China trade talks extended as both sides tout progress

Oil Extends Longest Rally in 1.5 Years

USA and Chinese envoys extended trade talks into a third day Wednesday after President Donald Trump said negotiations aimed at ending a tariff war were "going very well!".

Asian stocks markets jumped after the talks were extended for an unscheduled third day, fuelling optimism that the world's largest economies can strike a trade deal to avoid an all-out confrontation that would severely disrupt the global economy.

He and Chinese President Xi Jinping agreed December 1 to postpone more tariff hikes on each other's goods for 90 days while they negotiate.

Crude oil prices were up around 1 percent at the start of trading Wednesday through OPEC curbing oil production and with the ongoing trade talks between the US and China generating investor optimism.

After the first day of talks wrapped up, Chinese importers made their third large purchase of US soybeans in the past month, Chicago-based traders said.

The talks went ahead despite tensions over the arrest of a Chinese tech executive in Canada on US charges she misled multinational banks about her company's business dealings in Iran.

Car sales in China fell 6 percent to 22.7 million units a year ago, the first annual slump in at least two decades, the China Passenger Car Association said Wednesday.

The U.S. team is led by Deputy U.S. Trade Representative Jeffrey Gerrish, and includes under secretaries from the U.S. Departments of Agriculture, Commerce, Energy and Treasury, as well as senior officials from the White House.

"The U.S. feels uncomfortable with China's rapid development, and can't adapt to its own declining influence", wrote Chen Yonglong in the state-run China Daily".

Chinese Foreign Ministry spokesman Lu Kang said the conduct of the USA ship had violated China's and global law, and China had lodged "stern representations".

The Trump administration is even considering keeping current tariffs on Chinese goods in place until its government fulfills its trade pledges - such a move would force China to meet its side of the deal.

"The positive news around the trade talks is giving a boost to risk assets - it's what the global economy needs to see", said Chris Scicluna, head of economic research at Daiwa Capital Markets in London. Trump argued for funding on security and humanitarian grounds as he sought to put pressure on newly empowered Democrats. The bearish pressure on United States greenback eased further in European market hours today on increased investor expectations for positive outcome in Sino-U.S trade talks.

For its part, Beijing is unhappy with USA export and investment curbs, suggesting it might demand concessions.

The temporary trade-war ceasefire came after the two sides imposed import duties on more than $300 billion of each other's goods.

For their part, Chinese officials are unhappy with US curbs on exports of "dual use" technology with possible military applications.

The talks are occurring as Chinese growth - 6.5 percent in the July-to-September period - fell to its lowest point in a decade. They say China's companies are treated unfairly in national security reviews of proposed corporate acquisitions, though nearly all deals are approved unchanged.

The US economy grew at an annual rate of 3.4 percent in the third quarter but surveys show consumer confidence weakening.

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