showed, even as Beijing steps up policy stimulus. The government has been leaning heavily on fiscal stimulus to support the economy, including rolling out big tax cuts and increased spending on infrastructure investment. Tax and fee cuts amounted to 1.5 trillion yuan in the first eight months, which has helped ease the burden on firms, boost incomes and employment, with full-year reductions set to exceed 2 trillion yuan, the cabinet said. The government will also support local governments facing fiscal difficulties to ensure wage payments, the cabinet said.

China to scrap business curbs on foreign banks, brokerages

Domino's&nbsp;Pizza&nbsp;Group Plc, Britain's biggest&nbsp;pizza&nbsp;delivery company, said on Thursday it will&nbsp;exit&nbsp;its&nbsp;international&nbsp;markets, where it has been facing mounting losses.

"We have concluded that, whilst they represent attractive&nbsp;markets, we are not the best owners of these businesses," outgoing Chief Executive Officer David Wild said.

The company, which is a franchise of US-based&nbsp;Domino's&nbsp;Pizza&nbsp;Inc, said third-quarter group system sales rose 3.4 per cent&nbsp;to 313.5 million pounds&nbsp;on strong demand in the UK and Ireland.

The British company owns&nbsp;Domino's&nbsp;operations in Switzerland, Iceland, Norway and Sweden, and is a minority shareholder in the Germany operations as well.

However, it reported a 2.7 per cent&nbsp;dip in&nbsp;international&nbsp;system sales, which have taken a hit from macroeconomic events, including declining tourist numbers in Iceland.

Europe's economy has slowed this year as the <a href="https://www.wionews.com/world/united-states-china-trade-mini-deal-being-papered-trump-256340">US-China trade</a> tensions weakened global growth, and consumers and businesses in and around the United Kingdom worried about the impact of<a href="https://www.wionews.com/business-economy/united-kingdom-hiring-falls-by-most-in-over-four-years-as-brexit-nears-256066"> Brexit&nbsp;on jobs and incomes.</a>

The company, which has 57 stores in Norway, said it had implemented a turnaround plan in the country during the quarter, but early signs have been mixed and improvement in sales were weaker than expected.

The decision to&nbsp;exit&nbsp;these&nbsp;markets&nbsp;comes a few months after the company announced the retirement of its CEO Wild, while in the midst of trying to resolve a profit sharing row with disgruntled franchisees in the UK and Ireland.

Domino's Pizza Group Plc, Britain's biggest pizza delivery company, said on Thursday it will exit its international markets, where it has been facing mounting losses.

Domino's Pizza Group Plc, Britain's biggest pizza delivery company, said on Thursday it will exit its international markets, where it has been facing mounting losses. "We have concluded that, whilst they represent attractive markets, we are not the best owners of these businesses," outgoing Chief Executive Officer David Wild said. The company, which is a franchise of US-based Domino's Pizza Inc, said third-quarter group system sales rose 3.4 per cent to 313.5 million pounds on strong demand in the UK and Ireland. The British company owns Domino's operations in Switzerland, Iceland, Norway and Sweden, and is a minority shareholder in the Germany operations as well. However, it reported a 2.7 per cent dip in international system sales, which have taken a hit from macroeconomic events, including declining tourist numbers in Iceland. Europe's economy has slowed this year as the US-China trade tensions weakened global growth, and consumers and businesses in and around the United Kingdom worried about the impact of Brexit on jobs and incomes. The company, which has 57 stores in Norway, said it had implemented a turnaround plan in the country during the quarter, but early signs have been mixed and improvement in sales were weaker than expected. The decision to exit these markets comes a few months after the company announced the retirement of its CEO Wild, while in the midst of trying to resolve a profit sharing row with disgruntled franchisees in the UK and Ireland.

Domino's Pizza to exit four international markets

The US&nbsp;Treasury&nbsp;Secretary&nbsp;Steven&nbsp;Mnuchin&nbsp;said on Monday that an additional round of&nbsp;tariffs&nbsp;on Chinese imports will likely be&nbsp;imposed&nbsp;if a&nbsp;trade&nbsp;deal&nbsp;with&nbsp;China&nbsp;has not been reached by then, but added that he expected the agreement to go through.

"I have every expectation - if there's not a&nbsp;deal, those&nbsp;tariffs&nbsp;would go in place - but I expect we'll have a&nbsp;deal," he said in an interview with CNBC when asked about a round of&nbsp;tariffs&nbsp;scheduled for&nbsp;December&nbsp;15.

US&nbsp;President Donald Trump said on Friday that&nbsp;China&nbsp;and the United States had reached the<a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358"> first phase</a> of a&nbsp;trade&nbsp;deal&nbsp;that covered agriculture, currency and some aspects of intellectual property protections, and would ease the reciprocal&nbsp;trade&nbsp;restrictions that the world's two largest economies have been imposing for&nbsp;15&nbsp;months.

But officials on both sides have said more work is needed to finalize the accord, and Trump acknowledged the agreement could still collapse.&nbsp;US&nbsp;Trade&nbsp;Representative Lighthizer said on Friday that Trump had not made a&nbsp;decision about the&nbsp;December&nbsp;tariffs.

Mnuchin&nbsp;said more&nbsp;trade&nbsp;negotiations at various levels would take place over the coming weeks, including a phone call between himself, Lighthizer and Chinese Vice Premier Liu He, and talks between Trump and Chinese leader Xi Jinping.

Asked about a dispute between&nbsp;<a href="https://www.wionews.com/world/chinese-organisers-cancel-nba-fan-event-amid-free-speech-row-254851">China&nbsp;and the&nbsp;US&nbsp;National Basketball Association </a>stemming from a tweet by Houston Rockets manager Daryl Morey expressing support for pro-democracy protests in Hong Kong,&nbsp;Mnuchin&nbsp;said he hoped the two sides could come to a solution.

The US Treasury Secretary Steven Mnuchin said on Monday that an additional round of tariffs on Chinese imports will likely be imposed if a trade deal with China has not been reached by then, but added that he expected the agreement to go through.

The US Treasury Secretary Steven Mnuchin said on Monday that an additional round of tariffs on Chinese imports will likely be imposed if a trade deal with China has not been reached by then, but added that he expected the agreement to go through. "I have every expectation - if there's not a deal, those tariffs would go in place - but I expect we'll have a deal," he said in an interview with CNBC when asked about a round of tariffs scheduled for December 15. US President Donald Trump said on Friday that China and the United States had reached the first phase of a trade deal that covered agriculture, currency and some aspects of intellectual property protections, and would ease the reciprocal trade restrictions that the world's two largest economies have been imposing for 15 months. But officials on both sides have said more work is needed to finalize the accord, and Trump acknowledged the agreement could still collapse. US Trade Representative Lighthizer said on Friday that Trump had not made a decision about the December tariffs. Mnuchin said more trade negotiations at various levels would take place over the coming weeks, including a phone call between himself, Lighthizer and Chinese Vice Premier Liu He, and talks between Trump and Chinese leader Xi Jinping. Asked about a dispute between China and the US National Basketball Association stemming from a tweet by Houston Rockets manager Daryl Morey expressing support for pro-democracy protests in Hong Kong, Mnuchin said he hoped the two sides could come to a solution.

Tariffs to be imposed by December 15 in case of no-deal: US Treasury to China

Oil&nbsp;prices lost about&nbsp;2 per cent&nbsp;on Monday on worries that global crude demand could stay under pressure as few details about the <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">first phase of a&nbsp;U.S.-China&nbsp;trade&nbsp;deal</a>&nbsp;did little to assure a quick resolution to the tariff fight.

Oil&nbsp;prices also felt pressure as the&nbsp;US&nbsp;dollar, which has an inverse relationship with crude prices, gained as waning&nbsp;trade&nbsp;deal&nbsp;hopes and ongoing concerns over <a href="https://www.wionews.com/world/brexit-on-october-31-a-priority-for-british-government-queen-255851">Britain's exit </a>from the European Union attracted safe-haven investments.

Brent crude&nbsp;settled at $59.35 a barrel, shedding $1.16, or 1.92 per cent, while&nbsp;US&nbsp;West Texas Intermediate (WTI) crude&nbsp;settled at $53.59 a barrel, losing $1.11, or 2.03 per cent.

"The complex is in (the) process of relinquishing a major portion of the late week&nbsp;trade&nbsp;inspired gains as conflicting indications out of the&nbsp;U.S. and&nbsp;China&nbsp;regarding&nbsp;trade&nbsp;progress is reducing risk appetite," said Jim Ritterbusch of Ritterbusch and Associates.

Late on Friday, Washington and Beijing outlined the first stage of a&nbsp;trade&nbsp;deal&nbsp;and suspended this week's scheduled&nbsp;US&nbsp;tariff hikes. Brent and WTI rose&nbsp;more&nbsp;than&nbsp;3 per cent&nbsp;last week, their first weekly increase since the week starting September&nbsp;20, on signs of progress toward a&nbsp;trade&nbsp;deal&nbsp;that would boost crude demand.

But optimism that the&nbsp;trade&nbsp;negotiations would prove successful faded, as&nbsp;China&nbsp;indicated further discussions were needed and&nbsp;US&nbsp;Treasury Secretary Steven Mnuchin said the next round of tariffs on Chinese imports are still set to take effect on December&nbsp;15 if a&nbsp;deal&nbsp;has not been reached by then.

But existing tariffs remain in place and officials on both sides said much&nbsp;more&nbsp;work was needed before an accord could be agreed.

A good portion of the gains last week came after the United States announced on Friday it was deploying&nbsp;<a href="https://www.wionews.com/world/us-says-deploying-more-forces-to-saudi-arabia-to-counter-iran-threat-255380">more&nbsp;troops to Saudi Arabia</a>, and after an Iranian&nbsp;oil&nbsp;tanker was attacked in the Red Sea.

Oil&nbsp;prices had drawn some support from worries that further escalation along the <a href="https://www.wionews.com/photos/explainer-turkey-set-to-redraw-map-of-syrian-war-once-more-254794">Syrian and Turkish border</a> could affect output or exports from Iraq. Syrian troops entered a northeastern town on Monday.

The Saudi energy minister, Prince Abdulaziz bin Salman, said&nbsp;oil&nbsp;exporters were showing serious commitment to global output cuts&nbsp;in a&nbsp;deal&nbsp;between OPEC and its allies, a grouping known as OPEC+.

Russian Energy Minister Alexander Novak said there were no talks underway to change the OPEC+&nbsp;deal.

Kuwait's&nbsp;oil&nbsp;minister said it was too early to discuss&nbsp;a possible buildup in&nbsp;oil&nbsp;inventories in 2020. Khaled al-Fadhel said a price range of $50 to $70 per barrel would be acceptable.

The compliance of OPEC+ producers with the supply-reduction agreement was seen at above 200 per cent&nbsp;in September, sources familiar with the matter said.

Bin Salman also said on Monday that Saudi Arabia's&nbsp;oil&nbsp;production will recover in October and November to levels above those seen before attacks on its energy installations in September, which weighed on&nbsp;oil&nbsp;prices.

Oil prices lost about 2 per cent on Monday on worries that global crude demand could stay under pressure as few details about the first phase of a U.S.-China trade deal did little to assure a quick resolution to the tariff fight.

Oil prices lost about 2 per cent on Monday on worries that global crude demand could stay under pressure as few details about the first phase of a U.S.-China trade deal did little to assure a quick resolution to the tariff fight. Oil prices also felt pressure as the US dollar, which has an inverse relationship with crude prices, gained as waning trade deal hopes and ongoing concerns over Britain's exit from the European Union attracted safe-haven investments. Brent crude settled at $59.35 a barrel, shedding $1.16, or 1.92 per cent, while US West Texas Intermediate (WTI) crude settled at $53.59 a barrel, losing $1.11, or 2.03 per cent. "The complex is in (the) process of relinquishing a major portion of the late week trade inspired gains as conflicting indications out of the U.S. and China regarding trade progress is reducing risk appetite," said Jim Ritterbusch of Ritterbusch and Associates. Late on Friday, Washington and Beijing outlined the first stage of a trade deal and suspended this week's scheduled US tariff hikes. Brent and WTI rose more than 3 per cent last week, their first weekly increase since the week starting September 20, on signs of progress toward a trade deal that would boost crude demand. But optimism that the trade negotiations would prove successful faded, as China indicated further discussions were needed and US Treasury Secretary Steven Mnuchin said the next round of tariffs on Chinese imports are still set to take effect on December 15 if a deal has not been reached by then. But existing tariffs remain in place and officials on both sides said much more work was needed before an accord could be agreed. A good portion of the gains last week came after the United States announced on Friday it was deploying more troops to Saudi Arabia, and after an Iranian oil tanker was attacked in the Red Sea. Oil prices had drawn some support from worries that further escalation along the Syrian and Turkish border could affect output or exports from Iraq. Syrian troops entered a northeastern town on Monday. The Saudi energy minister, Prince Abdulaziz bin Salman, said oil exporters were showing serious commitment to global output cuts in a deal between OPEC and its allies, a grouping known as OPEC+. Russian Energy Minister Alexander Novak said there were no talks underway to change the OPEC+ deal. Kuwait's oil minister said it was too early to discuss a possible buildup in oil inventories in 2020. Khaled al-Fadhel said a price range of $50 to $70 per barrel would be acceptable. The compliance of OPEC+ producers with the supply-reduction agreement was seen at above 200 per cent in September, sources familiar with the matter said. Bin Salman also said on Monday that Saudi Arabia's oil production will recover in October and November to levels above those seen before attacks on its energy installations in September, which weighed on oil prices.

