Stock markets are heading towards weekly profits as investors latch along with signs that will ease trade tensions.
On Friday, the head of the US business group in China said the Chinese government is considering exempting some products from 125% retaliatory tariffs on US goods. China's US Chamber of Commerce Chairman Michael Hart said the Commerce Department has used Chinese companies as a canvas to identify US imports that are essential to the chain's supply chain and are vulnerable to China's new trade barriers. For some companies, he said, “their business model doesn't work in China and if the trade war continues for a long time, we'll see them leave.”
The S&P 500, which has remained almost flat as trade began Friday morning, has remained sharply low since President Trump took office, but has risen nearly 4% in the week.
The stock market has seen dramatic shaking these days, with Wall Street realising that it could move day by day scrapping information on charges, trade and other important issues. A sharp sale was seen on Monday, followed by a significant profit for the next three days.
Also on Friday, Beijing reiterated its lack of engagement in trade negotiations with Washington officials, opposed Trump's claim that talks between the US and China were ongoing. “The United States should not disrupt the public,” a foreign ministry spokesman said.
The Asian market was significantly higher, with Japan's Nikkei 225 up 1.8% and Taiwan's benchmark index increased by 2%. In Europe, stocks were gaining position.
This week, reports circulating in Chinese media and social media in China said Beijing has decided not to place retaliatory tariffs on semiconductor-related products in the US. The Chinese government has not issued such policies.
In the US, consumer business executives say concerns about the global economy are attenuating spending. On Thursday, PepsiCo cut its annual guidance outlook, citing the impact of reduced consumer spending and rising global tariffs. Procter & Gamble said it has made household staples like Tide Detergent, reducing its year-round outlook and factored the whiplash on tariff policy into a “suspension” of consumption.
Other locations in the market:
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Shares of Google's parent Alphabet rose about 3% in early trading on Friday. On Thursday, the tech giant reported a huge surge in quarterly profits. The Nasdaq Composite Index, which has a lot of technology, has become more expensive.
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Treasury yields fell by 3 basis points in 2010 to 4.27%.
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Oil futures wobbled below $66 a barrel, with Brent crude falling about 1%.
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Gold continued its slide to under $3,300 after temporarily hitting a record of $3,500 per ounce on Monday.
Claire Who and siyi Zhao Contributed research.
