SHANGHAI: Asian stocks jumped on Friday, propelled by a record S&P 500 finish and White House comments suggesting Washington and Beijing were close to striking a trade deal, reviving hopes the tariff war may near an end.
However, Oliver said weaker Chinese and U.S. economies, and the U.S. presidential election next year put pressure on both sides to come to an agreement. A Reuters poll of more than 100 economists showed that while concerns have eased over a U.S. recession, few see an economic rebound, and most believe a trade truce is unlikely in the coming year.
China has also ended a nearly five-year ban on imports of U.S. poultry meat, which the U.S. Trade Representative said would lead to more than US$1 billion in annual shipments to China. The company forecast second-quarter revenue and profit below expectations as increasingly global economic uncertainties kept clients away from spending more on its routers and switches, sending its shares down 7.3per cent.
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