Oil falls more than 2% on US-China trade deal doubts, stronger dollar

Saying China has promised to buy up to $50 billion in US agricultural products, President Donald Trump is encouraging American farmers to prepare for a major influx of business.

But after months of losses and uncertainty amid the trade war Trump launched, many in the farm sector say they need more detail before they pop the champagne corks.

Shortly after announcing that a <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">trade deal had been reached </a>in principle between the world's two leading economies, the president even jokingly suggested on Twitter that farmers "start thinking about getting bigger tractors!"

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
CHINA HAS ALREADY BEGUN AGRICULTURAL PURCHASES FROM OUR GREAT PATRIOT FARMERS &amp; RANCHERS!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1183500215241859073?ref_src=twsrc%5Etfw">October 13, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

But on Monday, the country's biggest agricultural federation, the Farm Bureau, told AFP it was awaiting more concrete information on the tentative deal with China, which negotiators are continuing to finalize.

And Roger Johnson, president of the National Farmers Union (NFU), said that "while we are glad to see a detente in this seemingly endless trade war, the tangible benefits to American family farmers and ranchers are unclear."

"Over what timeframe will the $50 billion of agricultural purchases -- an amount that is double our peak annual farm exports to China -- take place?" he asked in a statement on Friday.

At their peak in 2012 and 2013, when a drought in the US had sent the prices of agricultural commodities to record levels, exports to China reached no higher than $26 billion.

China's imports of US farm goods fell in 2017 to $19.5 billion, before dropping sharply last year to just over $9 billion after Beijing imposed burdensome taxes on US imports in retaliation for similar US measures.

"From the very beginning of the trade war, farmers have been promised that their patience would be rewarded," Brian Kuehl, co-executive director of Farmers for Free Trade, said in a statement. "To date, the deal they've been promised has not come."

The Trump administration has released $28 billion in financial aid to American farmers to soften the blow from the Chinese tariffs, but there is no mention in the trade deal of China lifting its existing tariffs.

"Farmers in Wisconsin, Minnesota, Texas and elsewhere will still wake up facing double-digit tariffs into one of America's largest export markets," Kuehl said.

At the Chicago Mercantile Exchange, where brokers bet on trends in the prices of farm products, the market was far from euphoric.

Soybean prices were up just 0.5 per cent on Monday, even though American producers of oilseed products would be among the first to benefit from a surge in Chinese orders.

China's soybean imports from the US totalled $12 billion in 2017; the Asian giant purchased 57 per cent of all US soybean exports that year.

That total fell to $3 billion in 2018, due to new US tariffs and an epidemic of African swine fever that decimated Chinese herds -- many of them fed by American soybeans.

"The market's muted reaction shows the skepticism about the deal, the idea that, even if it happens, it just shuffles the trade flows" between different countries, said Bill Nelson, a chief economist for agricultural consultancy Doane Advisory Services.

Since the tariffs, China has upped its reliance on Brazil and Argentina for soybean supplies, while Mexico and some European Union members have purchased more of the US's crop.

Nelson said it is not possible to suddenly "materialize another $20 billion of buying interests out of nothing."

To compensate for losses from the African swine fever epidemic, China has greatly boosted its pork orders in recent weeks, while ordering around 3.7 million tons of soybeans during the month of September. &nbsp;

Nelson cautioned that while "that sounds pretty impressive... sales are still lower than what they used to be three or four years ago."

Saying China has promised to buy up to $50 billion in US agricultural products, President Donald Trump is encouraging American farmers to prepare for a major influx of business.

Saying China has promised to buy up to $50 billion in US agricultural products, President Donald Trump is encouraging American farmers to prepare for a major influx of business. But after months of losses and uncertainty amid the trade war Trump launched, many in the farm sector say they need more detail before they pop the champagne corks. Shortly after announcing that a trade deal had been reached in principle between the world's two leading economies, the president even jokingly suggested on Twitter that farmers "start thinking about getting bigger tractors!" CHINA HAS ALREADY BEGUN AGRICULTURAL PURCHASES FROM OUR GREAT PATRIOT FARMERS & RANCHERS! — Donald J. Trump (@realDonaldTrump) October 13, 2019 × But on Monday, the country's biggest agricultural federation, the Farm Bureau, told AFP it was awaiting more concrete information on the tentative deal with China, which negotiators are continuing to finalize. And Roger Johnson, president of the National Farmers Union (NFU), said that "while we are glad to see a detente in this seemingly endless trade war, the tangible benefits to American family farmers and ranchers are unclear." "Over what timeframe will the $50 billion of agricultural purchases -- an amount that is double our peak annual farm exports to China -- take place?" he asked in a statement on Friday. At their peak in 2012 and 2013, when a drought in the US had sent the prices of agricultural commodities to record levels, exports to China reached no higher than $26 billion. China's imports of US farm goods fell in 2017 to $19.5 billion, before dropping sharply last year to just over $9 billion after Beijing imposed burdensome taxes on US imports in retaliation for similar US measures. "From the very beginning of the trade war, farmers have been promised that their patience would be rewarded," Brian Kuehl, co-executive director of Farmers for Free Trade, said in a statement. "To date, the deal they've been promised has not come." The Trump administration has released $28 billion in financial aid to American farmers to soften the blow from the Chinese tariffs, but there is no mention in the trade deal of China lifting its existing tariffs. "Farmers in Wisconsin, Minnesota, Texas and elsewhere will still wake up facing double-digit tariffs into one of America's largest export markets," Kuehl said. At the Chicago Mercantile Exchange, where brokers bet on trends in the prices of farm products, the market was far from euphoric. Soybean prices were up just 0.5 per cent on Monday, even though American producers of oilseed products would be among the first to benefit from a surge in Chinese orders. China's soybean imports from the US totalled $12 billion in 2017; the Asian giant purchased 57 per cent of all US soybean exports that year. That total fell to $3 billion in 2018, due to new US tariffs and an epidemic of African swine fever that decimated Chinese herds -- many of them fed by American soybeans. "The market's muted reaction shows the skepticism about the deal, the idea that, even if it happens, it just shuffles the trade flows" between different countries, said Bill Nelson, a chief economist for agricultural consultancy Doane Advisory Services. Since the tariffs, China has upped its reliance on Brazil and Argentina for soybean supplies, while Mexico and some European Union members have purchased more of the US's crop. Nelson said it is not possible to suddenly "materialize another $20 billion of buying interests out of nothing." To compensate for losses from the African swine fever epidemic, China has greatly boosted its pork orders in recent weeks, while ordering around 3.7 million tons of soybeans during the month of September. Nelson cautioned that while "that sounds pretty impressive... sales are still lower than what they used to be three or four years ago."

Trump claims victory in trade war with China, but US farmers want details

Oil prices eased on Monday as scant details on the <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">first phase of a trade deal </a>between the United States and China undercut last week's optimism over the thaw that helped to lift crude markets by 2 per cent.

Brent crude futures&nbsp;edged down by 25 cents to $60.26 a barrel by 0436 GMT, while US&nbsp;West Texas Intermediate (WTI) crude futures&nbsp;was at $54.45 a barrel, down 25 cents.

Both contracts rose more than 3 per cent&nbsp;last week, their first weekly gain in three.

"There is an argument that the oil market trading during US&nbsp;hours on Friday have already had a chance to price (in) the news on the trade dispute and the better outlook for global demand," said CMC Markets chief strategist Michael McCarthy.

"So traders are reluctant to push it further given those very strong gains."

Most of the gains posted on Friday, however, had come after an Iranian oil tanker was attacked off Saudi Arabia's coast in the Red Sea. Investigations are under way to determine if the tanker was hit by missiles, which could ratchet up tensions between Tehran and Riyadh if confirmed.

The emergence of a "Phase 1" trade deal between the United States and China and a goodwill move by Washington to suspend threatened tariffs on Chinese products also helped to lifted global financial markets on Monday.&nbsp;

But investors remained cautious given that few details emerged from the talks.

"Traders view the deal in a tentative light ... This baby-step agreement could take weeks to iron out," said Stephen Innes, Asia Pacific market strategist at AxiTrader in a note.

The trade war has pressure China's trade, with its exports to the United States falling 10.7 per cent&nbsp;from a year earlier in dollar terms over January-September, Chinese customs spokesman Li Kuiwen told reporters.

China's imports from the United States, on the other hand, have fallen 26.4 per cent&nbsp;in dollar terms during the first nine months.

China's demand for oil remains strong, however, with its September imports reflecting a 10.8 per cent&nbsp;rise from a year earlier as refiners ramped up output amid stable profit margins and solid fuel demand.

Oil prices eased on Monday as scant details on the first phase of a trade deal between the United States and China undercut last week's optimism over the thaw that helped to lift crude markets by 2 per cent.

Oil prices eased on Monday as scant details on the first phase of a trade deal between the United States and China undercut last week's optimism over the thaw that helped to lift crude markets by 2 per cent. Brent crude futures edged down by 25 cents to $60.26 a barrel by 0436 GMT, while US West Texas Intermediate (WTI) crude futures was at $54.45 a barrel, down 25 cents. Both contracts rose more than 3 per cent last week, their first weekly gain in three. "There is an argument that the oil market trading during US hours on Friday have already had a chance to price (in) the news on the trade dispute and the better outlook for global demand," said CMC Markets chief strategist Michael McCarthy. "So traders are reluctant to push it further given those very strong gains." Most of the gains posted on Friday, however, had come after an Iranian oil tanker was attacked off Saudi Arabia's coast in the Red Sea. Investigations are under way to determine if the tanker was hit by missiles, which could ratchet up tensions between Tehran and Riyadh if confirmed. The emergence of a "Phase 1" trade deal between the United States and China and a goodwill move by Washington to suspend threatened tariffs on Chinese products also helped to lifted global financial markets on Monday. But investors remained cautious given that few details emerged from the talks. "Traders view the deal in a tentative light ... This baby-step agreement could take weeks to iron out," said Stephen Innes, Asia Pacific market strategist at AxiTrader in a note. The trade war has pressure China's trade, with its exports to the United States falling 10.7 per cent from a year earlier in dollar terms over January-September, Chinese customs spokesman Li Kuiwen told reporters. China's imports from the United States, on the other hand, have fallen 26.4 per cent in dollar terms during the first nine months. China's demand for oil remains strong, however, with its September imports reflecting a 10.8 per cent rise from a year earlier as refiners ramped up output amid stable profit margins and solid fuel demand.

Oil prices ease on scant details of US-China trade deal

Asian share markets firmed on Monday as signs of progress in the Sino-US&nbsp;trade standoff whetted risk appetite, though investors were wary of the damage already done to the global economy.

Indeed, data out from China underlined the pain felt with dollar-denominated exports and imports both falling by more than expected in September.

Liquidity was also lacking with Japan off and a partial market holiday in the United States for Columbus Day. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.1 per cent&nbsp;in light trade.

Australia's main index gained 0.7 per cent and South Korea 1.3 per cent. Shanghai blue chips&nbsp;added 1.6 per cent.

While Tokyo was on holiday, Nikkei futures were trading at 22,075 compared with a Friday close of 21,798 in the Nikkei cash index. E-Mini futures for the S&amp;P 500 nudged up 0.2 per cent&nbsp;after jumping on Friday.

Sentiment had been boosted when US&nbsp;President Donald Trump outlined the <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">first phase of a deal </a>to end a trade war with China and suspended a threatened tariff hike, though officials on both sides said much more work needed to be done.

The emerging deal, covering agriculture, currency and some aspects of intellectual property protections, would represent the biggest step by the two countries in 15 months.

Analysts, however, advised caution.

