World Stocks Gain On Progress In Trade Negotiations

Hong Kong: Shares advanced Friday in Europe after a mixed day in Asia as investors pinned their hopes on weekend trade talks between China and the US.

Germany’s DAX gained 0.6 per cent to 23,483.39, while the CAC 40 in Paris was up 0.5 per cent at 7,735.29. Britain’s FTSE 100 added 0.4 per cent to 8,563.65. The future for the S&P 500 was nearly unchanged while that for the Dow Jones Industrial Average slipped 0.1 per cent.

China reported that its exports rose at a faster-than-expected 8.1 per cent annual pace in April, down from 12.4 per cent the month before. Exports to the United States dropped more than 20 per cent, however, as President Donald Trump’s steep tariff increases took effect.

Hong Kong’s Hang Seng gained 0.3 per cent to 22,844.33, while the Shanghai Composite Index lost 0.3 per cent to 3,342.00. Top US and Chinese trade officials are due to meet Saturday in Geneva, Switzerland. Asked on Thursday whether he would consider lowering tariffs on Chinese imports if this weekend’s talks go well, Trump said, “It could be. We’re going to see. Right now, you can’t get any higher. It’s at 145 per cent. So we know it’s coming down.” He also said he expects the talks in Switzerland to be “substantive”. Tokyo’s Nikkei 225 jumped 1.6 per cent to 37,503.33, while the Kospi in Seoul dipped 0.1 per cent to 2,577.27.