Markets push higher as US-China trade talks wrap up – business live | Business

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Hopes of a trade agreement between the US and China are gripping the markets today.

After three days of negotiations, talks between the two sides in Beijing have just concluded – and there’s real optimism of a breakthrough.

China’s Foreign Ministry spokesman Lu Kang has just told a daily news briefing on Wednesday that trade talks have concluded and the results will be released very soon.

Lu added that the “longer-than-expected” talks show that China is very serious about getting a deal. Officials had expected to wrap up on Tuesday, but surprised observers by returning to the negotiating table for a third day.

The two countries need to reach a deal before March 1, else the US will hike tariffs on some $200 billion in Chinese goods from 10% to 25%.

Nancy Hungerford

China’s Foreign Ministry: trade talks in Beijing have concluded and the results will be released soon

January 9, 2019

Keith Bradsher

Midlevel trade talks between the United States and China, which had been extended into a third day, have ended.

January 9, 2019

Hopes of a deal pushed Asian stock markets to their highest levels in three weeks today. China’s Shanghai Composite index is up 1%, as is Japan’s Topix, while Hong Kong’s Hang Seng has jumped by 2%.

Investors are also cheered by reports that Beijing plans new policies to boost domestic demand.

Elsa Lignos of Royal Bank of Canada explains:

Markets have more sugar hits to cheer overnight, helping equities claw back more of their December losses.

Reports that China is planning fresh measures to boost domestic consumption have sent shares in large Chinese carmakers and appliance manufacturers higher, though details are scarce.

Holger Zschaepitz

Asia stocks continue to rise, for a 10th day in 11, thx to trade deal optimism, dovish Powell, China stimulus & last year’s excessive falls. ‘Risk-on has started looking a tad too easy,’ BBG’s Vishnoi says. Dollar slips, Euro at $1.1456, US 10y at 2.72%, Oil climbs, Bitcoin >$4k.

January 9, 2019

The UK’s FTSE 100 is expected to open 60 points higher, up 0.8%, having gained 50 points yesterday.

Mike van Dulken

#FTSE100 called +60pts at 6925

January 9, 2019

Also coming up today

There’s a flurry of Christmas trading updates from UK retailers, including supermarket chain Sainsbury’s, bakers Greggs and Majestic Wine.

Sainsbury’s seem to have missed expectations, with like-for-like sales down over 1%.

Sainsbury’s News

Like-for-like sales excluding fuel were down 1.1 per cent in a highly competitive market and Grocery sales were solid, up 0.4%, with Groceries Online up 6% and Convenience up 3% #JSQ3 $SBRY

January 9, 2019

Economists will also be digesting new trade data from Germany, following a worrying drop in industrial output yesterday.

The agenda

  • 7am GMT: German trade figures for November
  • 3.30pm GMT: Bank of England governor Mark Carney holds an online Q&A

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