Wall Street rises on US-China trade optimism

Posted December 14, 2018

US President Donald Trump, in an interview with Reuters, said trade talks were under way with China.

The two sides, led by Mr Trump and President Xi Jinping, recently met in Argentina, where they agreed to a 90-day halt to any new tariffs.

The White House is delaying a second round of payments from a $12 billion aid package for farmers stung by a trade dispute between China and the United States, amid optimism China will soon resume buying USA soybeans, three sources familiar with the matter told Reuters.

The companies did not immediately respond to requests for comment.

China intends to announce this month the first batch of US soybean purchases where most, if not all, will be destined for state reserves, according to government officials.

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This is usually done by MPs who have lost confidence in the leader of their party, but can also be triggered by the Opposition. Bone said: "She said in 2017 she would only lead the Conservative party if she had the support of the Parliamentary party".

The Singapore market took heart from the news of trade talk progress too - and rightly so, as private economists yesterday revised their forecasts for the country's 2019 gross domestic product (GDP) growth downward while warning that higher US-China trade tensions are a key risk for Singapore.

China past year purchased about 60 percent of US soybean exports in deals valued at more than $12 billion.

"It has been no secret that OMB has not been terribly excited about the trade aid package", a source familiar with the matter said.

USA government data has not shown any soybean sales to China since July, when Beijing imposed tariffs on US supplies of the oilseed in retaliation for USA duties on Chinese goods. Futures in Chicago tumbled as a result, while the 2018 harvest had been piling up, unsold, in silos, bins and bags across the U.S. Midwest.

Traders have been watching closely for signs of confirmation of a resumption of Chinese buying of US soybeans, particularly after Trump tweeted on Tuesday morning that "very productive conversations" were going on with China.

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He was confident voters would choose to remain, but on June 23, 2016, they voted by 52 per cent to 48 per cent to leave. Britain is seeking "reassurances" that the backstop will be temporary. "We wanted fundamental legal text changes".

"If this is all we're going to get, it is a whopping disappointment and we are adding at least 200 million bushels to our soybean stocks", said Ted Seifried, chief market strategist for Chicago-based Zaner Ag Hedge.

China's economy czar and US trade envoys discussed plans for talks on a tariff battle, the government said Tuesday, indicating negotiations are going ahead despite tension over the arrest of a Chinese tech executive.

Vehicle sales in the world's second-biggest economy declined for a sixth consecutive month in November, bringing the market closer to its first annual drop in at least two decades.

ING said the Huawei case made it progressively evident that the China-US exchange war is about the trading of innovation, and there were likewise reports the United States would discharge proof this week enumerating Chinese hacking and monetary undercover work. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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