Dow futures jump 250 points as China No. 2 set to meet Trump in final day of trade talks - MarketWatch

U.S. stock benchmarks Friday morning were on pace to gain for a third session in a row — which would represent the longest string of gains in October — as investors drew optimism from President Donald Trump’s offer to meet China’s top trade negotiator later in the day, lifting hopes for progress for some form of resolution in the longstanding tariff conflict.

How did the benchmarks perform?

Futures for the Dow Jones Industrial Average YMZ19, +0.89% rose 251 points, or 0.9%, to 26,734, those for the S&P 500 index ESZ19, +0.88% advanced 27.15 points, or 0.9%, to reach 2,968, while Nasdaq-100 futures NQZ19, +1.02% added 89 points, or 1.2%, to 7,849.50.

On Thursday, the Dow DJIA, +0.57% rose 150.66 points, or 0.6%, to 26,496.67. The S&P 500 index SPX, +0.64% climbed 0.6%, or 18.73 points, to 2,938.13. The Nasdaq Composite Index COMP, +0.60% picked up 47.04 points, or 0.6%, to finish at 7,950.78.

For the week, however, the Dow is poised to shed 0.3%, while the S&P 500 and Nasdaq are on pace to post 0.5% and 0.4% declines, respectively, as of Thursday’s close.

What drove the stock market?

President Donald Trump said the first day of talks went “really well” and announced that he would be meet China’s Vice Premier Liu He later Friday. The Wall Street Journal reported that terms for a possible tentative deal could include China offering more agriculture purchases, a joint pact to deter Beijing from devaluing its currency, and, on the U.S. side, suspending planned tariffs and relaxing export bans against blacklisted Chinese telecom giant Huawei Technologies Co.

“This whole optimism around the first day of the talks may have revived hopes that the week will end with an interim trade deal between the world’s two largest economies, something that could also take additional tariffs off the table,” wrote Charalambos Pissouros, senior market analyst at brokerage JFD Group, in a daily research note. “If today’s headlines continue to come in favor of such an outcome, risk assets, like equities,” he said.

Looking ahead, investors are focused on a report import and export prices for September due at 8:30 a.m. Eastern Time, and a reading on consumer sentiment due at 10 a.m.

Investors also will watch for comments from Boston Federal Reserve President Eric Rosengren — one of three dissenters in the Fed’s last decision — set to speak at the American Economic Challenges Symposium in Madison, Wis., at 1:15 p.m., while Dallas Fed President Robert Kaplan, is expected to moderate a panel in San Francisco at 3 p.m. Kaplan isn’t a voting member of the rate-setting Federal Open Market Committee.

How did other assets trade?

The yield on the 10-year U.S. Treasury note TMUBMUSD10Y, +0.94% climbed to 1.671%, compared with 1.649% on Thursday.

Gold futures held below the psychologically significant level at $1,500. December gold GCZ19, -0.08% was most recently down 0.1% at $1,499.30 an ounce.

West Texas Intermediate crude for November delivery CLX19, +1.61% jumped 92 cents, or 1.7%, to $54.47 a barrel on the New York Mercantile Exchange, after an oil tanker attack in the Middle East.

In Asia overnight Friday, Hong Kong’s Hang Seng Index HSI, +2.34%  surged 2.3% to 26,308.44, the China CSI 300 000300, +0.96% rose 1% to reach 3,911.73, and Japan’s Nikkei 225 NIK, +1.15% gained 1.2% to 21,798.87. The Stoxx Europe 600 SXXP, +1.31%, meanwhile, advanced 1.4% to 387.95. And the FTSE 100 UKX, +0.43% gained 0.3% to 7,205.83, even as the pound jumped 0.3% against to the dollar, amid renewed Brexit optimism.

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https://www.marketwatch.com/story/dow-futures-jump-250-points-as-china-no-2-set-to-meet-trump-in-final-day-of-trade-talks-2019-10-11

2019-10-11 10:12:00Z
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Renault Fires Its C.E.O., as the Post-Ghosn Shake-Up Continues - The New York Times

Renault’s board on Friday fired its chief executive, Thierry Bolloré, just days after Nissan shook up its leadership, as the two automakers in a much-vaunted alliance struggled to regain their footing nearly a year after the ouster of their former chairman, Carlos Ghosn.

The French automaker named its chief financial officer, Clotilde Delbos, as the interim chief executive. Mr. Bolloré, a former executive who served under Mr. Ghosn, became chief executive after Mr. Ghosn’s arrest on charges of financial wrongdoing last year.

Renault and Nissan are attempting to turn a page on the Ghosn era by shedding executives who have complicated efforts to reboot the world’s largest auto alliance since his arrest.