"We have seen a truce established, and then broken, before," said Tai Hui, chief market strategist for Asia at JPMorgan Asset Management.

"The threat to global growth is weak corporate capex, and potentially spilling over into the consumer sector," Hui added. "CEOs are not going to restart investing again merely because of the latest round of agreement between the two sides."

The drag from the trade war was a major reason Singapore's central bank eased monetary policy on Monday for the first time in three years as data showed the city-state's economy had only narrowly dodged recession.

The progress on trade was still enough to slug safe-haven bonds with yields on US&nbsp;10-year Treasury notes climbing 23 basis points last week to stand at 1.74 per cent.

The yield curve also steepened as short-term rates were held down by news the Fed would start buying about $60 billion per month in Treasury bills to ensure "ample reserves" in the banking system.

The rally in risk assets had seen the yen ease across the board, leaving the dollar holding at 108.32 on Monday after hitting a 10-week top around 108.61 on Friday.

The dollar fared less well elsewhere, partly due to a jump in sterling, and was last at 98.435 against a basket of currencies&nbsp;after losing 0.5 per cent last week.

The dollar also slipped on the Chinese yuan to stand at 7.0646.

The pound was trading cautiously at $1.2598 having surged to a 15-week high around $1.2705 on Friday on optimism Britain could reach a deal on Brexit with the European Union.

However, officials from Downing Street and the EU said on Sunday a lot more work would be needed to secure an agreement on Britain's departure from the bloc.

The two sides will hold more talks on Monday ahead of a summit of EU leaders in Brussels on Thursday and Friday.

The general improvement in risk sentiment saw spot gold ease another 0.2 per cent&nbsp;to $1,486.85 per ounce.

Oil prices pared gains made on Friday when reports surfaced that an Iranian state-owned oil tanker had been attacked in the Red Sea.&nbsp;

Investors were also anxiously watching<a href="https://www.wionews.com/videos/day-5-of-turkeys-military-operation-in-syria-255702"> Turkey's incursion into Syria</a> as the White House threatened to impose heavy sanctions on Ankara.

Brent crude&nbsp;futures eased 31 cents at $60.20, while US&nbsp;crude&nbsp;lost 30 cents to $54.40 a barrel.

Asian share markets firmed on Monday as signs of progress in the Sino-US trade standoff whetted risk appetite, though investors were wary of the damage already done to the global economy.

Asian share markets firmed on Monday as signs of progress in the Sino-US trade standoff whetted risk appetite, though investors were wary of the damage already done to the global economy. Indeed, data out from China underlined the pain felt with dollar-denominated exports and imports both falling by more than expected in September. Liquidity was also lacking with Japan off and a partial market holiday in the United States for Columbus Day. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.1 per cent in light trade. Australia's main index gained 0.7 per cent and South Korea 1.3 per cent. Shanghai blue chips added 1.6 per cent. While Tokyo was on holiday, Nikkei futures were trading at 22,075 compared with a Friday close of 21,798 in the Nikkei cash index. E-Mini futures for the S&P 500 nudged up 0.2 per cent after jumping on Friday. Sentiment had been boosted when US President Donald Trump outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike, though officials on both sides said much more work needed to be done. The emerging deal, covering agriculture, currency and some aspects of intellectual property protections, would represent the biggest step by the two countries in 15 months. Analysts, however, advised caution. "We have seen a truce established, and then broken, before," said Tai Hui, chief market strategist for Asia at JPMorgan Asset Management. "The threat to global growth is weak corporate capex, and potentially spilling over into the consumer sector," Hui added. "CEOs are not going to restart investing again merely because of the latest round of agreement between the two sides." The drag from the trade war was a major reason Singapore's central bank eased monetary policy on Monday for the first time in three years as data showed the city-state's economy had only narrowly dodged recession. The progress on trade was still enough to slug safe-haven bonds with yields on US 10-year Treasury notes climbing 23 basis points last week to stand at 1.74 per cent. The yield curve also steepened as short-term rates were held down by news the Fed would start buying about $60 billion per month in Treasury bills to ensure "ample reserves" in the banking system. The rally in risk assets had seen the yen ease across the board, leaving the dollar holding at 108.32 on Monday after hitting a 10-week top around 108.61 on Friday. The dollar fared less well elsewhere, partly due to a jump in sterling, and was last at 98.435 against a basket of currencies after losing 0.5 per cent last week. The dollar also slipped on the Chinese yuan to stand at 7.0646. The pound was trading cautiously at $1.2598 having surged to a 15-week high around $1.2705 on Friday on optimism Britain could reach a deal on Brexit with the European Union. However, officials from Downing Street and the EU said on Sunday a lot more work would be needed to secure an agreement on Britain's departure from the bloc. The two sides will hold more talks on Monday ahead of a summit of EU leaders in Brussels on Thursday and Friday. The general improvement in risk sentiment saw spot gold ease another 0.2 per cent to $1,486.85 per ounce. Oil prices pared gains made on Friday when reports surfaced that an Iranian state-owned oil tanker had been attacked in the Red Sea. Investors were also anxiously watching Turkey's incursion into Syria as the White House threatened to impose heavy sanctions on Ankara. Brent crude futures eased 31 cents at $60.20, while US crude lost 30 cents to $54.40 a barrel.

Asia relieved at latest trade truce, China data disappoints

Oil&nbsp;prices climbed early on Friday, building on gains in the previous session after producer club&nbsp;OPEC&nbsp;hinted at making&nbsp;deeper&nbsp;cuts&nbsp;in supply while optimism was revived over&nbsp;talks&nbsp;between the United States and&nbsp;China&nbsp;to end their&nbsp;trade&nbsp;war.

International benchmark Brent crude futures were at $59.26 a barrel by 0251 GMT, up 16 cents, or 0.3 per cent, from their previous settlement. Brent settled up 1.3 per cent&nbsp;at $59.10 a barrel on Thursday.

US West Texas Intermediate (WTI) crude&nbsp;futures rose 16 cents, also up 0.3 per cent, from their last close to $53.71 per barrel. In the previous session, WTI settled 1.8 per cent&nbsp;higher at $53.55 a barrel.

On Thursday Mohammad Barkindo, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said all options were on the table, including a&nbsp;deeper&nbsp;supply cut to balance&nbsp;oil&nbsp;markets. A decision would be taken at a December meeting between the&nbsp;OPEC&nbsp;and its partners, he said.

OPEC&nbsp;lowered its 2019 global&nbsp;oil&nbsp;demand growth forecast to 0.98 million barrels per day (bpd), while leaving its 2020 demand growth estimate unchanged at 1.08 million bpd, according to&nbsp;OPEC's monthly report.

Beyond&nbsp;OPEC,&nbsp;trade&nbsp;talks&nbsp;between the United States and&nbsp;China&nbsp;also remained on the market's radar as the world's top two economies seek to resolve a more-than-a-year-long&nbsp;trade&nbsp;row that has slowed global economic growth and curbed fuel consumption.

"Oil&nbsp;bought into the upbeat tone from the bilateral&nbsp;talks&nbsp;as well, for better or for worse, and was also boosted by fighting talk on prices by the&nbsp;OPEC&nbsp;secretary-general," said Jeffrey Halley, a senior market analyst at OANDA in Singapore.

Top&nbsp;US&nbsp;and Chinese negotiators wrapped up the first of two days of <a href="https://www.wionews.com/world/us-china-trade-talks-to-resume-thursday-white-house-254346">scheduled&nbsp;trade&nbsp;talks&nbsp;on Thursday,</a> with business groups&nbsp;expressing optimism that the two sides might be able to ease tensions and delay a&nbsp;US&nbsp;tariff hike set for next week.

"The United States is the largest global consumer of&nbsp;oil&nbsp;while&nbsp;China, the biggest driver of year-on-year&nbsp;oil&nbsp;demand growth," said Stephen Innes, Asia Pacific market strategist at AxiTrader.

"The most significant sentiment driver hinges on the outcome of the&nbsp;trade&nbsp;talks&nbsp;which, if (they) end on a positive note, could go along way to begin to repair the economic damage done ... these economic powerhouses would need more&nbsp;oil," said Innes.

US&nbsp;President Donald Trump is set to meet Chinese Vice Premier Liu He at 1845 GMT on Friday, the White House said.

Oil prices climbed early on Friday, building on gains in the previous session after producer club OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the United States and China to end their trade war.

Oil prices climbed early on Friday, building on gains in the previous session after producer club OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the United States and China to end their trade war. International benchmark Brent crude futures were at $59.26 a barrel by 0251 GMT, up 16 cents, or 0.3 per cent, from their previous settlement. Brent settled up 1.3 per cent at $59.10 a barrel on Thursday. US West Texas Intermediate (WTI) crude futures rose 16 cents, also up 0.3 per cent, from their last close to $53.71 per barrel. In the previous session, WTI settled 1.8 per cent higher at $53.55 a barrel. On Thursday Mohammad Barkindo, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said all options were on the table, including a deeper supply cut to balance oil markets. A decision would be taken at a December meeting between the OPEC and its partners, he said. OPEC lowered its 2019 global oil demand growth forecast to 0.98 million barrels per day (bpd), while leaving its 2020 demand growth estimate unchanged at 1.08 million bpd, according to OPEC's monthly report. Beyond OPEC, trade talks between the United States and China also remained on the market's radar as the world's top two economies seek to resolve a more-than-a-year-long trade row that has slowed global economic growth and curbed fuel consumption. "Oil bought into the upbeat tone from the bilateral talks as well, for better or for worse, and was also boosted by fighting talk on prices by the OPEC secretary-general," said Jeffrey Halley, a senior market analyst at OANDA in Singapore. Top US and Chinese negotiators wrapped up the first of two days of scheduled trade talks on Thursday, with business groups expressing optimism that the two sides might be able to ease tensions and delay a US tariff hike set for next week. "The United States is the largest global consumer of oil while China, the biggest driver of year-on-year oil demand growth," said Stephen Innes, Asia Pacific market strategist at AxiTrader. "The most significant sentiment driver hinges on the outcome of the trade talks which, if (they) end on a positive note, could go along way to begin to repair the economic damage done ... these economic powerhouses would need more oil," said Innes. US President Donald Trump is set to meet Chinese Vice Premier Liu He at 1845 GMT on Friday, the White House said.

Oil rises on hopes for deeper OPEC output cuts, US-China trade talks

Asian markets rallied Friday on signs of progress in the <a href="https://www.wionews.com/world/us-china-trade-talks-to-resume-thursday-white-house-254346">China-US trade talks</a>, with Donald Trump saying they were "going very well", while the pound held gains after the leaders of <a href="https://www.wionews.com/world/irish-pm-says-very-difficult-to-secure-brexit-deal-by-next-week-254692">Britain and Ireland</a> indicated a potential breakthrough in Brexit talks.

After a nervous week on trading floors, negotiators from the world's top two economies kicked off long-awaited negotiations on resolving their long-running tariffs row on a positive footing, easing worries that they might be cut short.

Without elaborating, Trump told reporters: "I will say I think it's going really well. We had a very, very good negotiation with China."

Adding to the positive vibes was news that Trump would meet China's top trade envoy Liu He at the White House.

The developments allowed dealers to breathe a sigh of relief as tensions between the two sides appeared to be growing after the <a href="https://www.wionews.com/world/us-expands-blacklist-to-include-chinas-top-ai-startups-ahead-of-trade-talks-254672">US put new restrictions on Chinese firms </a>over human rights abuses and reports Beijing had narrowed the issues it was willing to discuss.

"The fog of trade war is beginning to lift, giving way to an air of trade optimism sweeping through global capital markets," said Stephen Innes, Asia-Pacific market strategist at AxiTrader.

"Investors are starting to believe there is light at the end of the... tunnel as hope springs eternal."

Hong Kong led gains across Asia, jumping more than one per cent, Tokyo heading into the break one per cent higher and Shanghai adding 0.1 per cent.

Talks are expected to resume on Friday, with hopes they can at least lead to a delay in tariffs due next week being imposed on China.

"The prospect of US-China trade truce that results in the suspension of further planned tariffs increases is rightly welcome news," Rodrigo Catril at National Australia Bank said.

"But as it is often the case, the devil will be in the detail," he warned, adding that if the optimism is to last "a meaningful de-escalation in tensions is required".

And Thanos Vamvakidis, at Bank of America Merrill Lynch, told Bloomberg TV "we are not out of the woods yet".

Markets are also getting some support from rare signs of progress in the Brexit saga after British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar said they could see a route towards striking a possible divorce deal.

After hours of talks regarding the vexed question of Northern Ireland, the two issued a joint statement that said: "Both continue to believe a deal is in everybody's interest. They agreed that they could see a pathway to a possible deal."

