USA open to 'short term' China trade deal: Kudlow

USA open to 'short term' China trade deal: Kudlow

-China trade deal talks resume this week in Washington. He told reporters that deputy level talks are underway ahead of principal level talks at the end of the week.

In Asian trading, Japan's benchmark Nikkei 225 shed 0.2% to finish at 21,375.25 while Australia's S&P/ASX 200 rose 0.7% to 6,563.60. There is no onshore trading as Monday is the last day of China's holiday break.

The Japanese yen, often seen as a safe-haven currency in times of market turmoil, traded at 106.87 per US dollar after strengthening from levels above 108 in the previous trading week.

The report was called "solid" because it showed that underlying economic momentum in the US remains strong. Non-farm payrolls also grew in September, but slightly less than expected. The U.S. unemployment rate fell to 3.5% in September to reach the lowest since December 1969.

Investors will soon turn their focus to third-quarter earnings, which begin next week with USA banks reporting, and many hope to see more clarity on the impact of the trade war on corporate America.

The market is coming off a three-week skid following a mixed batch of economic data that stoked investors' worries that a slowdown in USA economic growth could worsen.

But that did little to change market expectations that the Fed will cut likely interest rates at its next policy review on Oct 29-30 to support the economy.

As the USA dollar has lost momentum, the euro stood at US$1.0982, up 0.02 per cent in Asia, recovering little by little after having hit a near 2 1/2-year low of US$1.0879 last Tuesday. But what we're doing is we're negotiating a very tough deal.

Trump also publicly asked China last week to investigate the Bidens.

The talks will focus on key areas where the Americans have made far reaching demands since past year: intellectual property rights, the forced transfer of proprietary technologies, agriculture and enforcement, the statement said.

Bloomberg reported that Chinese officials are signalling they are increasingly reluctant to agree to a broad trade deal pursued by US President Donald Trump.

Vice Premier Liu He, who will lead the Chinese contingent in high-level talks that begin Thursday, told visiting dignitaries he would bring an offer to Washington that won't include commitments on reforming Chinese industrial policy or government subsidies, which were the target of longstanding U.S. complaints and one of Trump's core demands, one of the sources said. Trump has explicitly linked the trade talks to Beijing's handling of the Hong Kong protests and preservation of the territory's rights.

All this story does is highlight how hard reaching a trade deal will be.

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