Shares rebounded in Europe and Asia on Friday as worries over U.S.-China trade friction were calmed by conciliatory comments from Beijing. Attention was turning toward upcoming U.S. jobs data.
KEEPING SCORE: In Europe, stock markets made up around half of Thursday’s losses in morning trading. Germany’s DAX climbed 0.5 percent to 10,867 while the CAC 40 in France advanced 1.3 percent to 4,841. Britain’s FTSE 100 jumped 1.3 percent to 6,790. U.S. stocks were poised for retreat after recovering from lows on Thursday — Dow futures and the broader S&P 500 futures were both 0.5 percent lower.
THE DAY IN ASIA: Japan’s benchmark Nikkei 225 added 0.8 percent to 21,678.68, and Australia’s S&P/ASX 200 gained 0.4 percent to 5,681.50. South Korea’s Kospi rose 0.3 percent to 2,075.76. Hong Kong’s Hang Seng gave up 0.3 percent to 26,063.76, while the Shanghai Composite was flat at 2,605.89. Shares rose in India, Taiwan and Southeast Asia.
ANALYST TAKE: “European and Asian markets have taken heart from a robust rebound last night in the U.S. that saw the Dow Jones claw back a whopping 700 points from the lows,” said Chris Beauchamp, chief market analyst at IG.
TRADE WATCH: Despite skepticism over the trade truce Presidents Donald Trump and Xi Jinping reached last weekend in Buenos Aires, Argentina, Beijing has signaled it intends to go ahead with talks meant to resolve the dispute. The arrest of Meng Wanzhou, chief financial officer of telecoms network supplier Huawei Technologies, has driven home why it will be so hard for the Trump administration to repair its deepening conflict with China. The U.S. Commerce Department reported Thursday that the gap between what the U.S. sells and what it buys from foreign countries hit $55.5 billion in October while the touchy deficit with China rose 7.1 percent from a