Xi Jinping calls for self-reliance amid change unseen in 100 years


It is, however, still set for its highest yearly percentage gain since 2015. Instead of calming the markets, the unorthodox phone calls anxious investors, and the Dow dropped 653 points, or just under 3 percent.

But even with Monday's boost, the three indexes ended in the red.

Most Asian markets likewise lost ground in 2018. Most other markets were closed for the New Year holiday.

"It is not clear whether the U.S.is positioning China as a strategic competitor or a fair trade partner", the newspaper said.

Trading has been highly volatile in December, capping a year of turbulence for markets.

After a strong January, Wall Street was challenged for much of 2018 by tariff disputes, rising interest rates, and fears of diminishing corporate profits.

But Trump's escalating trade wars and tariff threats soon took over as the main focus of investor concern.

Canada found itself caught up in the U.S. -China trade dispute provided a glimmer of optimism for investors.

The market began to decline as a result of global economic slowdown and following Trump's unpredictable worldwide stances which has led to unease over a series of trade wars, particularly with China.

Experts say that despite the hard year for the market, people should not fear an impending financial crisis.

Wall Street suffered an especially profound wobble on Powell's first day, February 5, with the Dow plunging almost 1,600 points at one stage before ending a grim session down more than four percent.

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MSCI's emerging markets index rose 0.32 percent, while the MSCI world stock index gained 0.66 percent. The Dow notched its worst period since the first quarter of 2009, falling almost 12 percent. The yield started off the year at 2.41 per cent.

THAT HEALTHY FEELING: Health care stocks were among the biggest gainers.

Of the 11 major sectors in the S&P 500, nine were in positive territory.

"At the end of 90 days, these tariffs will be raised. if we don't get a satisfactory solution", U.S. Trade Representative Robert Lighthizer told CBS's Face The Nationabout the truce.

Advancing issues outnumbered declining ones on the NYSE by a 2.42-to-1 ratio; on Nasdaq, a 1.81-to-1 ratio favored advancers.

What's changed in recent weeks?

Brent crude, the benchmark for global prices, gained 1.1 per cent to $53.80 a barrel in London.

The US benchmark S&P 500 stock index advanced in light trading volume after US President Donald Trump said he held a "very good call" with China's President Xi Jinping on Saturday to discuss trade and said "big progress" was being made.

He also said a deal is moving along "very well", and he expects some progress to be made on a comprehensive level.

The leaders of both the United States and China want "stable progress" in ties, Xi said during the call, according to the state Xinhua news agency.

Chinese state media also said Xi and Trump spoke on Saturday and quoted Xi as saying that teams from both countries have been working to implement a consensus reached with Trump. The dollar index, which measures the greenback against a basket of six other currencies, was down 0.3 percent and on track to end December with a loss. The euro was flat at $1.1433. Brent crude, the benchmark for worldwide prices, rose 1.3 per cent to $53.90 a barrel in London.