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China and the United States agreed Saturday to conduct another round of trade negotiations in the coming week, as the world’s two biggest economies seek to avoid another damaging tit-for-tat tariff battle.Beijing last week announced sweeping controls on the critical rare earths industry, prompting US President Donald Trump to threaten 100 percent tariffs on imports from China in retaliation.Trump had also threatened to cancel his expected meeting with Chinese counterpart Xi Jinping in South Korea later this month on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit.In the latest indication of efforts to resolve their dispute, Chinese state media reported that Vice Premier He Lifeng and US Treasury Secretary Scott Bessent had “candid, in-depth and constructive exchanges” during a Saturday morning call, and that both sides agreed to hold a new round of trade talks “as soon as possible”.On social media, Bessent described the call as “frank and detailed”, and said they would meet “in-person next week to continue our discussions”.Bessent had previously accused China of seeking to harm the rest of the world by tightening restrictions rare earths, which are critical to everything from smartphones to guided missiles.US Trade Representative Jamieson Greer also participated in the call, according to the report by Chinese state news agency Xinhua.Hours before the call, Fox News released excerpts of an interview with Trump in which he said he would meet Xi at the APEC summit after all.Trump told the outlet that the 100 percent tariff on goods from China was not sustainable.”It’s not sustainable, but that’s what the number is… They forced me to do that,” he said.- Coordinated response -The high-level video call came as Washington worked to rally Group of Seven finance ministers in response to the latest Chinese export controls.For now, the G7 ministers have agreed to coordinate a short-term response and diversify suppliers, the EU’s economy commissioner Valdis Dombrovskis told reporters in Washington.Speaking after the grouping met this week, Dombrovskis noted the vast majority of rare earth supplies come from China, meaning that diversification could take years.”We agreed, both bilaterally with the US and at the G7 level, to coordinate our approach,” he said on the sidelines of the International Monetary Fund and World Bank’s fall meetings.Countries would also exchange information on their contacts with Chinese counterparts as they work out short-term solutions, he added.German Finance Minister Lars Klingbeil told journalists he hopes that Trump and Xi’s meeting can help to resolve much of the US-China trade conflict.”We have made it clear within the G7 that we do not agree with China’s approach,” he added, referring to the group of Britain, Canada, France, Germany, Italy, Japan and the United States.International Monetary Fund chief Kristalina Georgieva also expressed hope Friday for an agreement between the countries to cool tensions.The US-China trade war reignited this year as Trump promised sweeping tariffs on imports soon after returning to office.At one point, US-China tariffs escalated to triple-digit levels, effectively halting some trade as businesses waited for a resolution.The two countries have since lowered their respective levies but their truce has remained shaky.burs-pfc/hol/mtp

China’s ruling Communist Party will on Monday kick off four days of key closed-door discussions, formulating core economic strategy for coming years as growth flags and trade headwinds mount.The gathering of the Central Committee — an elite body composed of around 200 members and 170 alternates — will be crucial in determining longstanding policy objectives in the world’s second-largest economy.Foreign media access to attending officials is highly restricted during the event, which typically opens and closes in Beijing’s grandiose Great Hall of the People on Tiananmen Square.The fourth such “plenum” to be held during the current committee’s 2022-2027 term, this session will focus on proposals for the 15th five-year plan on economic and social development, state media say.That plan, which covers the period from next year until 2030, will play a central role in the pursuit of President Xi Jinping’s core aims, including technological self-sufficiency and military and economic might.The plenum, chaired by Xi, is scheduled to conclude on Thursday, after which authorities are expected to release a lengthy document summarising major outcomes.The wide-ranging plan encompassing political, economic, social and environmental goals will then be approved in March by the legislature.This month’s meeting comes at an uncertain time for the Chinese economy, beset by sluggish domestic spending, a protracted crisis in the property sector and a turbulent trade war with the United States.”While plenums generally attract less attention than other political events, it is during those plenums that major policies are discussed and being decided upon,” wrote Teeuwe Mevissen, senior China economist at Rabobank, in a recent note.”Given the sheer size of China’s economy these decisions also impact the rest of the world,” he said.