While Varadkar said there were still hurdles to overcome, the news did provide some much-needed hope in the crisis after German Chancellor Angela Merkel was reported to have said Brexit talks were "close to breaking down".

The pound surged two per cent against the dollar on Thursday and also rallied on the euro, and in early Asian trade managed to hold its ground.

"The positive vibe has raised some hope for a chance of a Brexit deal ahead of the EU summit at the end of next week," NAB's Catril added.

Hopes for the <a href="https://www.wionews.com/business-economy/oil-prices-fall-as-hopes-for-us-china-trade-progress-wilt-254886">China-US talks helped oil prices higher,</a> with traders also cheered by OPEC Secretary-General Mohammad Barkindo saying the grouping of the world's giant producers would do what it could to avert another slump.

Both main contracts rose Friday, having put on more than one per cent the day before.

Asian markets rallied Friday on signs of progress in the China-US trade talks, with Donald Trump saying they were "going very well", while the pound held gains after the leaders of Britain and Ireland indicated a potential breakthrough in Brexit talks.

Asian markets rallied Friday on signs of progress in the China-US trade talks, with Donald Trump saying they were "going very well", while the pound held gains after the leaders of Britain and Ireland indicated a potential breakthrough in Brexit talks. After a nervous week on trading floors, negotiators from the world's top two economies kicked off long-awaited negotiations on resolving their long-running tariffs row on a positive footing, easing worries that they might be cut short. Without elaborating, Trump told reporters: "I will say I think it's going really well. We had a very, very good negotiation with China." Adding to the positive vibes was news that Trump would meet China's top trade envoy Liu He at the White House. The developments allowed dealers to breathe a sigh of relief as tensions between the two sides appeared to be growing after the US put new restrictions on Chinese firms over human rights abuses and reports Beijing had narrowed the issues it was willing to discuss. "The fog of trade war is beginning to lift, giving way to an air of trade optimism sweeping through global capital markets," said Stephen Innes, Asia-Pacific market strategist at AxiTrader. "Investors are starting to believe there is light at the end of the... tunnel as hope springs eternal." Hong Kong led gains across Asia, jumping more than one per cent, Tokyo heading into the break one per cent higher and Shanghai adding 0.1 per cent. Talks are expected to resume on Friday, with hopes they can at least lead to a delay in tariffs due next week being imposed on China. "The prospect of US-China trade truce that results in the suspension of further planned tariffs increases is rightly welcome news," Rodrigo Catril at National Australia Bank said. "But as it is often the case, the devil will be in the detail," he warned, adding that if the optimism is to last "a meaningful de-escalation in tensions is required". And Thanos Vamvakidis, at Bank of America Merrill Lynch, told Bloomberg TV "we are not out of the woods yet". Markets are also getting some support from rare signs of progress in the Brexit saga after British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar said they could see a route towards striking a possible divorce deal. After hours of talks regarding the vexed question of Northern Ireland, the two issued a joint statement that said: "Both continue to believe a deal is in everybody's interest. They agreed that they could see a pathway to a possible deal." While Varadkar said there were still hurdles to overcome, the news did provide some much-needed hope in the crisis after German Chancellor Angela Merkel was reported to have said Brexit talks were "close to breaking down". The pound surged two per cent against the dollar on Thursday and also rallied on the euro, and in early Asian trade managed to hold its ground. "The positive vibe has raised some hope for a chance of a Brexit deal ahead of the EU summit at the end of next week," NAB's Catril added. Hopes for the China-US talks helped oil prices higher, with traders also cheered by OPEC Secretary-General Mohammad Barkindo saying the grouping of the world's giant producers would do what it could to avert another slump. Both main contracts rose Friday, having put on more than one per cent the day before.

Asian markets rally as Trump says trade talks 'going very well'

Oil prices fell on Thursday on concerns of lower fuel demand as talks this week between the United States and China, the world's two largest oil users, are not expected to help end the<a href="https://www.wionews.com/world/us-expands-blacklist-to-include-chinas-top-ai-startups-ahead-of-trade-talks-254672"> trade war between them</a>, adding to anxieties about the global economy.

China, the world's biggest oil importer, has lowered its expectations for talks on Thursday and Friday to end the 15-month-old trade dispute with the United States. US&nbsp;President Donald Trump is set to raise the tariff rate on about $250 billion of Chinese goods to 30 per cent&nbsp;from 25 per cent&nbsp;on October&nbsp;15 if some signs of progress are not seen.

The trade dispute between the world's two largest economies has disrupted global supply chains and slowed the growth of both countries, limiting the growth of their fuel consumption.

Global benchmark Brent crude futures fell 11 cents, or 0.2 per cent, to $58.21 a barrel by 0354 GMT, while US&nbsp;West Texas Intermediate (WTI) futures were down 11 cents, or 0.2 per cent, at $52.48 per barrel.

"Should US-China trade negotiations take a turn for the worst, market pessimism will impose sharp negative pressures on oil prices, said Benjamin Lu, commodities analyst at Phillip Futures in Singapore.

Prices were also weighed down by a report of rising stockpiles in the United States, which is also currently the world's biggest oil producer.

US&nbsp;crude stocks rose 2.9 million barrels in the week to October&nbsp;4, the Energy Information Administration (EIA) said on Wednesday, more than double analysts' expectations of an increase of 1.4 million barrels.

Additionally, the Organization of the Petroleum Exporting Countries (OPEC) quietly adjusted its production pact to allow Nigeria to raise its output, adding more supply.

OPEC granted Nigeria raised the quota to 1.774 million barrels per day (bpd) from 1.685 million bpd, three OPEC delegates with knowledge of the matter said.

OPEC member Venezuela will also increase its exports despite <a href="https://www.wionews.com/world/us-ready-to-target-other-countries-for-supporting-venezuelas-maduro-241275">US&nbsp;economic sanctions </a>that have curtailed shipments from the country.

Indian refiner Reliance Industries Ltd plans to start loading Venezuelan crude after a four-month pause, in a further sign of expanding crude supply to the market.

Oil prices fell on Thursday on concerns of lower fuel demand as talks this week between the United States and China, the world's two largest oil users, are not expected to help end the trade war between them, adding to anxieties about the global economy.

Oil prices fell on Thursday on concerns of lower fuel demand as talks this week between the United States and China, the world's two largest oil users, are not expected to help end the trade war between them, adding to anxieties about the global economy. China, the world's biggest oil importer, has lowered its expectations for talks on Thursday and Friday to end the 15-month-old trade dispute with the United States. US President Donald Trump is set to raise the tariff rate on about $250 billion of Chinese goods to 30 per cent from 25 per cent on October 15 if some signs of progress are not seen. The trade dispute between the world's two largest economies has disrupted global supply chains and slowed the growth of both countries, limiting the growth of their fuel consumption. Global benchmark Brent crude futures fell 11 cents, or 0.2 per cent, to $58.21 a barrel by 0354 GMT, while US West Texas Intermediate (WTI) futures were down 11 cents, or 0.2 per cent, at $52.48 per barrel. "Should US-China trade negotiations take a turn for the worst, market pessimism will impose sharp negative pressures on oil prices, said Benjamin Lu, commodities analyst at Phillip Futures in Singapore. Prices were also weighed down by a report of rising stockpiles in the United States, which is also currently the world's biggest oil producer. US crude stocks rose 2.9 million barrels in the week to October 4, the Energy Information Administration (EIA) said on Wednesday, more than double analysts' expectations of an increase of 1.4 million barrels. Additionally, the Organization of the Petroleum Exporting Countries (OPEC) quietly adjusted its production pact to allow Nigeria to raise its output, adding more supply. OPEC granted Nigeria raised the quota to 1.774 million barrels per day (bpd) from 1.685 million bpd, three OPEC delegates with knowledge of the matter said. OPEC member Venezuela will also increase its exports despite US economic sanctions that have curtailed shipments from the country. Indian refiner Reliance Industries Ltd plans to start loading Venezuelan crude after a four-month pause, in a further sign of expanding crude supply to the market.

Oil prices fall as hopes for US-China trade progress wilt

Beijing sees red! Why Chinese sponsors, partners are cutting ties with NBA

Gold&nbsp;prices scaled&nbsp;one-week&nbsp;highs on Thursday, holding ground above $1,500 an ounce, as investors flocked to the safety of bullion following contradictory reports about <a href="https://www.wionews.com/world/us-china-trade-talks-to-resume-thursday-white-house-254346">US-China&nbsp;trade&nbsp;talks.</a>

Spot&nbsp;gold&nbsp;gained 0.1 per cent&nbsp;to $1,506.78 per ounce as of 0724 GMT, having notched a&nbsp;peak&nbsp;of $1,516.77 early in the session, its highest since October&nbsp;3. US&nbsp;gold&nbsp;futures dropped 0.1 per cent&nbsp;to $1,511.80.

"Gold&nbsp;is holding strong above $1,500 because of healthy inflows by ETFs (exchange-traded funds). If the US-China&nbsp;trade&nbsp;talks fail once again,&nbsp;gold&nbsp;prices could rally," said Jigar Trivedi, a commodities analyst at Mumbai-based Anand Rathi Shares &amp; Stock Brokers.

"Prices are not falling, because of strong investment demand and fundamental factors. $1,490 is the current support, and if prices drop below this, there could be an extended fall till $1,460."

A report from the New York Times said Washington would soon issue licences permitting some US&nbsp;firms to supply non-sensitive goods to China's Huawei Technologies.

A report by Bloomberg, saying the White House was looking at rolling out a currency pact with China, raised hopes of a partial deal and helped to lift risk assets.

The South China Morning Post had reported earlier in the session that a Chinese delegation was planning to leave Washington after just a day of minister-level meetings, instead of Friday as planned, sending Asian stocks toppling. However, risk sentiment has recovered slightly since.

Gold&nbsp;is often used by investors as a hedge against political and financial uncertainty.

"Gold&nbsp;ETF holdings are at three-year highs and lots of central banks are also buying, which is keeping prices supported," said Argonaut Securities analyst Helen Lau, adding that some volatility could be expected in the&nbsp;gold&nbsp;market.

Indicative of investor interest, holdings of the SPDR&nbsp;Gold&nbsp;Trust, the world's largest&nbsp;gold-backed exchange-traded fund, have been at their highest since November 2016.

Spot&nbsp;gold&nbsp;looks neutral in a range of $1,488-$1,514 per ounce, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.

Investors also sought further cues on the US&nbsp;Federal Reserve's trajectory on monetary easing later in the month.

"Global&nbsp;trade&nbsp;uncertainties along with subdued global growth will remain supportive towards safe-haven assets in the current term," Phillip Futures analyst Benjamin Lu said in a note.

Silver rose 0.1 per cent&nbsp;to $17.72 per ounce, palladium inched 0.2 per cent&nbsp;higher to $1,684.91 and platinum was little changed at $891.49 an ounce.

Gold prices scaled one-week highs on Thursday, holding ground above $1,500 an ounce, as investors flocked to the safety of bullion following contradictory reports about US-China trade talks.

Gold prices scaled one-week highs on Thursday, holding ground above $1,500 an ounce, as investors flocked to the safety of bullion following contradictory reports about US-China trade talks. Spot gold gained 0.1 per cent to $1,506.78 per ounce as of 0724 GMT, having notched a peak of $1,516.77 early in the session, its highest since October 3. US gold futures dropped 0.1 per cent to $1,511.80. "Gold is holding strong above $1,500 because of healthy inflows by ETFs (exchange-traded funds). If the US-China trade talks fail once again, gold prices could rally," said Jigar Trivedi, a commodities analyst at Mumbai-based Anand Rathi Shares & Stock Brokers. "Prices are not falling, because of strong investment demand and fundamental factors. $1,490 is the current support, and if prices drop below this, there could be an extended fall till $1,460." A report from the New York Times said Washington would soon issue licences permitting some US firms to supply non-sensitive goods to China's Huawei Technologies. A report by Bloomberg, saying the White House was looking at rolling out a currency pact with China, raised hopes of a partial deal and helped to lift risk assets. The South China Morning Post had reported earlier in the session that a Chinese delegation was planning to leave Washington after just a day of minister-level meetings, instead of Friday as planned, sending Asian stocks toppling. However, risk sentiment has recovered slightly since. Gold is often used by investors as a hedge against political and financial uncertainty. "Gold ETF holdings are at three-year highs and lots of central banks are also buying, which is keeping prices supported," said Argonaut Securities analyst Helen Lau, adding that some volatility could be expected in the gold market. Indicative of investor interest, holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, have been at their highest since November 2016. Spot gold looks neutral in a range of $1,488-$1,514 per ounce, and an escape could suggest a direction, Reuters technical analyst Wang Tao said. Investors also sought further cues on the US Federal Reserve's trajectory on monetary easing later in the month. "Global trade uncertainties along with subdued global growth will remain supportive towards safe-haven assets in the current term," Phillip Futures analyst Benjamin Lu said in a note. Silver rose 0.1 per cent to $17.72 per ounce, palladium inched 0.2 per cent higher to $1,684.91 and platinum was little changed at $891.49 an ounce.

