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Stocks gain on trade deal hopes, set for worst week since December

Credit: Reuters Studio
Published 2 weeks ago - Duration: 01:44s

Stocks gain on trade deal hopes, set for worst week since December

Global shares strengthened on Friday as investors hoped that United States and China would still be able to resolve their trade dispute, even as a planned U.S. tariff hike on Chinese imports took effect.

David Pollard reports.

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Stocks gain on trade deal hopes, set for worst week since December

As US tariffs on China went up, so - to the surprise of many - did some global stock markets.

Chinese shares first slipped on the news - but then later recovered strongly.

Europe opened with a positive rebound - led by a one per cent gain on the Dax.

Though the regional index remains on track for its worst weekly decline this year.

(SOUNDBITE) (German) HEAD OF SPECIALIST FLOOR TRADING AT ODDO SEYDLER, OLIVER ROTH, SAYING: "As long as there is no trade deal and Donald Trump does not calm down, markets will move in all sorts of directions ....This is uniquely about the sensitivities of one man, which is both scary and a reality." Local news gave sentiment a lift.

Air France rose on better passenger numbers - BA-owner IAG jumped after reiterating its profit guidance.

And German liftmaker Thyssenkrupp made headlines with reports it may list its elevators business - its shares topped the leaders' board in early trade with a near 10 per cent gain.

But underlying the Friday flourish was fear .... That US/China trade relations may unravel further - and drag down the global economy.

Even as China expressed itself willing to meet the US half way.

(SOUNDBITE) (Mandarin) CHINESE FOREIGN MINISTRY SPOKESMAN, GENG SHUANG, SAYING: "Developing a healthy, stable relationship is in the interests of both countries, and is the general expectation of the international community." In Washington, negotiators are continuing efforts to rescue a trade deal.

If they fail, China has vowed to retaliate against the US tariff hike.

Levies have been more than doubled to 25 percent on 200 billion dollars' worth of Chinese goods.

Donald Trump says he is to now "start the paperwork" for similar tariffs on a further 325 billion dollars' worth.

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