- Economy in focus -Typically, it is at the Communist Party’s fifth plenum that officials chart the next five-year economic blueprint.But after an unexplained nine-month delay to the third plenum until July 2024, that monumental task is now expected to fall on the upcoming conclave.Experts have in recent years argued that China must shift towards an economic model propelled more by domestic consumption as opposed to infrastructure investment and exports — long key drivers of growth.Household demand has been sluggish, however, with official data showing this month that consumer prices fell again in September after reaching a half-year low in August.Another prominent issue officials will likely be seeking to address at the plenum is industrial overcapacity, causing domestic gluts of cheap goods in certain sectors and exacerbating friction with trading partners.”We look for a more coordinated policy push that addresses overcapacity and strengthens downstream demand,” Sarah Tan, economist at Moody’s Analytics, told AFP.”The key test will be whether officials can move beyond rhetoric to deliver concrete measures that revive household spending and confidence,” she added.Just as Monday’s secretive proceedings kick off, authorities are also due to announce closely watched economic figures for the third quarter.An AFP survey of analysts forecasts the data to show overall growth during the July-September period of 4.8 percent — the slowest in a year.The fourth plenum will also be closely monitored by observers for any high-level personnel changes as Xi’s relentless crackdown on alleged corruption persists.Tang Renjian, China’s former agricultural minister who was sentenced to death with a two-year reprieve last month, is expected to be formally dismissed by the Central Committee at the plenum, according to the Brookings Institution think tank.The official document released by authorities following the plenum’s conclusion on Thursday represents a high-profile messaging opportunity for leaders, Heron Lim, lecturer of economics at ESSEC Business School in Singapore, told AFP.”Beijing could use this opportunity to address both domestic and international audiences that China’s growth ambitions remain intact despite the geopolitical headwinds,” said Lim.

Wall Street stocks bounced back Friday following conciliatory signals from Washington towards Beijing on trade while worries about regional banks receded.US President Donald Trump said in an interview with Fox Business that he will hold talks with China’s Xi Jinping during the upcoming APEC summit in South Korea, a week after he threatened to call off the meeting.Trump, who last week threatened large tariffs in response to Chinese rare-earth export controls, said in the interview that the higher tariffs were “not sustainable.”Investors also took a more sanguine view of regional banks after the sector was pummeled Thursday following disclosures from two mid-sized players of expected losses tied to problem loans.But on Friday, those banks — Salt Lake City-based Zions Bancorp and Phoenix-based Western Alliance Bancorporation — both rallied, along with other peer companies, suggesting investors, are less fearful of systemic problems.”It was all set to be another frantic Friday for markets as a US regional bank crisis appeared on the horizon, but comments from President Trump have once again lifted equities off their lows,” said Chris Beauchamp, Chief Market Analyst at trading platform IG.Investors have been nervously watching the US banking sector since parts company First Brands and subprime lender Tricolor filed for bankruptcy in September, with the former owing billions to lenders. Those fears deepened this week after Zions disclosed a $50-million charge tied to commercial loans from its California arm, while Western Alliance said a borrower failed to deliver the promised collateral.A sell-off on Thursday “may be overdone,” said David Morrison, analyst at investment platform Trade Nation.”Then again, a few analysts have been warning about a lack of transparency across private credit and private equity for a while now. So, there’s certainly a risk of more bad news to come,” he added.Europe’s main indices fell, with bank shares taking a hit.Deutsche Bank shares slumped six percent, while French bank Societe Generale shed nearly five percent and Britain’s Barclays dropped 5.7 percent.Hong Kong and Shanghai dropped more than two percent, and Tokyo also closed lower.Adding to unease, lawmakers in Washington are still no closer to ending a government shutdown that has delayed the release of key economic data used by the Federal Reserve to decide on policy.Still, expectations the Fed will cut interest rates at least once more this year has given traders some support.- Key figures at around 2010 GMT -New York – Dow: UP 0.5 percent at 46,190.61 (close)New York – S&P 500: UP 0.5 percent at 6,664.01 (close) New York – Nasdaq Composite: UP 0.5 percent at 22,679.97 (close)London – FTSE 100: DOWN 0.9 percent at 9,354.57 (close)Paris – CAC 40: DOWN 0.2 percent at 8,174.20 (close)Frankfurt – DAX: DOWN 1.8 percent at 23,830.99 (close)Tokyo – Nikkei 225: DOWN 1.4 percent at 47,582.15 (close)Hong Kong – Hang Seng Index: DOWN 2.5 percent at 25,247.10 (close)Shanghai – Composite: DOWN 2.0 percent at 3,839.76 (close)Euro/dollar: DOWN at $1.1670 from $1.1687 on ThursdayPound/dollar: DOWN at $1.3433 from $1.3434Dollar/yen: UP at 150.50 yen from 150.43 yenEuro/pound: DOWN at 86.88 percent from 86.99 penceWest Texas Intermediate: UP 0.1 percent at $57.54 per barrelBrent North Sea Crude: UP 0.4 percent at $60.34 per barrelburs-jmb/sla

