Global stocks climb on trade talk, earnings news; sterling slips
By Caroline Valetkevitch NEW YORK (Reuters) - Global stock indexes were higher on Friday after upbeat news on the trade front and strong results from companies including Intel , while the British pound extended losses from the previous day amid fresh uncertainty around Britain's exit from the European Union. Trade talks were back in focus as the U.S. trade representative's office said U.S
By Caroline Valetkevitch
NEW YORK (Reuters) - Global stock indexes were higher on Friday after upbeat news on the trade front and strong results from companies including Intel
Trade talks were back in focus as the U.S. trade representative's office said U.S. and Chinese trade officials are "close to finalizing" some parts of an agreement after high-level telephone discussions on Friday.
Washington and Beijing are working to agree the text for a "Phase 1" trade agreement announced by U.S. President Donald Trump on Oct. 11. Trump has said he hopes to sign the deal with China's President Xi Jinping next month at a summit in Chile.
Intel, which posted strong results, helped to buoy the S&P 500 index in early trading, even as Amazon.com Inc
The majority of U.S. companies have beaten Wall Street expectations so far this earnings season despite concern about the trade war.
"We've had some misses ... mostly due to trade war concerns, but overall, it looks like we're headed for a fairly good earnings season," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
The S&P 500 briefly surpassed its closing record of 3,025.86 from July 26 and came close to overtaking its all-time intraday high.
The Dow Jones Industrial Average <.DJI> rose 165.61 points, or 0.62%, to 26,971.14, the S&P 500 <.SPX> gained 12.9 points, or 0.43%, to 3,023.19 and the Nasdaq Composite <.IXIC> added 53.51 points, or 0.65%, to 8,239.31.
The pan-European STOXX 600 index <.STOXX> rose 0.16% and MSCI's gauge of stocks across the globe <.MIWD00000PUS> gained 0.26%.
The world's largest beer maker by Anheuser-Busch InBev
Reuters reported a source close to French President Emmanuel Macron said an extension to the negotiations for Britain's departure from the European Union was not justified at this stage.
In the U.S. bond market, yields were generally rangebound.
Benchmark 10-year notes
A Reuters poll of economists showed that most think a steeper decline in global growth is more likely than a synchronised recovery, despite central bank easing.
Markets are pricing in a 90% chance of a rate cut at next week's Federal Reserve meeting.
On the energy front, oil prices climbed, with support from falling U.S. crude stocks.
For a graphic on Gold and 2 year yields:
For a graphic on Global currencies vs. dollar:
(Additional reporting by Arjun Panchadar in Bengaluru and Karin Strohecker in London; Editing by Alistair Bell and Daniel Wallis)
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By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.