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Meanwhile, the USA and China wrapped up three days of mid-level trade talks on Wednesday, boosting the S&P 500 Index for a fourth day to the highest in nearly a month.

U.S. President Donald Trump, U.S. Secretary of State Mike Pompeo, U.S. President Donald Trump's national security adviser John Bolton and Chinese President Xi Jinping attend a working dinner after the G20 leaders summit in Buenos Aires, Argentina December 1, 2018. The delegations were led by deputy US Trade Representative Jeffrey Gerrish on the US side and vice commerce minister Wang Shouwen on the Chinese side.

US negotiators said China's delegation pledged to buy more energy and agricultural products and manufactured goods.

Ministry spokesman Lu Kang said Monday that Chinese military aircraft and naval vessels were dispatched to identify the US vessel and warn it to leave the area near disputed islands in the South China Sea. But aside from some soybean purchases, there has been little sign of big-ticket acquisitions. Lu said an official statement would come later.

At stake are scheduled US tariff increase on $200 billion in Chinese imports. U.S. officials are expected to host China's top trade negotiator, Vice Premier Liu He, in Washington later this month, a source told CNN on Monday.

U.S. Treasury yields climbed to the highest this year, helped by improved risk appetite, but retreated following dovish commentary from Fed speakers and a strong 10-year note auction. -Chinese relations for years.

The U.S. China Business Council, a group representing American companies doing business in China, applauded the "substantive discussions" over the past three days, but urged the two governments to make tangible progress on achieving equal treatment of foreign companies in China and changes to policies aimed at technology transfer.

Consulates in Australia evacuated over suspicious packages
An AFP spokesperson said that as the matter is subject to further inquiries, they would not be providing further information. Victoria Police said they are aware of the suspicious packages, but do not believe the public should be concerned.


Amid high hopes that world's two large economies will reach an agreement in the trade talks, stocks in Europe saw large gains on Wednesday.

Companies in both countries are feeling the pain from the effects of the trade dispute. Trump has given U.S. Trade Representative Lighthizer until March 1 to negotiate an accord with the Chinese on "structural changes" to Beijing's state-driven economic model. Officials discussed the need for any deal to include "ongoing verification and effective enforcement".

America is seeking assurances that China will buy more products from the U.S.in order to reduce the trade deficit, and it wants a fairer playing field for US companies that do business inside China, NPR has reported.

Economists say the 90-day window is too short to resolve all the conflicts between the biggest and second-biggest global economies. If no deal were reached and USA tariffs were raised as threatened on March 2, Chinese growth would be hard hit.

That added to advances since last week in equity markets around the world, following a strong US employment report and comments from the Federal Reserve chief that calmed worries USA interest rate hikes would hurt growth. And Jaguar Land Rover said it will cut 4,500 jobs as the carmaker addresses slowing demand in China and growing uncertainty about the U.K.'s departure from the European Union. Apple Inc rattled global markets last week when it cut its sales outlook, blaming weak demand in China, while Chinese exporters reported a thinning pipeline of orders from the United States. At the heart of USA concerns is the "Made in China 2025" industrial policy, a strategy Beijing hopes will allow it to supersede USA technology supremacy, which it has since played down without indicating it will fully abandon the plan.

A Chinese Foreign Ministry spokesperson rejected suggestions that Kim's visit was intended as a bargaining chip during the trade talks.

The US team also pressed China on its efforts to protect intellectual property theft and forced technology transfers - two central complaints underpinning the trade war.


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