An international vote to approve cutting maritime emissions was delayed by a year Friday in a victory for the United States, which opposes the carbon-cutting plan.The London-based International Maritime Organization (IMO), a United Nations body that governs shipping, voted in April for a global pricing system to help curb greenhouse gases.But a vote Friday on whether to formally approve the deal was delayed until next year after US President Donald Trump threatened sanctions against countries backing the plan.Increased divisions, notably between oil-producing nations and non-oil producers, emerged this week at meetings leading up to Friday’s vote.Delegates instead voted on a hastily arranged resolution to postpone proceedings, which passed by 57 votes to 49.Trump had said Thursday that the proposed global carbon tax on shipping was a “scam”, after the United States withdrew from IMO negotiations in April.A Russian delegate described the proceedings as “chaos” as he addressed the plenary Friday after talks had lasted into the early hours.Russia had joined major oil producers Saudi Arabia and the United Arab Emirates in voting against the carbon-reduction measure in April, saying it would harm the economy and food security.IMO Secretary-General Arsenio Dominguez, representing 176 member states, said Friday that he hoped there would be no repeat of how the week’s discussions had gone.”It doesn’t help your organisation, it doesn’t help yourself,” he told delegates. A European Union source told AFP that “many countries have changed their minds under pressure from the United States.A spokesman for UN chief Antonio Guterres called it “a missed opportunity for member states to place the shipping sector on a clear, credible path towards net zero emissions”.The International Chamber of Shipping, representing more than 80 percent of the world’s fleet, also expressed disappointment.”Industry needs clarity to be able to make the investments needed to decarbonise the maritime sector,” its Secretary General Thomas Kazakos said in a statement.- Trump ‘outraged’ -Since returning to power in January, Trump has reversed Washington’s course on climate change and encouraged fossil fuel use by deregulation.”I am outraged that the International Maritime Organization is voting in London this week to pass a global Carbon Tax,” Trump wrote on his Truth Social platform Thursday. “The United States will NOT stand for this Global Green New Scam Tax on Shipping,” he added, telling countries to vote against it.Washington threatened to impose sanctions, visa restrictions and port levies on those supporting the Net Zero Framework (NZF), the first global carbon-pricing system.Major oil-producer Saudi Arabia also called for Friday’s vote to be postponed.”We agree with the United States that it’s important that these conversations are brought to light,” a Saudi representative said.Ahead of this week’s London gathering, a majority 63 IMO members that in April voted for the plan had been expected to maintain their support and to be joined by others to formally approve the NZF.Argentina, which in April abstained from the vote, now opposes the deal. Leading up to Friday’s decision, China, the EU, Brazil, Britain and several other members of the IMO reaffirmed their support.The NZF requires ships to progressively reduce carbon emissions from 2028 or face financial penalties.Shipping accounts for nearly three percent of global greenhouse gas emissions, according to the IMO.The plan would charge ships for emissions exceeding a certain threshold, with proceeds used to reward low-emission vessels and support countries vulnerable to climate change.If the global emissions pricing system were adopted, it would become difficult to evade, even for the United States.IMO conventions allow signatories to inspect foreign ships during stopovers and even detain non-compliant vessels.burs-pml/js/rlp