On Tuesday, Nissan appointed a new leader following the ouster of longtime chief executive Hiroto Saikawa, a protégé of Mr. Ghosn’s.

Friday’s surprise maneuver paves the way for Renault to look for a new chief to work closely with Nissan and Renault’s chairman, Jean-Dominique Senard, who took the helm of the French automaker in January.

In a Thursday interview with a French financial newspaper, Les Échos, Mr. Bolloré said he was the target of a “very disturbing coup” and that the only thing he had done wrong was to be promoted by Mr. Ghosn, who resigned under pressure from Renault. The French carmaker has also alerted prosecutors in France to investigate possible irregularities with the funding of Mr. Ghosn’s wedding at Versailles in 2016.

New leadership at the head of both auto giants could open a new chapter in the partnership, which has been plagued by festering relations, governance problems, corporate intrigue and an increasingly flagging financial performance since Mr. Ghosn was toppled last November as head of the alliance, which also includes Mitsubishi Motors of Japan.

Nissan declined to comment on the changes at Renault.

Ben Dooley contributed reporting.

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2019-10-11 09:51:00Z
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With U.S. tariffs looming, China drums up hope for a partial trade deal - Reuters

BEIJING (Reuters) - A Chinese state newspaper said on Friday that a “partial” trade deal would benefit China and the United States, and Washington should take the offer on the table, reflecting Beijing’s aim of cooling the row before more U.S. tariffs kick in.

Both sides have slapped duties on hundreds of billions of dollars of goods during the 15-month trade dispute, which has shaken financial markets and uprooted global supply chains as companies move production elsewhere.

As top U.S. and Chinese negotiators wrapped up a first day of trade talks in more than two months on Thursday, business groups expressed optimism the two sides might be able to ease the conflict and delay a U.S. tariff hike scheduled for next week.

China’s top trade negotiator, Vice Premier Liu He, said on Thursday that China is willing to reach agreement with the United States on matters that both sides care about so as to prevent friction from leading to any further escalation.

He stressed that “the Chinese side came with great sincerity”.

Adding to that, the official China Daily newspaper said in an editorial in English: “A partial deal is a more feasible objective”.

“Not only would it be of tangible benefit by breaking the impasse, but it would also create badly needed breathing space for both sides to reflect on the bigger picture,” the paper said.

Hours ahead of an expected meeting between China’s Liu and U.S. President Donald Trump at the White House, China’s securities regulator unveiled a firm timetable for scrapping foreign ownership limits in futures, securities and mutual fund companies for the first time.

China previously said it would further open up its financial sector on its own terms and at its own pace, but the timing of Friday’s announcement suggests Beijing is keen to show progress in its plan to increase foreigners’ access to the sector, which is among a host of demands from Washington in the trade talks.

Chinese officials are offering to increase annual purchases of U.S. agricultural products as the two countries seek to resolve their trade dispute, the Financial Times reported on Wednesday, citing unidentified sources.

The U.S. Department of Agriculture (USDA) on Thursday confirmed net sales of 142,172 tonnes of U.S. pork to China in the week ended Oct. 3, the largest weekly sale to the world’s top pork market on record.

A U.S.-China currency agreement is also being floated as a symbol of progress in talks between the world’s two largest economies, although that would largely repeat past pledges by China, currency experts say, and will not change the dollar-yuan relationship that has been a thorn in the side of Trump.

PESSIMISM ‘STILL JUSTIFIED’

Analysts have noted China sent a larger-than-normal delegation of senior Chinese officials to Washington, with commerce minister Zhong Shan and deputy ministers on agriculture and technology also present.

The sudden optimism about a potential de-escalation is in stark contrast to much more gloomy predictions in business circles just days ago on the heels of a series of threatened crackdowns on China by the Trump administration.

On Tuesday, the U.S. government widened its trade blacklist to include Chinese public security bureaus and some of China’s top artificial intelligence startups, punishing Beijing for its treatment of Muslim minorities.

Surprised by the move, Chinese government officials told Reuters on the eve of talks that they had lowered expectations for significant progress.

Friday’s China Daily editorial also warned that “pessimism is still justified”, noting that the talks would finish just three days before Washington is due to raise tariffs on $250 billion worth of Chinese imports.

The negotiations were the “only window” to end deteriorating relations, it added.

Trump, said on Thursday that the talks had so far gone very well. But he has previously insisted he would not be satisfied with a partial deal to resolve his two-year effort to change China’s trade, intellectual property and industrial policy practices, which he argues cost millions of U.S. jobs.

