NEWS: Media reports ignite hope for trade agreement between China and the US

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Asian stock markets jumped to a three-week high on Friday as U.S. stock index futures rebounded after reports that U.S. President Trump had asked his officials to draft terms for a possible trade agreement with China. Trump and Xi Jinping had a telephone conversation on Thursday.
The MSCI Mingsheng Asia-Pacific (excluding Japan) index expanded its early morning gains, rising 2.5% in the early afternoon to its highest level since October 10.
Japan's stock market Nikkei index.N225 rose 2.4%.
US stock index futures rose 0.7%.
China's stock market has soared and the renminbi has strengthened. The Shanghai-Shenzhen 300 index. CSI300 rose 3.0% and the GEM index rose 3.8%. On Thursday, Chinese President Xi Jinping pledged to provide more support to private enterprises, which also constituted support.
Bloomberg quoted four people familiar with the situation on Friday as saying that Trump hoped to reach a trade agreement with Xi Jinping at the Group of 20 (G20) summit in Argentina later this month and had asked key U.S. officials to start drafting possible terms of the agreement.


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