US Treasury Secretary Scott Bessent said Friday that he would likely meet Chinese Vice Premier He Lifeng next week to prepare for the upcoming high-stakes talks between the presidents of the world’s two biggest economies.Bessent’s high-level meeting comes as trade tensions flare between Washington and Beijing over China’s announcement of tighter export controls on the critical rare earths industry.Washington has been working to rally allies to respond to Beijing’s new curbs, with the Group of Seven finance ministers agreeing this week to coordinate their next moves.The rare earth controls had sparked a fiery response from US President Donald Trump, who threatened to impose an additional 100-percent tariff on imports from China and to cancel expected talks with his Chinese counterpart Xi Jinping in South Korea.But Trump said in an excerpt of an interview with Fox News, released Friday, that he would meet Xi after all at the Asia-Pacific Economic Cooperation (APEC) summit.Bessent told reporters at the White House on Friday that he believed “things have de-escalated” between both countries.He added that he would speak to China’s He later on Friday before both of them “meet in Malaysia, probably a week from tomorrow, to prepare for the two presidents to meet.”Bessent previously accused China of seeking to hurt the world economy with its new rare earth controls.International Monetary Fund chief Kristalina Georgieva also expressed hope Friday for an agreement between the countries to cool tensions.- Coordinated response -For now, G7 finance ministers have agreed to coordinate their short-term response to China’s export rules, and diversify suppliers, the EU’s economy commissioner Valdis Dombrovskis told reporters in Washington.Speaking after the grouping met this week, Dombrovskis noted the vast majority of rare earth supplies come from China, meaning that diversification could take years.”We agreed, both bilaterally with the US and at the G7 level, to coordinate our approach,” he said on the sidelines of the International Monetary Fund and World Bank’s fall meetings.Countries would also exchange information on their contacts with Chinese counterparts as they work out short-term solutions, he added.German Finance Minister Lars Klingbeil told journalists he hopes Trump and Xi’s meeting can help to resolve much of the US-China trade conflict.”We have made it clear within the G7 that we do not agree with China’s approach,” he added, referring to the group of Britain, Canada, France, Germany, Italy, Japan and the United States.Trade tensions between the United States and China have reignited this year as Trump slapped sweeping tariffs on US imports and both countries engaged in tit-for-tat retaliation.At one point, tariffs on both sides escalated to triple-digit levels, effectively halting some trade as businesses waited for a resolution.The two countries have since lowered their respective tariff levels but their truce remains shaky.

US Treasury Secretary Scott Bessent is set to speak Friday with Chinese Vice Premier He Lifeng, an official from President Donald Trump’s administration told AFP — as Washington works to rally allies to respond to Beijing’s rare earth curbs.The high-level economic talks come as trade tensions flare between the world’s two biggest economies following Beijing’s announcement of tighter export controls on the critical rare earths industry.This sparked a fiery response from Trump, who threatened to impose an additional 100-percent tariff on imports from China and to cancel expected talks with his Chinese counterpart Xi Jinping in South Korea.But Trump said in an excerpt of an interview with Fox News, released Friday, that he would meet Xi after all at the Asia-Pacific Economic Cooperation (APEC) summit.A senior Trump administration official told AFP that Bessent would speak to He by phone on Friday about ongoing trade negotiations between Washington and Beijing, ahead of the APEC gathering.The official did not provide further details.Bessent has accused China of seeking to hurt the world economy after Beijing announced its new export controls. – Coordinated response -For now, Group of Seven finance ministers have agreed to coordinate their short-term response to China’s export controls, and diversify suppliers, the EU’s economy commissioner Valdis Dombrovskis told reporters in Washington.Speaking after G7 leaders met this week, Dombrovskis noted the vast majority of rare earth supplies come from China, meaning that diversification would take years.”We agreed, both bilaterally with the US and at the G7 level, to coordinate our approach,” he said on the sidelines of the International Monetary Fund and World Bank’s fall meetings.He added that countries would also exchange information on their contacts with Chinese counterparts as they work out short-term solutions.German Finance Minister Lars Klingbeil told journalists he hopes Trump and Xi’s meeting can help to resolve much of the US-China trade conflict.”We have made it clear within the G7 that we do not agree with China’s approach,” he added, referring to the group of Britain, Canada, France, Germany, Italy, Japan and the United States.Trade tensions between the United States and China have reignited this year as Trump slapped sweeping tariffs on US imports and both countries engaged in tit-for-tat retaliation.At one point, tariffs on both sides escalated to triple-digit levels, effectively halting some trade as businesses waited for a resolution.The two countries have since lowered their respective tariff levels but their truce remains shaky.