FILE PHOTO: U.S. Treasury Secretary Steve Mnuchin (R) and Trade Representative Robert Lighthizer welcome China's Vice Premier Liu He before the two countries' trade negotiations in Washington, U.S., October 10, 2019. REUTERS/Yuri Gripas/File Photo

There have also been reports that the Trump administration is readying additional measures aimed at China, with unknown consequences for trade negotiations.

Such wildly shifting expectations have been a persistent feature of the trade war, and observers remained cautious over what might emerge from this week’s talks.

“China wants peace, but I don’t think China will give more,” one Chinese trade expert said on condition of anonymity.

Reporting by Yawen Chen and Michael Martina; Editing by Simon Cameron-Moore & Kim Coghill

Our Standards:The Thomson Reuters Trust Principles.

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https://www.reuters.com/article/us-usa-trade-china/with-us-tariffs-looming-china-drums-up-hope-for-a-partial-trade-deal-idUSKBN1WQ10X

2019-10-11 08:50:00Z
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Trump says US-China trade talks are 'going very well' - Fox Business

ICON Advisers founder and president Craig Callahan discusses why the market is priced at about 20 percent below his estimate of fair value.

The latest round of trade talks between the U.S. and China will conclude with President Trump meeting at the White House on Friday with the leader of the Chinese negotiating team.

Continue Reading Below

Chinese Vice Premier Liu He is leading the delegation in the 13th round of negotiations with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

Trump offered an upbeat assessment of the latest round of talks.

Expectations were low that the negotiations would do much to resolve a 15-month trade battle that is weighing on the global economy.

But as the first of an expected two days of talks wrapped up Thursday, Trump told reporters at the White House, "We're doing very well ... We're going to see them tomorrow, right here, and it's going very well."

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The world's two biggest economies are deadlocked over U.S. allegations that China steals technology and pressures foreign companies to hand over trade secrets as part of a sharp-elbowed drive to become a world leader in advanced industries such as robotics and self-driving cars.

Under Trump, the United States has slapped tariffs on more than $360 billion worth of Chinese imports and is planning to hit another $160 billion Dec. 15. That would extend import taxes to virtually everything China ships to the United States. China has hit back by targeting about $120 billion in U.S. goods, focusing on farm products.

The high cost of the tariffs and uncertainty over when and how the trade war will end have taken an economic toll, especially on manufacturing companies. A private survey last week found that U.S. factory output had dropped to its lowest level since 2009, when the economy was in the grips of a deep recession.

Liu met Thursday with leaders of the U.S. Chamber of Commerce and the U.S.-China Business Council. Liu told them the Chinese negotiators "come with great sincerity" and were ready to discuss the trade balance, market access and investor protection, the official Xinhua News Agency reported.

The report made no mention of willingness to discuss Chinese industrial and technology policy, a major irritant that sparked the tariff war.

There are hopes a productive meeting would persuade the Trump administration to call off or postpone plans next Tuesday to raise tariffs on $250 billion of Chinese imports from 25 percent to 30 percent.

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Still, Beijing has been reluctant to make the kind of substantive policy reforms that would satisfy Washington. Doing so likely would require scaling back the Chinese leaders' aspirations to technological competitiveness they see as crucial to their country's future prosperity.

The Associated Press contributed to this article.

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https://www.foxbusiness.com/markets/trump-says-us-china-trade-talks-are-going-very-well

2019-10-11 06:03:46Z
CBMiV2h0dHBzOi8vd3d3LmZveGJ1c2luZXNzLmNvbS9tYXJrZXRzL3RydW1wLXNheXMtdXMtY2hpbmEtdHJhZGUtdGFsa3MtYXJlLWdvaW5nLXZlcnktd2VsbNIBW2h0dHBzOi8vd3d3LmZveGJ1c2luZXNzLmNvbS9tYXJrZXRzL3RydW1wLXNheXMtdXMtY2hpbmEtdHJhZGUtdGFsa3MtYXJlLWdvaW5nLXZlcnktd2VsbC5hbXA

Wall Street Breakfast: First U.S.-China Trade Talks Since July - Seeking Alpha

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Wall Street Breakfast: First U.S.-China Trade Talks Since July  Seeking Alpha
https://seekingalpha.com/article/4295869-wall-street-breakfast-first-u-s-china-trade-talks-since-july

2019-10-10 10:37:00Z
CAIiEJLYxrU6h8CNegjXm0Z5pfQqFggEKg0IACoGCAowkqEGMJBZMPHguwY

After China Objects, Apple Removes App Used By Hong Kong Protesters - NPR

Enlarge this image

A protester in Hong Kong checks his phone for police activity during a protest against the government in Hong Kong's New Territories, in August. Aidan Marzo/SOPA Images/LightRocket via Getty Images hide caption

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Aidan Marzo/SOPA Images/LightRocket via Getty Images

Apple has removed from its App Store a smartphone app used by Hong Kong pro-democracy activists to crowdsource the location of protesters and police, after Chinese state media suggested the tech giant was aiding "rioters."

