China trade: Trump touts progress in talks for deal


The progress of China-U.S. ties in the past 40 years is nothing but staggering, far exceeding most people's expectations. -China trade dispute and higher interest rates would slow the economy, hurting corporate profits.

Xi also noted that the first China International Import Expo was held in 2018, and China has begun construction of a pilot free trade zone in the southern province of Hainan.

In October the market's gyrations grew more volatile. The indexes are still all down around 10 per cent for the month and on track for their worst December since 1931. Bear markets are generally measured as a 20 percent retreat from recent highs. Prospects for an agreement to forestall more US penalty tariffs on Chinese exports remain uncertain, analysts say.

The risks confronting investors have market strategists along Wall Street forecasting another turbulent year for stocks in 2019, and potentially one of the most hard years for investors since the bull market began. The Dow on December 26 staged a 1,086-point rally, its biggest point gain in history, as the volatility resumed. The Nasdaq added 50.76 points, or 0.8 per cent, to 6,635.28.

Facebook Inc fell 1.2 percent, cementing its place as the worst performing FAANG stock of the year, while Alphabet Inc fell 0.5 percent. The Dow finished at negative 5.97 percent for the year. The yield started off the year at 2.41 per cent. The gains were led by health care and technology stocks.

Chinese leader Xi Jinping has wished a happy New Year to Russia's President Vladimir Putin and the nation, state media reported.

After a spate of tit-for-tat slapping of additional tariffs on each other's exports, both countries declared truce till March 1 next year to reach an agreement on Trump's demand that China should reduce the Dollars 375 billion bilateral trade deficit.

Advancing issues outnumbered declining ones on the NYSE by a 2.42-to-1 ratio; on Nasdaq, a 1.81-to-1 ratio favored advancers. Energy companies have been hobbled by a 25 percent decline in oil prices in 2018 that's due to a supply glut.

On Monday, benchmark USA crude oil inched up 0.2 per cent to settle at $45.41 a barrel in NY.

Earlier in Asia, Hong Kong's Hang Seng rose 1.3 per cent, while India's Sensex gained 0.2 per cent. Australia's S&P ASX/200's benchmark slipped 0.1 per cent.

Shares were mixed Monday in subdued New Year's Eve trading.

The statement by the Chinese Foreign Ministry came a day after US President Donald Trump said talks on a deal to end the trade war with China are "moving well" after a telephonic conversation with his Chinese counterpart Xi Jinping. The president also claimed that "big progress" was being made on this front.

According to the Xinhua news agency, Trump has also pointed out the importance of the US-Chinese relations for the whole world.

When talking about China's reform and opening-up, Xi said a comprehensive and systematic overhaul of both Party and state institutions has been unveiled, adding that over 100 major reform measures were launched in the country.