Market commenced trading with firm footing after Mr. Ross's comments reignited hopes that an initial agreement is in the cards. The U.S. Commerce Secretary Wilbur Ross said on Sunday that U.S.-China trade deal expected to be signed between U.S. President Donald Trump and Chinese President Xi Jinping. Ross said the agreement could be reached by the two leaders in one of several locations, including Iowa, Alaska, Hawaii or somewhere in China.
The deal was originally anticipated to be inked at this month's Asia-Pacific Economic Cooperation summit in Chile, an event that has since been canceled due to protests in the country. Last month, the U.S. and China agreed to finalize the first phase of a trade agreement, which includes a pause in tariff escalation and China buying U.S. agriculture products.
Friday data showed that the U.S. economy created 128,000 new jobs in October, while the unemployment rate ticked higher to 3.6%, in line with market expectations.
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