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Stocks turning back up...US and China talking...US trade surplus grows

October 12, 2018

SINGAPORE (AP) — Global indexes began a turnaround Friday on hopes that President Donald Trump and his Chinese counterpart Xi Jinping may meet at the Group of 20 countries summit in Argentina next month. Futures point to an optimistic opening on Wall Street after two days of losses. Benchmark U.S. crude oil rose above $71.5o a barrel. The dollar strengthened against the yen and fell against the euro.

BEIJING (AP) — China said Friday it is in contact with the United States amid reports of a planned meeting between President Xi Jinping and President Donald Trump next month following a dive in the U.S. stock market blamed partly on a growing trade war between the world’s two largest economies. Foreign ministry spokesman Lu Kang offered no specifics. The reported meeting would take place during the G-20 summit in Argentina in late November.

BEIJING (AP) — China’s trade surplus with the United States widened to a record $34.1 billion in September as exports to the American market rose by 13 percent over a year earlier despite a worsening tariff war. Exports to the United States rose to $46.7 billion, down from August’s 13.4 percent growth, customs data showed Friday. Imports of American goods increased 9 percent to $12.6 billion, down from 11.1 percent. Chinese exports to the United States have at least temporarily defied forecasts they would weaken after being hit by punitive tariffs of up to 25 percent.

NUSA DUA, Indonesia (AP) — Indonesian President Joko “Jokowi” Widodo added to a chorus of criticism Friday over trade friction between the U.S. and China, telling financial leaders gathered in Bali, Indonesia, that victory in a trade war would be pointless in a “sinking world.” Widodo’s comments at the annual meeting of the International Monetary Fund and World Bank came as share markets rebounded after The Wall Street Journal and Washington Post reported that U.S. President Donald Trump and Chinese President Xi Jinping may meet at the Group of 20 summit in Buenos Aires, Argentina, late next month.

MILAN (AP) — Italian Deputy Premier Luigi Di Maio says that the struggling Alitalia airline will be relaunched with the state railway company as a strategic partner. Di Maio told a business daily in an interview published Friday that the government intends to create a new company with a 15 percent stake controlled by the Economy Ministry. He said the state-owned national railway, Ferrovie dello Stato, would be a technical partner. The government is awaiting an Oct. 31 deadline for binding offers to take over Alitalia’s assets.

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