Gold rises to one-week peak amid trade anxiety

Most&nbsp;Asian&nbsp;currencies&nbsp;firmed on Thursday, as a volatile&nbsp;dollar&nbsp;weakened broadly on&nbsp;mixed&nbsp;signals&nbsp;over the state of<a href="https://www.wionews.com/world/us-china-trade-talks-to-resume-thursday-white-house-254346">&nbsp;trade&nbsp;talks between Washington and Beijing.</a>

Dampened sentiment following suggestions that the Chinese delegation might cut the ministerial-level talks short and leave Washington on Thursday were offset by a Bloomberg report that the United States is weighing a currency pact with China as part of a partial deal.

Traders also took note of a New York Times report that Washington will issue licenses allowing some US&nbsp;companies to supply non-sensitive goods to China's Huawei, as the&nbsp;dollar&nbsp;eased against a basket of major&nbsp;currencies.

"News of Huawei and the currency pact released together with the strong (yuan) fix, underscores the fact that PBoC (People's Bank Of China) is (ready) ...to give a strong guidance for the CNY as a potential pact with the US&nbsp;could be at hand," a Maybank note said.

US&nbsp;Federal Reserve meeting minutes released on Wednesday were largely in line with expectations and had little market impact.

The yuan&nbsp;strengthened 0.3 per cent&nbsp;and the Singapore&nbsp;dollar&nbsp;firmed 0.2per cent.

The Philippine peso&nbsp;firmed marginally. Data showed that August exports rose 0.6 per cent, while imports slumped 11.8 per cent, narrowing the country's August deficit.

Taiwan's financial markets were closed for a holiday.

The Korean won&nbsp;bucked the trend to slip 0.3 per cent&nbsp;ahead of talks with Japan on Friday over tighter export controls from Tokyo. The talks are part of a dispute settlement process through the World&nbsp;Trade&nbsp;Organisation.

The won is the worst performer among&nbsp;Asian&nbsp;currencies&nbsp;this year.

The prolonged Sino-US&nbsp;trade&nbsp;conflict and the dispute with Japan has dealt a huge blow to South Korea's&nbsp;trade-reliant economy. In September, exports slumped 11.7 per cent, shrinking for the 10th consecutive month.

Most Asian currencies firmed on Thursday, as a volatile dollar weakened broadly on mixed signals over the state of trade talks between Washington and Beijing. Dampened sentiment following suggestions that the Chinese delegation might cut the ministerial-level talks short and leave Washington on Thursday were offset by a Bloomberg report that the United States is weighing a currency pact with China as part of a partial deal.

Most Asian currencies firmed on Thursday, as a volatile dollar weakened broadly on mixed signals over the state of trade talks between Washington and Beijing. Dampened sentiment following suggestions that the Chinese delegation might cut the ministerial-level talks short and leave Washington on Thursday were offset by a Bloomberg report that the United States is weighing a currency pact with China as part of a partial deal. Traders also took note of a New York Times report that Washington will issue licenses allowing some US companies to supply non-sensitive goods to China's Huawei, as the dollar eased against a basket of major currencies. "News of Huawei and the currency pact released together with the strong (yuan) fix, underscores the fact that PBoC (People's Bank Of China) is (ready) ...to give a strong guidance for the CNY as a potential pact with the US could be at hand," a Maybank note said. US Federal Reserve meeting minutes released on Wednesday were largely in line with expectations and had little market impact. The yuan strengthened 0.3 per cent and the Singapore dollar firmed 0.2per cent. The Philippine peso firmed marginally. Data showed that August exports rose 0.6 per cent, while imports slumped 11.8 per cent, narrowing the country's August deficit. Taiwan's financial markets were closed for a holiday. The Korean won bucked the trend to slip 0.3 per cent ahead of talks with Japan on Friday over tighter export controls from Tokyo. The talks are part of a dispute settlement process through the World Trade Organisation. The won is the worst performer among Asian currencies this year. The prolonged Sino-US trade conflict and the dispute with Japan has dealt a huge blow to South Korea's trade-reliant economy. In September, exports slumped 11.7 per cent, shrinking for the 10th consecutive month.

Most Asian currencies rise as dollar slips; trade signals mixed

The US&nbsp;government widened its&nbsp;<a href="https://www.wionews.com/videos/us-blacklisted-28-chinese-organisations-involved-in-abuses-against-uighurs-254358">trade&nbsp;blacklist</a>&nbsp;to&nbsp;include&nbsp;some of&nbsp;China's&nbsp;top&nbsp;artificial intelligence&nbsp;startups, punishing Beijing for its <a href="https://www.wionews.com/world/chinas-crackdown-in-xinjiang-for-uighur-refugees-freedom-means-losing-family-251676">treatment of Muslim minorities</a> and ratcheting up tensions&nbsp;ahead&nbsp;of high-level&nbsp;trade&nbsp;talks&nbsp;in Washington this week.

The decision, which drew a sharp rebuke from Beijing, targets 20 Chinese public security bureaus&nbsp;and eight companies including video surveillance firm Hikvision, as well as leaders in facial recognition technology SenseTime Group Ltd and Megvii Technology Ltd.

The action bars the firms from buying components from US&nbsp;companies without US government approval - a potentially crippling move for some of them. It follows the same blueprint&nbsp;used by Washington in its attempt to limit the influence of Huawei Technologies Co Ltd&nbsp;for what it says are national security reasons.

US&nbsp;officials said the action was not tied to this week's resumption of&nbsp;trade&nbsp;talks&nbsp;with China, but it signals no let-up in US&nbsp;President Donald Trump's hard-line stance as the world's two biggest economies seek to end their 15-month<a href="https://www.wionews.com/videos/us-china-trade-war-certain-us-goods-exempted-by-china-250942">&nbsp;trade&nbsp;war.</a>

The Commerce Department said in a filing the "entities have been implicated in human rights violations and abuses in the implementation of&nbsp;China's&nbsp;campaign of repression, mass arbitrary detention, and high-technology surveillance against Uighurs, Kazakhs, and other members of Muslim minority groups."

"The US&nbsp;Government and Department of Commerce cannot and will not tolerate the brutal suppression of ethnic minorities within China," said Secretary of Commerce Wilbur Ross.

China said the United States should stop&nbsp;interfering in its affairs. It will continue to take firm and resolute measures to protect its sovereign security, foreign ministry spokesman Geng Shuang told a regular media briefing without elaborating.

Hikvision, with a market value of about $42 billion, calls itself the world's largest maker of video surveillance gear.

SenseTime, which says it is valued at more than $7.5 billion, is one of the world's most valuable&nbsp;AI&nbsp;unicorns while Megvii, backed by e-commerce giant Alibaba, is valued at around $4 billion and is preparing an IPO to raise at least $500 million in Hong Kong.

The other companies on the list are speech recognition firm iFlytek Co, surveillance equipment maker Zhejiang Dahua Technology, data recovery firm Xiamen Meiya Pico Information Co, facial recognition firm Yitu Technology and Yixin Science and Technology Co.

A US&nbsp;Hikvision spokesman said the company "strongly opposes" the decision and noted that in January it retained a human rights expert and former US&nbsp;ambassador to advise the company on human rights compliance.

"Punishing Hikvision, despite these engagements, will deter global companies from communicating with the US&nbsp;government, hurt Hikvision's US businesses partners and negatively impact the US economy," the company added.

Hikvision also said that it was assessing the potential impact of the&nbsp;blacklisting and was working on contingency plans.

John Honovich, founder of surveillance video research company IPVM, said Hikvision and Dahua both&nbsp;use Intel Corp, Nvidia Corp, Ambarella Inc, Western Digital and Seagate Technology&nbsp;as suppliers and that the impact on the Chinese companies would be "devastating".

The&nbsp;blacklisting of Huawei has hurt many of its US&nbsp;suppliers that depended on the world's largest telecommunications company for revenue and made it difficult for Huawei to sell new products.

Reuters reported in August Hikvision receives nearly 30 per cent&nbsp;of its 50 billion yuan ($7 billion) in revenue from overseas.

SenseTime said in a statement it was deeply disappointed by the US&nbsp;move, that it abides by all relevant laws of the jurisdictions in which its operates and that it has been actively developing an&nbsp;AI&nbsp;code of ethics to ensure its technologies are&nbsp;used responsibly.

Megvii said it strongly objected to being placed on the&nbsp;blacklist&nbsp;and that it required its clients not to weaponize its technology or&nbsp;use it for illegal purposes.

IFlytek said its placement on the&nbsp;blacklist&nbsp;would not affect its daily operations, while Xiamen Meiya said its overseas revenue was less than 1 per cent of total revenue and that most of its suppliers were domestic companies. Dahua said on a conference call it was confident it could easily replace some components and would also seek other solutions to keep servicing clients.

IFlytek fell 2.7 per cent&nbsp;and Xiamen Meiya lost 1.8 per cent&nbsp;on Tuesday as investors factored in their limited exposure to overseas markets and the potential for the US&nbsp;action to speed up restructuring, analysts said.

"China's&nbsp;stock market has become increasingly immune to bad news from the&nbsp;trade&nbsp;war. No more panic selling," said Stephen Huang, vice president of Shanghai&nbsp;See Truth Investment Management.

Hikvision and Dahua were suspended from&nbsp;trade&nbsp;at the companies' behest. US&nbsp;supplier Ambarella fell 12 per cent&nbsp;in after-hours trading on Monday.

In August, the Trump administration also released an interim rule banning federal purchases of telecommunications equipment from five Chinese companies, including Huawei and Hikvision.

<a href="https://www.wionews.com/world/huawei-denies-us-allegations-of-technology-theft-247310">Huawei has repeatedly denied</a> it is controlled by the Chinese government, military or intelligence services and has filed a lawsuit against the US&nbsp;government's restrictions.

The US government widened its trade blacklist to include some of China's top artificial intelligence startups, punishing Beijing for its treatment of Muslim minorities and ratcheting up tensions ahead of high-level trade talks in Washington this week.

The US government widened its trade blacklist to include some of China's top artificial intelligence startups, punishing Beijing for its treatment of Muslim minorities and ratcheting up tensions ahead of high-level trade talks in Washington this week. The decision, which drew a sharp rebuke from Beijing, targets 20 Chinese public security bureaus and eight companies including video surveillance firm Hikvision, as well as leaders in facial recognition technology SenseTime Group Ltd and Megvii Technology Ltd. The action bars the firms from buying components from US companies without US government approval - a potentially crippling move for some of them. It follows the same blueprint used by Washington in its attempt to limit the influence of Huawei Technologies Co Ltd for what it says are national security reasons. US officials said the action was not tied to this week's resumption of trade talks with China, but it signals no let-up in US President Donald Trump's hard-line stance as the world's two biggest economies seek to end their 15-month trade war. The Commerce Department said in a filing the "entities have been implicated in human rights violations and abuses in the implementation of China's campaign of repression, mass arbitrary detention, and high-technology surveillance against Uighurs, Kazakhs, and other members of Muslim minority groups." "The US Government and Department of Commerce cannot and will not tolerate the brutal suppression of ethnic minorities within China," said Secretary of Commerce Wilbur Ross. China said the United States should stop interfering in its affairs. It will continue to take firm and resolute measures to protect its sovereign security, foreign ministry spokesman Geng Shuang told a regular media briefing without elaborating. Hikvision, with a market value of about $42 billion, calls itself the world's largest maker of video surveillance gear. SenseTime, which says it is valued at more than $7.5 billion, is one of the world's most valuable AI unicorns while Megvii, backed by e-commerce giant Alibaba, is valued at around $4 billion and is preparing an IPO to raise at least $500 million in Hong Kong. The other companies on the list are speech recognition firm iFlytek Co, surveillance equipment maker Zhejiang Dahua Technology, data recovery firm Xiamen Meiya Pico Information Co, facial recognition firm Yitu Technology and Yixin Science and Technology Co. A US Hikvision spokesman said the company "strongly opposes" the decision and noted that in January it retained a human rights expert and former US ambassador to advise the company on human rights compliance. "Punishing Hikvision, despite these engagements, will deter global companies from communicating with the US government, hurt Hikvision's US businesses partners and negatively impact the US economy," the company added. Hikvision also said that it was assessing the potential impact of the blacklisting and was working on contingency plans. John Honovich, founder of surveillance video research company IPVM, said Hikvision and Dahua both use Intel Corp, Nvidia Corp, Ambarella Inc, Western Digital and Seagate Technology as suppliers and that the impact on the Chinese companies would be "devastating". The blacklisting of Huawei has hurt many of its US suppliers that depended on the world's largest telecommunications company for revenue and made it difficult for Huawei to sell new products. Reuters reported in August Hikvision receives nearly 30 per cent of its 50 billion yuan ($7 billion) in revenue from overseas. SenseTime said in a statement it was deeply disappointed by the US move, that it abides by all relevant laws of the jurisdictions in which its operates and that it has been actively developing an AI code of ethics to ensure its technologies are used responsibly. Megvii said it strongly objected to being placed on the blacklist and that it required its clients not to weaponize its technology or use it for illegal purposes. IFlytek said its placement on the blacklist would not affect its daily operations, while Xiamen Meiya said its overseas revenue was less than 1 per cent of total revenue and that most of its suppliers were domestic companies. Dahua said on a conference call it was confident it could easily replace some components and would also seek other solutions to keep servicing clients. IFlytek fell 2.7 per cent and Xiamen Meiya lost 1.8 per cent on Tuesday as investors factored in their limited exposure to overseas markets and the potential for the US action to speed up restructuring, analysts said. "China's stock market has become increasingly immune to bad news from the trade war. No more panic selling," said Stephen Huang, vice president of Shanghai See Truth Investment Management. Hikvision and Dahua were suspended from trade at the companies' behest. US supplier Ambarella fell 12 per cent in after-hours trading on Monday. In August, the Trump administration also released an interim rule banning federal purchases of telecommunications equipment from five Chinese companies, including Huawei and Hikvision. Huawei has repeatedly denied it is controlled by the Chinese government, military or intelligence services and has filed a lawsuit against the US government's restrictions.