Apple initially rejected the app last week, saying that it "encourages an activity that is not legal," and allows users to "evade law enforcement," according to its developers.

"Your app contains content - or facilitates, enables, and encourages an activity - that is not legal ... Specifically, the app allowed users to evade law enforcement."@Apple assume our user are lawbreakers and therefore evading law enforcement, which is clearly not the case.

— HKmap.live 全港抗爭即時地圖 (@hkmaplive) October 1, 2019

Nonetheless, HKmap.live did briefly become available in the App Store before Apple announced Wednesday that it was being removed.

"We have learned that an app, HKmap.live, has been used in ways that endanger law enforcement and residents in Hong Kong," Apple said in a statement. "Many concerned customers in Hong Kong have contacted us about this app and we immediately began investigating it."

The app, it said, "has been used to target and ambush police, threaten public safety, and criminals have used it to victimize residents in areas where they know there is no law enforcement."

HKmap.live reportedly consolidates reports from social media and then uses the information to plot the locations of protests and such information as where police are using tear gas.

The protesters have staged months of protests in the former British colony, demanding universal suffrage and the right to choose Hong Kong's leadership. The level of violence has grown in recent weeks, with protesters wrecking store fronts and hurling gasoline bombs. Police have responded with tear gas, batons and, in some cases, live ammunition.

On Wednesday, an editorial that appeared in China's official People's Daily called out developers of HKmap.live for providing a "'navigation service' for the rioters."

"Apple chose to approve the app in the App Store in Hong Kong at this point," the editorial said. "Does this mean Apple intended to be an accomplice to the rioters?"

"[P]eople have reason to assume that Apple is mixing business with politics, and even illegal acts," it said. "Apple has to think about the consequences of its unwise and reckless decision."

Responding to Apple's decision to withdraw the app, its developers, who have not identified themselves because of security concerns, responded in a series of tweets on Thursday, reports The South China Morning Post, a Hong Kong-based English-language daily.

"We once believed the App rejection [was] simply a bureaucratic f up but now it is clearly a political decision to suppress freedom and human rights in Hong Kong," the developers said, according to the Post.

Although HKmap.live has been removed from Apple's App Store, it remains available on an independent website.

The Hong Kong unrest is a sensitive issue in Beijing and anyone seen as showing sympathy or support for the protesters has come in for sharp criticism.

Earlier this week, Houston Rockets General Manager Daryl Morey touched off a heated controversy by tweeting support for the Hong Kong protesters.

Although he quickly deleted the tweet and expressed contrition, that didn't stop the Chinese Basketball Association from suspending its business dealings with the Rockets. Tencent, a Chinese media partner with the NBA in China, also ended a streaming deal worth $1.5 billion and China's state television said it would stop airing Rockets games.

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2019-10-10 10:21:00Z
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Apple removes Hong Kong protest app following Chinese pressure - Engadget

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Tyrone Siu / Reuters

Apple's complex relationship with China has made the headlines again. Just a day after Chinese state media criticized the company for allowing HKmap in its App Store -- and a week after Apple flip flopped on its initial decision to delist the app -- the crowdsourced map app has been removed, again sparking concerns that Apple is pandering to China's political regime.

The app, which shares information on the location of pro-democracy protests and police activity in Hong Kong, was slammed by China Daily -- owned by the Communist Party of China -- for enabling "rioters in Hong Kong to go on violent acts," adding that Apple has to "think about the consequences of its unwise and reckless decision."

HKmap's creators, however, say that there is no evidence that the app has been used to target police or threaten public safety. They added that apps such as Waze, which use crowdsourced information to help users avoid traffic cameras and police, are still permitted on the App Store, and noted that they are sure there have been occasions where criminal activity has been discussed and encouraged on platforms such as Facebook, Instagram and Twitter. HKmap is still available on desktop.

Critics say that Apple's decision to remove the app is just another example of the company kowtowing to the economically influential country. Two years ago Apple pulled all the VPN apps from its App Store in China, while more recently it removed the Taiwan flag emoji from the iOS keyboards of users in Hong Kong, in a move many claim was designed to appease Apple's third biggest market.

Via: TechCrunch

In this article: App Store, apple, business, China, democracy, entertainment, gear, HKMap, Hong Kong, mobile, politics, security

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

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2019-10-10 10:09:49Z
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