United States to Review China's Trade Reform

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Chinese Vice Premier Liu He will visit the United States on January 30 and 31 for the latest round of trade talks aimed at resolving a bitter trade dispute between the world's two largest economies.

The offer, made during talks in Beijing earlier this month, was met with skepticism by USA negotiators who nonetheless asked the Chinese to do even better, demanding that the imbalance be cleared in the next two years, the people said. "Positive trade headlines could boost energy prices as supply remains a tug-o-war between rising (US) shale production and Opec agreed limits".

Technology and industrial companies made some of the top gains, while banks rose after around round of solid fourth-quarter earnings reports.

At Friday's close the Dow Jones rose 336.25 points, or 1.38 per cent, to 24,706.35. The U.S. stock market opens at 9:30 a.m. EST on Friday, Jan. 18.

Analysts have cut their fourth-quarter profit growth forecast for S&P 500 companies to 14.2 percent from 20.1 percent estimated on October 1, according to IBES data from Refinitiv.

Elsewhere on Friday, the United States dollar held firm against its rivals and was poised for its first weekly gain in five weeks, boosted by optimism about trade talks between China and the US.

The S&P 500 posted three new 52-week highs and no new lows; the Nasdaq Composite recorded 32 new highs and 22 new lows.

Analysts have lowered their fourth-quarter earnings forecast for S&P 500 companies to 14.2 percent from 20.1 percent estimated on October 1, according to IBES data from Refinitiv. The yen, viewed as a safe-haven asset, traded at 109.44 to the US dollar, weaker than levels near 108.00 earlier in the week.

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-China trade war agreed to on December 1 when Trump and Chinese President Xi Jinping met at the G20 summit in Argentina, there have been few details provided of any progress made. The two countries have raised taxes on billions of dollars of each other's goods in the spat over the trade deficit, Beijing's manufacturing plans, and USA complaints that China steals technology from foreign companies. Economists say the 90-day window is too short to resolve conflicts that have strained their relations for almost two decades. "China trade uncertainty", said Jingyi Pan of IG in a report.

Benchmark 10-year notes last fell 12/32 in price to yield 2.7878 percent, compared with 2.747 percent late on Thursday.

Brent crude was last up $1.49, or up 2.44 percent, at $62.67 a barrel.

USA stocks rose on Thursday as Wall Street awaited the latest quarterly results from online streaming giant Netflix while digesting a slew of economic data.

In other commodities trading, wholesale gasoline rose 1.6 percent to $1.45 a gallon and heating oil added 1.6 percent to $1.92 a gallon.

The dollar rose to 109.79 yen from 109.23 yen.

In Eastern Europe, the Polish zloty fell 0.2 percent against the euro after a batch of economic data proved to be below analysts' expectations for December.

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