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Phase One US Trade Deal ‘Very Close’

China’s official Communist Party newspaper, the Global Times, says that Beijing is now very close to a phase-one trade deal with the US.

The paper discounted negative media reports, saying China remains committed to continuing talks for a phase-two and even a phase-three deal with the US.

The report fuelled optimism on Wall Street, with Apple and semiconductor stocks powering the S&P500 and Nasdaq to record highs. Trade-sensitive Intel and Applied Materials both pushed the semiconductor index up 2.1 percent.

Trade deal hopes and robust Q3 corporate earnings have helped Wall Street’s main indexes hit record highs this month. Monday’s report saw the tech-heavy Nasdaq lift another one percent while Apple rose 1.3 percent.

Overall the Nasdaq Composite was up 98.30 points at 8618.19.

EBay gained 1.3 percent after the e-commerce giant said it would sell ticketing unit StubHub to ticket reseller Viagogo for US$4.05 billion in cash. The deal is expected to close by the end of Q1 2020.

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