US expands blacklist to include China's top AI startups ahead of trade talks

China warned on Monday of instability in international markets from any "decoupling" of China and the <a href="https://www.wionews.com/world/giuliani-says-trump-did-not-pay-for-his-push-for-biden-probe-252746">United States</a>, after sources said the Trump administration was considering delisting Chinese companies from US&nbsp;stock exchanges.

US&nbsp;President Donald Trump's administration is considering the move, three sources briefed on the matter said on Friday, in what would be a radical escalation of US-China trade tensions.

It would be part of a broader effort to <a href="https://www.wionews.com/world/trump-considers-delisting-chinese-firms-from-us-markets-sources-252565">limit US&nbsp;investment in Chinese companies</a>, two of the sources said. One said it was motivated by the Trump administration's growing security concerns about the companies' activities.

Chinese Foreign Ministry spokesman Geng Shuang said he had noted the reports on delisting and the response from the US&nbsp;Treasury, which said there were no plans to block Chinese listings "at this time".

China-US&nbsp;trade and financial cooperation is mutually beneficial, Geng told a daily news briefing.

"Exerting maximum pressure and even seeking the forced decoupling of China-US&nbsp;relations will harm the interests of Chinese and American companies and people, create turmoil in financial markets, and endanger global trade and economic growth," he added.

"This does not accord with the interests of the international community", he further said.

Geng said he hoped the <a href="https://www.wionews.com/world/like-every-american-i-deserve-to-meet-my-accuser-donald-trump-252710">United States</a> would work with China to deepen economic and financial cooperation, and that the United States would take a "constructive attitude" toward resolving differences.

The United States and China have been locked in an escalating trade war for over a year. They have levied punitive duties on hundreds of billions of dollars of each other's goods, roiling financial markets and threatening global growth.

In June, US&nbsp;lawmakers from both parties introduced a bill to force <a href="https://www.wionews.com/world/hong-kong-clashes-as-china-70th-anniversary-celebrations-near-252714">Chinese companies</a> listed on American stock exchanges to submit to regulatory oversight, including providing access to audits, or face delisting.

Chinese authorities have long been reluctant to let overseas regulators inspect local accounting firms - including member firms of the Big Four international accounting networks - citing national security concerns.

China and the United States are due to resume high-level talks next week in Washington on their increasingly bitter trade war.

China hopes Beijing and Washington will resolve their trade dispute "with a calm and rational attitude", Vice Commerce Minister Wang Shouwen, who has been part of China's negotiating team, said on Sunday.

China warned on Monday of instability in international markets from any "decoupling" of China and the United States, after sources said the Trump administration was considering delisting Chinese companies from US stock exchanges.

China warned on Monday of instability in international markets from any "decoupling" of China and the United States, after sources said the Trump administration was considering delisting Chinese companies from US stock exchanges. US President Donald Trump's administration is considering the move, three sources briefed on the matter said on Friday, in what would be a radical escalation of US-China trade tensions. It would be part of a broader effort to limit US investment in Chinese companies, two of the sources said. One said it was motivated by the Trump administration's growing security concerns about the companies' activities. Chinese Foreign Ministry spokesman Geng Shuang said he had noted the reports on delisting and the response from the US Treasury, which said there were no plans to block Chinese listings "at this time". China-US trade and financial cooperation is mutually beneficial, Geng told a daily news briefing. "Exerting maximum pressure and even seeking the forced decoupling of China-US relations will harm the interests of Chinese and American companies and people, create turmoil in financial markets, and endanger global trade and economic growth," he added. "This does not accord with the interests of the international community", he further said. Geng said he hoped the United States would work with China to deepen economic and financial cooperation, and that the United States would take a "constructive attitude" toward resolving differences. The United States and China have been locked in an escalating trade war for over a year. They have levied punitive duties on hundreds of billions of dollars of each other's goods, roiling financial markets and threatening global growth. In June, US lawmakers from both parties introduced a bill to force Chinese companies listed on American stock exchanges to submit to regulatory oversight, including providing access to audits, or face delisting. Chinese authorities have long been reluctant to let overseas regulators inspect local accounting firms - including member firms of the Big Four international accounting networks - citing national security concerns. China and the United States are due to resume high-level talks next week in Washington on their increasingly bitter trade war. China hopes Beijing and Washington will resolve their trade dispute "with a calm and rational attitude", Vice Commerce Minister Wang Shouwen, who has been part of China's negotiating team, said on Sunday.

On US' delisting threat, China says 'decoupling' would harm both sides

US President Donald Trump said on Monday Washington had struck trade agreements with Tokyo that could be implemented without congressional approval, but stopped short of assuring Japan that new tariffs would not be slapped on vital auto exports.

In a letter to the US&nbsp;Congress released by the White House, Trump said that he intends to enter into the agreements on tariff barriers and digital trade "in the coming weeks" and was notifying lawmakers that the tariff deal would be made under a <a href="https://www.wionews.com/world/us-japan-agree-trade-deal-in-principle-245579">trade</a> law provision allowing the US&nbsp;president to make reciprocal tariff reductions by proclamation.

"In addition, I also will be entering into an Executive Agreement with Japan regarding digital trade," Trump said in the letter.

Neither agreement would require a vote in Congress under the so-called "fast track" approval process.

The Trump administration last year notified Congress that it would pursue negotiations with Japan under this method.

On a critical issue to Japan, Trump's announcement left unclear whether he has agreed not to impose threatened national security tariffs on Japanese vehicles and auto parts.

Avoiding the "Section 232" tariffs of up to 25 per cent&nbsp;was a major motivating factor for Tokyo in negotiating with Washington on trade.

"At the finishing stage, we plan to reconfirm that 232 won't be imposed," Foreign Minister Toshimitsu Motegi, Japan's lead negotiator, told a regular news conference in Tokyo on Tuesday.

Finance Minister Taro Aso said the deal won't contain any provision on currencies another worry for Tokyo.

Japan wants to avoid any agreement hindering its ability to intervene in the foreign-exchange markets in the event of a spike in the yen, or to expand the Bank of Japan's massive monetary stimulus.

Trump said after the&nbsp;G7 summit last month that he was not considering auto tariffs "at this moment".

Over much of the past year, the scope of talks has narrowed to exclude the automotive sector, the source of most of the $67 billion US&nbsp;trade deficit with Japan.

Instead, Trump and Prime Minister Shinzo Abe in August announced an agreement in principle of a deal that covered reductions in tariffs on agricultural and industrial goods, but not autos.

A spokesman for US&nbsp;Trade Representative Robert Lighthizer could not immediately be reached for comment on the letter and the trade deals.

Trump and Abe said at the G7 summit in France that they hoped to sign the agreement at this month's United Nations General Assembly in New York.

Trump's letter did not disclose any content of the agreements, but Japan had previously said it was willing to consider a deal that would reduce agriculture tariffs to levels previously contemplated under the Trans-Pacific Partnership, a trade deal that Trump quit on his third day in office in 2017.

Trump's letter said that the United States would pursue further trade negotiations with Japan.

"My Administration looks forward to continued collaboration with the Congress on further negotiations with Japan to achieve a comprehensive trade agreement that results in more fair and reciprocal trade between the United States and Japan," Trump said.

The US&nbsp;technology industry officials say they expect the digital trade agreement with Japan to be closely aligned with provisions in the new US-Mexico-Canada Agreement (USMCA), which follow the US&nbsp;model for internet development.

The USMCA provisions aim to ensure the free flow of data across borders without taxation, prohibit data server localization requirements and limit governments' ability to require the disclosure of source code by the companies they regulate.

For Trump, the signing of even a partial trade deal with Japan centred largely on agriculture would provide some relief to US&nbsp;farmers who have been battered by a 14-month US-China trade war and lost market share.

US President Donald Trump said on Monday Washington had struck trade agreements with Tokyo that could be implemented without congressional approval, but stopped short of assuring Japan that new tariffs would not be slapped on vital auto exports.

US President Donald Trump said on Monday Washington had struck trade agreements with Tokyo that could be implemented without congressional approval, but stopped short of assuring Japan that new tariffs would not be slapped on vital auto exports. In a letter to the US Congress released by the White House, Trump said that he intends to enter into the agreements on tariff barriers and digital trade "in the coming weeks" and was notifying lawmakers that the tariff deal would be made under a trade law provision allowing the US president to make reciprocal tariff reductions by proclamation. "In addition, I also will be entering into an Executive Agreement with Japan regarding digital trade," Trump said in the letter. Neither agreement would require a vote in Congress under the so-called "fast track" approval process. The Trump administration last year notified Congress that it would pursue negotiations with Japan under this method. On a critical issue to Japan, Trump's announcement left unclear whether he has agreed not to impose threatened national security tariffs on Japanese vehicles and auto parts. Avoiding the "Section 232" tariffs of up to 25 per cent was a major motivating factor for Tokyo in negotiating with Washington on trade. "At the finishing stage, we plan to reconfirm that 232 won't be imposed," Foreign Minister Toshimitsu Motegi, Japan's lead negotiator, told a regular news conference in Tokyo on Tuesday. Finance Minister Taro Aso said the deal won't contain any provision on currencies another worry for Tokyo. Japan wants to avoid any agreement hindering its ability to intervene in the foreign-exchange markets in the event of a spike in the yen, or to expand the Bank of Japan's massive monetary stimulus. Trump said after the G7 summit last month that he was not considering auto tariffs "at this moment". Over much of the past year, the scope of talks has narrowed to exclude the automotive sector, the source of most of the $67 billion US trade deficit with Japan. Instead, Trump and Prime Minister Shinzo Abe in August announced an agreement in principle of a deal that covered reductions in tariffs on agricultural and industrial goods, but not autos. A spokesman for US Trade Representative Robert Lighthizer could not immediately be reached for comment on the letter and the trade deals. Trump and Abe said at the G7 summit in France that they hoped to sign the agreement at this month's United Nations General Assembly in New York. Trump's letter did not disclose any content of the agreements, but Japan had previously said it was willing to consider a deal that would reduce agriculture tariffs to levels previously contemplated under the Trans-Pacific Partnership, a trade deal that Trump quit on his third day in office in 2017. Trump's letter said that the United States would pursue further trade negotiations with Japan. "My Administration looks forward to continued collaboration with the Congress on further negotiations with Japan to achieve a comprehensive trade agreement that results in more fair and reciprocal trade between the United States and Japan," Trump said. The US technology industry officials say they expect the digital trade agreement with Japan to be closely aligned with provisions in the new US-Mexico-Canada Agreement (USMCA), which follow the US model for internet development. The USMCA provisions aim to ensure the free flow of data across borders without taxation, prohibit data server localization requirements and limit governments' ability to require the disclosure of source code by the companies they regulate. For Trump, the signing of even a partial trade deal with Japan centred largely on agriculture would provide some relief to US farmers who have been battered by a 14-month US-China trade war and lost market share.