An international vote to formally approve cutting maritime emissions was delayed by a year Friday, in a victory for the United States which opposes the carbon-cutting plan.The London-based International Maritime Organization (IMO), which is the shipping body of the United Nations, voted in April for a global pricing system to help curb greenhouse gases.But a vote on whether to formally approve the deal was cancelled on Friday until next year after US President Donald Trump threatened sanctions against countries backing the plan.Increased divisions, notably between oil producing nations and non-oil producers, emerged this week at meetings leading up to Friday’s planned follow-up vote to approve the scheme.Delegates instead voted on a hastily-arranged resolution to postpone proceedings, which passed by 57 votes to 49.Trump on Thursday said the proposed global carbon tax on shipping was a “scam” after the United States withdrew from IMO negotiations in April.A Russian delegate described proceedings as “chaos” as he addressed the plenary Friday after talks had lasted until the early hours.Russia joined major oil producers Saudi Arabia and the United Arab Emirates in voting against the carbon-reduction measure in April, arguing it would harm the economy and food security.IMO Secretary-General Arsenio Dominguez, representing 176 member states, pleaded Friday that he hoped there would be no repeat of how the week’s discussions had gone.”It doesn’t help your organisation, it doesn’t help yourself,” he told delegates. – Trump ‘outraged’ -Since returning to power in January, Trump has reversed Washington’s course on climate change and encouraged fossil fuel use by deregulation.”I am outraged that the International Maritime Organization is voting in London this week to pass a global Carbon Tax,” Trump wrote on his Truth Social platform Thursday. “The United States will NOT stand for this Global Green New Scam Tax on Shipping,” he added, urging countries to vote against it.Washington threatened to impose sanctions, visa restrictions and port levies on those supporting the Net Zero Framework (NZF), the first global carbon-pricing system.Liberia and Saudi Arabia called for Friday’s vote to be postponed.”We agree with the United States that it’s important that these conversations are brought to light,” a Saudi representative said.Ahead of this week’s London gathering, a majority 63 IMO members that in April voted for the plan had been expected to maintain their support and to be joined by others to formally approve the NZF.Argentina, which in April abstained from the vote, now opposes the deal. Leading up to Friday’s decision — China, the European Union, Brazil, Britain and several other members of the IMO — reaffirmed their support.The NZF requires ships to progressively reduce carbon emissions from 2028, or face financial penalties.Shipping accounts for nearly three percent of global greenhouse gas emissions, according to the IMO, while the CO2 pricing plan should encourage the sector to use less polluting fuels.The Philippines, which provides the most seafarers of any country, and Caribbean islands focused on the cruise industry, would be particularly impacted by visa restrictions and sanctions.The plan would charge ships for emissions exceeding a certain threshold, with proceeds used to reward low-emission vessels and support countries vulnerable to climate change.Pacific Island states, which abstained in the initial vote over concerns the proposal was not ambitious enough, had been expected to support it this time around.If the global emissions pricing system was adopted, it would become difficult to evade, even for the United States.IMO conventions allow signatories to inspect foreign ships during stopovers and even detain non-compliant vessels.burs-pml/bcp/ode/jkb/giv

An international plan to cut emissions from ships hung in the balance on Friday as the United States urged countries to reject it and oil producers pushed for a delay.The London-based International Maritime Organization (IMO), which is the shipping body of the United Nations, voted in April for a global pricing system to help curb greenhouse gases.But increased divisions have emerged this week at meetings leading up to Friday’s follow-up vote.President Donald Trump on Thursday said the proposed global carbon tax on shipping was a “scam” after the United States withdrew from IMO negotiations in April.A Russian delegate described current proceedings as “chaos” as he addressed the plenary Friday after talks had lasted until the early hours.Russia joined major oil producers Saudi Arabia and the United Arab Emirates in voting against the carbon-reduction measure in April, arguing it would harm the economy and food security.IMO Secretary-General Arsenio Dominguez, representing 176 member states, said Friday that he hoped there would be no repeat of how the week’s discussions had gone.