China announcement of trade talks come as a relief to world markets

China announcement of trade talks come as a relief to world markets

It had climbed to 96.984, its highest since late June 2017 on Wednesday during a week in which a plunge by the Turkish lira and concerns over China's economic health hit emerging market currencies, driving up demand for the safe-haven greenback. The TSX rose just shy of 100 points for the day.

USA stocks extended gains on Friday and risk sentiment improved following a Wall Street Journal report on potential progress in easing trade tensions between the United States and China.

In mid-morning trade, the Dow Jones Industrial Average rose 19.62 points, or 0.08 percent, to 25,578.35, the S&P 500 lost 2.28 points, or 0.08 percent, to 2,838.41 and the Nasdaq Composite dropped 42.53 points, or 0.54 percent, to 7,763.99.

MSCI's index of world stocks .MIWD00000PUS rose 0.6 percent.

US stocks climbed in afternoon trading after a Mexican economic official told reporters that trade talks between the United States and Mexico were "advancing well".

U.S. President Donald Trump has been using the dispute with Turkey about a detained pastor to garner votes ahead of congressional elections in November.

The dollar index.DXY, which measures the greenback against a basket of six other currencies, was down 0.56 percent at 96.107, on pace for its worst daily decline in almost a month. US crude CLc1 rose 0.72 percent to $65.48 per barrel and Brent LCOc1 was last at $71.33, up 0.81 percent on the day.

The lira has weakened 35 percent against the dollar this year as the deterioration in ties between the North Atlantic Treaty Organisation allies fueled losses driven by concerns over President Tayyip Erdogan's influence over monetary policy.

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The embattled currency, which has fallen by 40% this year amid a lack of interest rate hikes to control inflation, fell to around 5.86 to the dollar - continuing its recovery from a record low of 7.23 on Sunday.

Ankara has launched a diplomatic offensive against the sanctions imposed by the United States over the continued detention of American pastor Andrew Brunson.

The impact of the new tariffs on imported goods has prompted widespread selling in other emerging markets, sparking fears of a global crisis. Emerging market stocks .MSCIEF dipped 0.2 percent a day after falling more than 20 percent from their January intraday high.

Elsewhere, the dollar dipped against a basket of currencies, moving further away from its highest levels since June 2017, hit earlier in the week as investors bought the USA currency in a flight to safety.

US crude rose 0.58 percent to $65.84 per barrel and Brent was last at $71.73, up 0.42 percent on the day.

The most heavily traded shares by volume were Aurora Cannabis Inc, Canopy Growth Corp and Bombardier Inc.

West Texas Intermediate crude futures rose 0.6 percent, or $0.39, to $65.85 a barrel.

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