Trump says the US reaches trade deals with Japan, no word on cars

US and Chinese officials will restart trade talks at the end of this week, but any agreement the world's largest economies carve out is expected to be a superficial fix.

The trade war has hardened into a political and ideological battle that runs far deeper than tariffs, trade experts, executives, and officials in both countries say.

China's Communist Party is unlikely to budge on <a href="https://www.wionews.com/business-economy/american-business-community-wants-trade-deal-between-us-china-249649">US</a>&nbsp;demands to fundamentally change the way it runs the economy, while the US&nbsp;won't backtrack on labelling Chinese companies national security threats.

The conflict between the two countries could take a decade to resolve, White House economic adviser <a href="https://www.wionews.com/world/china-us-talks-likely-to-heat-up-in-october-meeting-kudlow-248069">Larry Kudlow</a> warned on September&nbsp;6.

Yu Yongding, an influential former policy adviser to China's central bank, told Reuters that China was in no rush to make a deal.

Presidents Donald Trump and Xi Jinping may hammer out an interim agreement in October to soothe stock markets and claim political victory after this week's lower-level talks.

But any final agreement is "extremely unlikely to meaningfully address the Chinese structural reforms" sought by the US&nbsp;and other countries, said Kellie Meiman Hock, a former US&nbsp;Trade Representative official and managing partner with McLarty Associates, a policy and government consultancy.

Negotiators have made little discernible progress on the many points of disagreement since negotiations broke down in May, sources briefed on the talks say.

Issues divide&nbsp;

Beijing is unwilling to address the way it supports state-owned companies and subsidises their products in coming talks, sources in <a href="https://www.wionews.com/world/us-china-trade-war-to-knock-05-points-off-global-growth-french-finance-minister-247859">China and the US</a> say.

The US&nbsp;continues to label the Chinese tech company Huawei a national security threat, and dangle the threat of new tariffs against China.

"The ultimate result of talks must be the dropping of all tariffs," said He Weiwen, senior fellow, Chongyang Institute for Financial Studies at Renmin University.

"This is the baseline for China." He is not optimistic about the talks' prospects. Since trade negotiations between the world's largest economies collapsed in May, both countries have also broken promises and traded public insults.

The mood is upbeat, but a single Trump tweet could turn that around, analysts say.

"They're locked in this uncomfortable embrace," said William Reinsch, a former senior Commerce Department official and Center for Strategic and International Studies fellow.

"Both presidents have undercut their negotiators and neither side can rely on what the other has said," he said.

 
'Techtonic shift&nbsp; 

Trump's "tough on China" stance has swept in a new way of thinking about Beijing in Washington, despite the unpopularity of many of his other policies.

The US&nbsp;Congress, bitterly divided along partisan lines on most issues, is united about the need for systemic reform in China.

Democrats running against Trump aren't likely to repair the China relationship if they take the White House in 2020.

In a debate on September 12, presidential candidates used terms like corruption and theft to discuss China's trade practices.

"There's been a tectonic shift," said Warren Maruyama, former general counsel for the US&nbsp;Trade Representative's office and a partner with law firm Hogan Lovells.

"The old idea that China was in the middle of free-market economic reforms that would lead them our way is effectively dead," Maruyama said.

"There's bipartisan support for a tougher China policy."

Lawmakers are responding, with several China-related bills making their way through Congress, from legislation to punish Beijing for human rights abuses against Muslims in Xinjiang and to support protesters in Hong Kong.

Additionally, the 2020 National Defense Authorization Act, or NDAA, could include provisions targeting China on issues ranging from technology transfers to the sale of synthetic opioids.

US and Chinese officials will restart trade talks at the end of this week, but any agreement the world's largest economies carve out is expected to be a superficial fix.

US and Chinese officials will restart trade talks at the end of this week, but any agreement the world's largest economies carve out is expected to be a superficial fix. The trade war has hardened into a political and ideological battle that runs far deeper than tariffs, trade experts, executives, and officials in both countries say. China's Communist Party is unlikely to budge on US demands to fundamentally change the way it runs the economy, while the US won't backtrack on labelling Chinese companies national security threats. The conflict between the two countries could take a decade to resolve, White House economic adviser Larry Kudlow warned on September 6. Yu Yongding, an influential former policy adviser to China's central bank, told Reuters that China was in no rush to make a deal. Presidents Donald Trump and Xi Jinping may hammer out an interim agreement in October to soothe stock markets and claim political victory after this week's lower-level talks. But any final agreement is "extremely unlikely to meaningfully address the Chinese structural reforms" sought by the US and other countries, said Kellie Meiman Hock, a former US Trade Representative official and managing partner with McLarty Associates, a policy and government consultancy. Negotiators have made little discernible progress on the many points of disagreement since negotiations broke down in May, sources briefed on the talks say. Issues divide Beijing is unwilling to address the way it supports state-owned companies and subsidises their products in coming talks, sources in China and the US say. The US continues to label the Chinese tech company Huawei a national security threat, and dangle the threat of new tariffs against China. "The ultimate result of talks must be the dropping of all tariffs," said He Weiwen, senior fellow, Chongyang Institute for Financial Studies at Renmin University. "This is the baseline for China." He is not optimistic about the talks' prospects. Since trade negotiations between the world's largest economies collapsed in May, both countries have also broken promises and traded public insults. The mood is upbeat, but a single Trump tweet could turn that around, analysts say. "They're locked in this uncomfortable embrace," said William Reinsch, a former senior Commerce Department official and Center for Strategic and International Studies fellow. "Both presidents have undercut their negotiators and neither side can rely on what the other has said," he said. 'Techtonic shift Trump's "tough on China" stance has swept in a new way of thinking about Beijing in Washington, despite the unpopularity of many of his other policies. The US Congress, bitterly divided along partisan lines on most issues, is united about the need for systemic reform in China. Democrats running against Trump aren't likely to repair the China relationship if they take the White House in 2020. In a debate on September 12, presidential candidates used terms like corruption and theft to discuss China's trade practices. "There's been a tectonic shift," said Warren Maruyama, former general counsel for the US Trade Representative's office and a partner with law firm Hogan Lovells. "The old idea that China was in the middle of free-market economic reforms that would lead them our way is effectively dead," Maruyama said. "There's bipartisan support for a tougher China policy." Lawmakers are responding, with several China-related bills making their way through Congress, from legislation to punish Beijing for human rights abuses against Muslims in Xinjiang and to support protesters in Hong Kong. Additionally, the 2020 National Defense Authorization Act, or NDAA, could include provisions targeting China on issues ranging from technology transfers to the sale of synthetic opioids.

Trade talks seen as unlikely to mend US-China divide

US China Trade War: Trump delays Tariff hike on Chinese Goods

Trump delays Tariff hike on Chinese Goods

<a href="https://www.wionews.com/world/hong-kong-protesters-hit-pause-to-mark-september-11-attacks-248978">Hong&nbsp;Kong&nbsp;activists</a> called off protests on Wednesday in remembrance of the September&nbsp;11, 2001 attacks on the United States and denounced a Chinese state newspaper report that they were planning "massive terror" in the Chinese-ruled city.

Hong&nbsp;Kong&nbsp;has been rocked by months of sometimes violent unrest, prompted by anger over planned legislation to allow extraditions to China, but broadening into calls for democracy and for Communist rulers in Beijing to leave the city alone.

"Anti-government fanatics are planning massive terror attacks, including blowing up gas pipes, in&nbsp;Hong&nbsp;Kong&nbsp;on&nbsp;September&nbsp;11," the&nbsp;Hong&nbsp;Kong&nbsp;edition of the China Daily said on its Facebook page, alongside a picture of the hijacked airliner attacks on the twin towers in New York.

"The 9/11&nbsp;terror plot also encourages indiscriminate attacks on non-native speakers of Cantonese and starting mountain fires."

The post said, "leaked information was part of the strategy being schemed by radical&nbsp;protesters&nbsp;in their online chat rooms".

The former British colony of&nbsp;Hong&nbsp;Kong&nbsp;returned to China in 1997 under a "one country, two systems" formula that guarantees freedoms not enjoyed on the mainland, including an independent legal system, triggering the anger over the extradition bill.

Hong&nbsp;Kong&nbsp;leader Carrie Lam has said she will withdraw the bill but many&nbsp;Hong&nbsp;Kong&nbsp;residents fear Beijing is steadily eroding the autonomy of the Asian financial hub.

China denies meddling and has accused the United States, Britain and others of fomenting the unrest.

"We don’t even need to do a fact check to know that this is fake news," said one protester, Michael, 24, referring to the China Daily post.

"The state media doesn’t care about its credibility.

Whenever something they claimed to have heard on WhatsApp or friends’ friends, they will spread it right away."

The&nbsp;protesters&nbsp;called off action on Wednesday.

"In solidarity against terrorism, all forms of protest in&nbsp;Hong&nbsp;Kong&nbsp;will be suspended on September 11, apart from potential singing and chanting," they said in a statement.

The China Daily report was worrying, said another protester, Karen, 23. "When they try to frame the whole protest with those words, it alarms me," she said.

"They are predicting rather than reporting. I think people calling it off today is a nice move."

&nbsp;

FAMILY FRICTIONS

The chairwoman of the&nbsp;Hong&nbsp;Kong&nbsp;Federation of Women, Pansy Ho, a prominent businesswoman and daughter of Macau casino operator Stanley Ho, said she was worried about violent extremism.

"Children of all ages are indoctrinated with police hatred and anti-establishment beliefs at school and online mobilised to conduct massive school strikes," she told the UN&nbsp;Human Rights Council in Geneva.

Lam said in a speech on Wednesday that&nbsp;Hong&nbsp;Kong&nbsp;was grappling with significant challenges.

"My fervent hope is that we can bridge our divide by upholding the one country, two systems principle, and the Basic Law, and through the concerted efforts of the government and the people of&nbsp;Hong&nbsp;Kong," she told business leaders.

The Basic Law is&nbsp;Hong&nbsp;Kong's mini-constitution.

Hong&nbsp;Kong&nbsp;airline Cathay Pacific Airways Ltd has become the biggest corporate casualty of the unrest after China demanded it suspend staff involved in, or who support, the protests.

Cathay Pacific said on Wednesday inbound traffic to&nbsp;Hong&nbsp;Kong&nbsp;in August fell 38 per cent&nbsp;and outbound traffic 12 per cent&nbsp;compared with a year earlier, and that it did not anticipate&nbsp;September&nbsp;to be any less difficult.

Joshua Wong, one of the prominent leaders of the 2014 "Umbrella" pro-democracy movement which brought key streets in&nbsp;Hong&nbsp;Kong&nbsp;to a standstill for 79 days, said in Berlin that the fight for democracy was an uphill battle.

"I hope one day not only&nbsp;Hong&nbsp;Kong&nbsp;people, but also people in mainland China, can enjoy freedom and democracy," he said.

The protests spread to the sports field on Tuesday, as many football fans defied Chinese law to boo the national anthem ahead of a soccer World Cup qualifier against Iran.

Several peaceful protests are planned for the next few days, combining with celebrations marking the Mid-Autumn Festival.

Hong Kong activists called off protests on Wednesday in remembrance of the September 11, 2001 attacks on the United States and denounced a Chinese state newspaper report that they were planning "massive terror" in the Chinese-ruled city.