- Trump ‘outraged’ -Since returning to power in January, Trump has reversed Washington’s course on climate change, denouncing it as a “scam” and encouraging fossil fuel use by deregulation.”I am outraged that the International Maritime Organization is voting in London this week to pass a global Carbon Tax,” Trump wrote on his Truth Social platform Thursday. “The United States will NOT stand for this Global Green New Scam Tax on Shipping,” he added, urging countries to vote against it.The United States this week advocated changing the voting process to give more weight to abstentions, a proposal that was being considered Friday. Washington also threatened to impose sanctions, visa restrictions and port levies on those supporting the Net Zero Framework (NZF), the first global carbon-pricing system.Liberia and Saudi Arabia called for Friday’s vote to be postponed.”We agree with the United States that it’s important that these conversations are brought to light,” a Saudi representative said.Ahead of this week’s London gathering, a majority 63 IMO members that in April voted for the plan had been expected to maintain their support and to be joined by others to formally approve the NZF.Argentina, which in April abstained from the vote, has said it will now oppose the deal. Leading up to Friday’s decision — China, the European Union, Brazil, Britain and several other members of the IMO — reaffirmed their support.The NZF requires ships to progressively reduce carbon emissions from 2028, or face financial penalties.Shipping accounts for nearly three percent of global greenhouse gas emissions, according to the IMO, while the CO2 pricing plan should encourage the sector to use less polluting fuels.The Philippines, which provides the most seafarers of any country, and Caribbean islands focused on the cruise industry, would be particularly impacted by visa restrictions and sanctions.In order to be adopted, the framework needs the backing of two-thirds of 108 voting IMO members who belong to a long-standing international convention for the prevention of pollution from ships, known as MARPOL.The plan would charge ships for emissions exceeding a certain threshold, with proceeds used to reward low-emission vessels and support countries vulnerable to climate change.Pacific Island states, which abstained in the initial vote over concerns the proposal was not ambitious enough, are now expected to support it.If the global emissions pricing system was adopted, it would become difficult to evade, even for the United States.IMO conventions allow signatories to inspect foreign ships during stopovers and even detain non-compliant vessels.burs-pml/bcp/ajb/lth

Wall Street stocks fell Thursday on fears that private credit problems may weigh on US regional banks, adding to concerns about trade tensions and a government shutdown.After opening higher, US equities tumbled into the red around midday and lingered in negative territory thereafter. All three major US indices finished lower, with the S&P 500 ending down 0.6 percent. That came after a positive day on leading Asian and European bourses, including Paris, which climbed after French Prime Minister Sebastien Lecornu survived two confidence motions.The VIX Volatility index — a closely-watched benchmark of investor anxiety — surged to its highest level since May, while gold prices set a new record. “There’s some emerging concerns about credit,” Angelo Kourkafas of Edward Jones said of the drop in US equities. “Investors are taking a cautious approach.”The private market has been in focus following bankruptcies in recent weeks of two auto-related enterprises, the auto parts company First Brands and the subprime lender Tricolor. Shares of Salt Lake City-based Zions Bancorp plunged 13.1 percent after the company disclosed a pair of problem loans to businesses with “apparent misrepresentations and contractual defaults,” it said in a securities filing that announced a $50 million hit on the matter in the third quarter.Other mid-sized and regional banks also fell, including M&T Bank, Comerica and Fifth Third Bancorp, all of which lost between four and seven percent.Investors are “extrapolating” the instances of known problem loans to the potential to ensnare more banks, said Art Hogan of B. Riley Wealth Management. The problem with banks is the “story of the day at a point when investors are already worried about a lot of other things,” Hogan said.In Europe, the Paris stock market climbed 1.4 percent on hopes of greater political stabilization.London edged out a gain despite data that showed lackluster growth in the UK economy, six weeks ahead of the government’s annual budget.Among individual companies, Nestle shares surged more than nine percent after the Swiss food giant announced that it will cut 16,000 jobs worldwide over the next two years. United Airlines fell 5.6 percent after reporting that earnings had dipped on higher costs. The carrier projected better than expected fourth-quarter profits on strengthening demand.But Briefing.com noted that United’s capacity additions could dent results if macro conditions “soften.”