Hong Kong activists called off protests on Wednesday in remembrance of the September 11, 2001 attacks on the United States and denounced a Chinese state newspaper report that they were planning "massive terror" in the Chinese-ruled city. Hong Kong has been rocked by months of sometimes violent unrest, prompted by anger over planned legislation to allow extraditions to China, but broadening into calls for democracy and for Communist rulers in Beijing to leave the city alone. "Anti-government fanatics are planning massive terror attacks, including blowing up gas pipes, in Hong Kong on September 11," the Hong Kong edition of the China Daily said on its Facebook page, alongside a picture of the hijacked airliner attacks on the twin towers in New York. "The 9/11 terror plot also encourages indiscriminate attacks on non-native speakers of Cantonese and starting mountain fires." The post said, "leaked information was part of the strategy being schemed by radical protesters in their online chat rooms". The former British colony of Hong Kong returned to China in 1997 under a "one country, two systems" formula that guarantees freedoms not enjoyed on the mainland, including an independent legal system, triggering the anger over the extradition bill. Hong Kong leader Carrie Lam has said she will withdraw the bill but many Hong Kong residents fear Beijing is steadily eroding the autonomy of the Asian financial hub. China denies meddling and has accused the United States, Britain and others of fomenting the unrest. "We don’t even need to do a fact check to know that this is fake news," said one protester, Michael, 24, referring to the China Daily post. "The state media doesn’t care about its credibility. Whenever something they claimed to have heard on WhatsApp or friends’ friends, they will spread it right away." The protesters called off action on Wednesday. "In solidarity against terrorism, all forms of protest in Hong Kong will be suspended on September 11, apart from potential singing and chanting," they said in a statement. The China Daily report was worrying, said another protester, Karen, 23. "When they try to frame the whole protest with those words, it alarms me," she said. "They are predicting rather than reporting. I think people calling it off today is a nice move." FAMILY FRICTIONS The chairwoman of the Hong Kong Federation of Women, Pansy Ho, a prominent businesswoman and daughter of Macau casino operator Stanley Ho, said she was worried about violent extremism. "Children of all ages are indoctrinated with police hatred and anti-establishment beliefs at school and online mobilised to conduct massive school strikes," she told the UN Human Rights Council in Geneva. Lam said in a speech on Wednesday that Hong Kong was grappling with significant challenges. "My fervent hope is that we can bridge our divide by upholding the one country, two systems principle, and the Basic Law, and through the concerted efforts of the government and the people of Hong Kong," she told business leaders. The Basic Law is Hong Kong's mini-constitution. Hong Kong airline Cathay Pacific Airways Ltd has become the biggest corporate casualty of the unrest after China demanded it suspend staff involved in, or who support, the protests. Cathay Pacific said on Wednesday inbound traffic to Hong Kong in August fell 38 per cent and outbound traffic 12 per cent compared with a year earlier, and that it did not anticipate September to be any less difficult. Joshua Wong, one of the prominent leaders of the 2014 "Umbrella" pro-democracy movement which brought key streets in Hong Kong to a standstill for 79 days, said in Berlin that the fight for democracy was an uphill battle. "I hope one day not only Hong Kong people, but also people in mainland China, can enjoy freedom and democracy," he said. The protests spread to the sports field on Tuesday, as many football fans defied Chinese law to boo the national anthem ahead of a soccer World Cup qualifier against Iran. Several peaceful protests are planned for the next few days, combining with celebrations marking the Mid-Autumn Festival.

Hong Kong protesters hit pause in memory of September 11

A&nbsp;cautious&nbsp;calm&nbsp;returned to stock markets on Wednesday as softer&nbsp;rhetoric&nbsp;from Washington on the US-China&nbsp;trade&nbsp;war&nbsp;soothed investors, though demand for safe-haven assets underscored lingering anxiety.

Europe's STOXX 600 climbed 0.7%, recovering from a three-day sell-off as investors fled after an escalation in the&nbsp;trade&nbsp;war. MSCI's world equity index, which tracks shares in 47 countries, rose 0.2%.

But gold, the Japanese yen and government debt remained in high demand as investors remained&nbsp;wary of riskier assets.

US shares gained overnight after President Donald Trump downplayed worries of a lengthy&nbsp;trade&nbsp;war&nbsp;and senior adviser Larry Kudlow said Trump's administration is planning to host a Chinese delegation for talks in September. Wall Street futures gauges also rose.

The US administration's remarks marked a shift in tone from recent days when Beijing&nbsp;warned that Washington's labelling China as a currency manipulator on Monday would have severe consequences for the global financial order.

Still, market players voiced caution. Trump's threat to impose additional tariffs on more Chinese products is set to take effect in less than a month.

"There is some&nbsp;cautious&nbsp;buying creeping back in," said Michael Hewson, chief market strategist at CMC Markets. "But if you want that to be sustained you have to look towards September 1, when the new tariffs kick in, and whether or not Trump presses ahead with them."

MSCI's broadest index of Asia-Pacific shares outside Japan was slightly lower.

Also easing the mood were signs that China is intervening to steady the yuan after its recent sharp fall, allaying investor fears of a global currency&nbsp;war.

The US Treasury designated China a currency manipulator on Monday after it allowed the yuan to weaken below 7 per dollar for the first time in over a decade. The US move rattled financial markets and dimmed hopes the&nbsp;trade&nbsp;war&nbsp;was ending.

Since then, China's state banks have been active in the onshore yuan forwards market, tightening dollar supply and supporting the Chinese currency, sources told Reuters.

The yuan still dropped 0.2% to 7.0708 in offshore markets despite the support. The People's Bank of China (PBOC) set its official reference rate at an 11-year low, keeping currency markets on edge.

"We had a little bit of recovery yesterday, but this morning we are seeing that stalling due to the PBOC fixing the dollar-yen higher again," said Thu Lan Nguyen, FX strategist at Commerzbank. "It has caused markets to again be in a bit of a risk-off mode."

Safe Havens in Demand

The skittish mood was underlined by continuing demand for currencies and commodities considered safe havens.

Gold reached a six-year high of $1,489.76 per ounce. The Japanese yen rose 0.2% to 106.27, although that was still some way from levels seen on Monday when the&nbsp;trade&nbsp;war's escalation panicked investors.

The US bonds have also retained much of their gains made in the past week. Ten-year Treasury notes yielded 1.66% per cent, their lowest since 2016, as investors bet on another rate cut by the Federal Reserve in September.

Fixed income markets have benefited from fears the US-China&nbsp;trade&nbsp;war&nbsp;would raise the risk of a global recession, strengthening the case for policy easing by central banks.

Germany's 10-year bond yield fell to record lows deep in negative territory as a bigger-than-expected interest rate cut in New Zealand and weak German data gave further impetus to a rally in bond markets.

German industrial output fell more than expected in June, adding to signs that Europe's biggest economy contracted in the second quarter as its exporters were caught up in&nbsp;trade disputes.

In commodity markets, oil prices slipped, with the potential for damage to the global economy and to fuel demand from the Sino-US&nbsp;trade&nbsp;dispute casting a shadow over the market.

International benchmark Brent crude futures were at $58.79 a barrel by 0759 GMT, down 14 cents, or 0.05%, and trading near seven-month lows.

A cautious calm returned to stock markets on Wednesday as softer rhetoric from Washington on the US-China trade war soothed investors, though demand for safe-haven assets underscored lingering anxiety.

A cautious calm returned to stock markets on Wednesday as softer rhetoric from Washington on the US-China trade war soothed investors, though demand for safe-haven assets underscored lingering anxiety. Europe's STOXX 600 climbed 0.7%, recovering from a three-day sell-off as investors fled after an escalation in the trade war. MSCI's world equity index, which tracks shares in 47 countries, rose 0.2%. But gold, the Japanese yen and government debt remained in high demand as investors remained wary of riskier assets. US shares gained overnight after President Donald Trump downplayed worries of a lengthy trade war and senior adviser Larry Kudlow said Trump's administration is planning to host a Chinese delegation for talks in September. Wall Street futures gauges also rose. The US administration's remarks marked a shift in tone from recent days when Beijing warned that Washington's labelling China as a currency manipulator on Monday would have severe consequences for the global financial order. Still, market players voiced caution. Trump's threat to impose additional tariffs on more Chinese products is set to take effect in less than a month. "There is some cautious buying creeping back in," said Michael Hewson, chief market strategist at CMC Markets. "But if you want that to be sustained you have to look towards September 1, when the new tariffs kick in, and whether or not Trump presses ahead with them." MSCI's broadest index of Asia-Pacific shares outside Japan was slightly lower. Also easing the mood were signs that China is intervening to steady the yuan after its recent sharp fall, allaying investor fears of a global currency war. The US Treasury designated China a currency manipulator on Monday after it allowed the yuan to weaken below 7 per dollar for the first time in over a decade. The US move rattled financial markets and dimmed hopes the trade war was ending. Since then, China's state banks have been active in the onshore yuan forwards market, tightening dollar supply and supporting the Chinese currency, sources told Reuters. The yuan still dropped 0.2% to 7.0708 in offshore markets despite the support. The People's Bank of China (PBOC) set its official reference rate at an 11-year low, keeping currency markets on edge. "We had a little bit of recovery yesterday, but this morning we are seeing that stalling due to the PBOC fixing the dollar-yen higher again," said Thu Lan Nguyen, FX strategist at Commerzbank. "It has caused markets to again be in a bit of a risk-off mode." Safe Havens in Demand The skittish mood was underlined by continuing demand for currencies and commodities considered safe havens. Gold reached a six-year high of $1,489.76 per ounce. The Japanese yen rose 0.2% to 106.27, although that was still some way from levels seen on Monday when the trade war's escalation panicked investors. The US bonds have also retained much of their gains made in the past week. Ten-year Treasury notes yielded 1.66% per cent, their lowest since 2016, as investors bet on another rate cut by the Federal Reserve in September. Fixed income markets have benefited from fears the US-China trade war would raise the risk of a global recession, strengthening the case for policy easing by central banks. Germany's 10-year bond yield fell to record lows deep in negative territory as a bigger-than-expected interest rate cut in New Zealand and weak German data gave further impetus to a rally in bond markets. German industrial output fell more than expected in June, adding to signs that Europe's biggest economy contracted in the second quarter as its exporters were caught up in trade disputes. In commodity markets, oil prices slipped, with the potential for damage to the global economy and to fuel demand from the Sino-US trade dispute casting a shadow over the market. International benchmark Brent crude futures were at $58.79 a barrel by 0759 GMT, down 14 cents, or 0.05%, and trading near seven-month lows.

Cautious calm returns to stock markets as White House softens trade war rhetoric

China on Tuesday announced that its firms have suspended purchases of US agricultural products nearly a week after President Donald Trump announced his decision to slap <a href="https://www.wionews.com/videos/chinas-new-un-envoy-beijing-ready-to-fight-us-on-trade-240448">additional tariffs on Chinese exports</a>.

Also read:&nbsp;<a href="https://www.wionews.com/world/us-designates-china-a-currency-manipulator-as-yuan-hits-record-low-240948">US designates China a currency manipulator as yuan hits record low</a>

China "has not ruled out import tariffs on US agricultural products purchased after August 3, and related Chinese companies have suspended purchasing US agricultural products," South China Morning Post reported quoting state-run Xinhua News Agency."

It is hoped that the US will conscientiously implement the consensus reached at the meeting between the heads of state of China and the US, and have the confidence to implement the commitments to create the necessary conditions for cooperation in the agricultural fields between the two countries," the Xinhua report said.

On August 1, Trump had announced that he would impose a 10 per cent tariff on the remaining US $300 billion worth of untaxed imports from China, which came after trade talks between the two sides were held in Shanghai. &nbsp;

This means everything that China sells to the US, including clothes and iPhones to chemicals and construction equipment, will have levies of between 10 and 25 per cent on them starting in September, escalating the trade tensions between the two countries.

Calling the US` decision a "serious violation" of the consensus reached by the two sides at the G20 summit in Osaka, Beijing said the move deviated from the right course and will in no way help to end the protracted trade war between the two world`s largest economies.

Following the US` announcement, China allowed the Yuan to fall to its lowest level in more than a decade. The Yuan traded above 7 per US dollar.

China on Tuesday announced that its firms have suspended purchases of US agricultural products nearly a week after President Donald Trump announced his decision to slap additional tariffs on Chinese exports.

China on Tuesday announced that its firms have suspended purchases of US agricultural products nearly a week after President Donald Trump announced his decision to slap additional tariffs on Chinese exports. Also read: US designates China a currency manipulator as yuan hits record low China "has not ruled out import tariffs on US agricultural products purchased after August 3, and related Chinese companies have suspended purchasing US agricultural products," South China Morning Post reported quoting state-run Xinhua News Agency." It is hoped that the US will conscientiously implement the consensus reached at the meeting between the heads of state of China and the US, and have the confidence to implement the commitments to create the necessary conditions for cooperation in the agricultural fields between the two countries," the Xinhua report said. On August 1, Trump had announced that he would impose a 10 per cent tariff on the remaining US $300 billion worth of untaxed imports from China, which came after trade talks between the two sides were held in Shanghai. This means everything that China sells to the US, including clothes and iPhones to chemicals and construction equipment, will have levies of between 10 and 25 per cent on them starting in September, escalating the trade tensions between the two countries. Calling the US` decision a "serious violation" of the consensus reached by the two sides at the G20 summit in Osaka, Beijing said the move deviated from the right course and will in no way help to end the protracted trade war between the two world`s largest economies. Following the US` announcement, China allowed the Yuan to fall to its lowest level in more than a decade. The Yuan traded above 7 per US dollar.

China suspends purchase of US farm products after Trump's tariffs