- Key figures at around 2010 GMT -New York – Dow: DOWN 0.7 percent at 45,952.24 (close)New York – S&P 500: DOWN 0.6 percent at 6,629.07 (close)New York – Nasdaq Composite: DOWN 0.5 percent at 22562.54 (close)London – FTSE 100: UP 0.1 percent at 9,436.09 (close)Paris – CAC 40: UP 1.4 percent at 8,188.59 (close)Frankfurt – DAX: UP 0.4 percent at 24,272.19 (close)Tokyo – Nikkei 225: UP 1.3 percent at 48,277.74 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,888.51 (close)Shanghai – Composite: UP 0.1 percent at 3,916.23 (close)Euro/dollar: UP $1.1692 from $1.1607 on WednesdayPound/dollar: UP at $1.3436 from $1.3320Dollar/yen: DOWN at 150.35 yen from 151.84 yenEuro/pound: DOWN at 87.02 percent from 87.14 penceBrent North Sea Crude: DOWN 1.4 percent at $61.06 per barrelWest Texas Intermediate: DOWN 1.4 percent at $57.46 per barrel

Global stock markets mostly rose on Thursday as investors weighed strong tech earnings and hopes that the latest flare-up in US-China trade tensions might ease.Wall Street was mostly higher in late morning trading, with Europe’s main markets ending the day higher and Asian markets largely in the green.Equities have been in flux since US President Donald Trump last week reignited his tariff row with Beijing, threatening 100 percent levies on Chinese goods in retaliation for its recent rare-earth export controls.But Treasury Secretary Scott Bessent appeared to take a more conciliatory tone on Wednesday, suggesting that a longer pause in tariffs was possible as they look to resolve the rare earths row.He also said Trump still plans to meet Chinese President Xi Jinping later this month.”The general feeling is that last Friday’s tariff tantrum was overdone, particularly as it seems that Presidents Trump and Xi Jinping will go ahead with a planned meeting later this month,” said David Morrison, senior market analyst at trading platform Trade Nation.”In addition, some see President Trump’s more conciliatory tone towards China is yet another example of his success as a dealmaker,” he said.”To others it’s a perfect example of this year’s ‘TACO’ meme. In other words, and perhaps unfairly, when push comes to shove, Trump Always Chickens Out.”Joshua Mahony, chief market analyst at Scope markets, warned that China could “turn up the pressure by further deepening the trade conflict in the knowledge that it could spark a sharp slump in US equity markets”.Investors were also reacting to another record net profit at Taiwanese tech titan TSMC, which was buoyed by soaring demand for microchips that power iPhones and artificial intelligence.”So far, it has been a good earnings season, which has helped to justify stock markets at these elevated levels,” said Fawad Razaqzada, market analyst at City Index and FOREX.com.Nestle shares surged more than nine percent after the Swiss food giant announced that it will cut 16,000 jobs worldwide over the next two years. In Europe, the Paris stock market climbed 1.4 percent as French Prime Minister Sebastien Lecornu survived a no-confidence vote.London edged out a gain despite data that showed lacklustre growth in the UK economy, six weeks ahead of the government’s annual budget.Concerns over China-US tensions, bets on US rate cuts and a weaker dollar have helped push gold to daily records, with it climbing pas $4,270 per ounce on Thursday.”Gold seems set to clock a record fifth consecutive closing high, defying all expectations of a pullback,” said Chris Beauchamp, Chief Market Analyst at trading platform IG.”The move has catapulted gold to global fame, and if the queues seen in many cities are any indication, then the recent move seems set to continue,” he added.Oil prices rose as Trump said Indian Prime Minister Narendra Modi had promised him that New Delhi will stop buying Russian oil.- Key figures at around 1530 GMT -New York – Dow: FLAT at 46,245.97 pointsNew York – S&P 500: UP less than 0.1 percent at 6,675.95New York – Nasdaq Composite: UP 0.3 percent at 22,738.70London – FTSE 100: UP 0.1 percent at 9,436.09 (close)Paris – CAC 40: UP 1.4 percent at 8,188.59 (close)Frankfurt – DAX: UP 0.4 percent at 24,272.19 (close)Tokyo – Nikkei 225: UP 1.3 percent at 48,277.74 (close)Hong Kong – Hang Seng Index: DOWN 0.1 percent at 25,888.51 (close)Shanghai – Composite: UP 0.1 percent at 3,916.23 (close)Euro/dollar: UP $1.1669 from $1.1645 on WednesdayPound/dollar: UP at $1.3428 from $1.3400Dollar/yen: DOWN at 150.76 yen from 151.24 yenEuro/pound: UP at 86.94 percent from 86.90 penceBrent North Sea Crude: UP 0.2 percent at $62.06 per barrelWest Texas Intermediate: UP 0.3 percent at $57.99 per barrel