BEIJING:&nbsp;Chinese leader Xi Jinping and US President Donald Trump discussed bilateral cooperation and the issue of Taiwan in a phone call on Monday, Beijing&#39;s state news agency Xinhua reported.&nbsp;Xi told Trump the two countries should &quot;maintain momentum in ties&quot;, according to Xinhua, after a meeting last month in South Korea where the two leaders sought to ease a blistering trade war.&nbsp;Xinhua said Xi also &quot;stressed that Taiwan&#39;s return to China is an important part of the post-war international order&quot;.&nbsp;China claims democratic Taiwan as part of its territory and has threatened to use force to bring the self-ruled island under its control.&nbsp;Trump and Xi met in October for the first time since 2019, engaging in closely-watched talks as the world&#39;s top two economies have remained locked in a trade war.&nbsp;The tussle between Washington and Beijing, which encompasses everything from rare earths to soybeans and port fees, has rocked markets and gummed up supply chains for months.&nbsp;Xi told Trump on Monday that the &quot;successful&quot; meeting in South Korea &quot;helped calibrate the course and inject momentum into the steady forward movement of the giant ship of China&ndash;US relations&quot;, Xinhua reported.&nbsp;Since the meeting, China&ndash;US ties have &quot;remained stable and have continued to improve, which has been widely welcomed by both countries and the international community&quot;, Xi added.

China

Americas

Xi Jinping and Donald Trump spoke by phone about stabilising China–US ties, bilateral cooperation, and Taiwan. Xi stressed Taiwan’s “return to China” and said their recent South Korea meeting boosted momentum amid ongoing trade tensions.

Xi holds call with Trump: Chinese state media

HONG KONG: Asian stocks were subdued Thursday morning, with investors closely watching talks between the leaders of the United States and China for potential breakthroughs to defuse a damaging trade war. Presidents Donald Trump and Xi Jinping met for the first time since 2019 in Busan, South Korea, engaging in high stakes talks about the relationship between the world&#39;s top two economies.&nbsp;The meeting comes after days of a tech-fueled bull run in global markets, boosted further by an interest rate cut in the United States, confirmed Wednesday by Federal Reserve Chair Jerome Powell. But Powell&#39;s announcement also cast doubt on an additional cut in December, jolting US markets and lifting the value of the dollar. The Nasdaq later recovered, finishing at a fourth straight record after another gain by artificial intelligence giant Nvidia, which became the first company to reach a $5 trillion market value. A &quot;cautious reaction&quot; is expected in Asia, wrote Lorraine Tan, director of equity research for the region at Morningstar, in a note. &quot;The decline in US rates provides more flexibility to the Asian central banks to lower if they want to as there may be some pressure on the USD,&quot; she said. Main benchmarks were nearly flat during Thursday morning trading in Tokyo, Shanghai and Sydney. Hong Kong &mdash; back from Wednesday&#39;s public holiday &mdash; and Taipei tracked moderate gains. Stocks in Seoul surged by more than one percent, helped partly by tech giant Samsung Electronics posting a 32 percent rise in profits on-year for the third quarter and strong automotive gains. Attention is now laser-focused on talks between Trump and Xi, which began with a handshake and friendly greetings before closed-door discussions between the two sides&#39; delegations. Before the talks kicked off in earnest, Xi said the two countries &quot;should be partners and friends,&quot; while Trump said they would have a &quot;fantastic relationship for a long time.&quot; Markets have been boosted by comments this week by Trump expressing confidence that a sweeping deal can be struck with Beijing. Among the key issues that could be discussed are the supply of rare earth minerals &mdash; a strategic sector currently dominated by China &mdash; competition over artificial intelligence and computer chips and geopolitical hotspots, including Ukraine and Taiwan. Key figures at around 0230 GMT&nbsp;Tokyo - Nikkei 225:&nbsp;UP 0.1 percent at 51,368.71&nbsp;Hong Kong - Hang Seng Index:&nbsp;UP 0.5 percent at 26,475.53&nbsp;Shanghai - Composite:&nbsp;DOWN 0.2 percent at 4,009.86&nbsp;West Texas Intermediate:&nbsp;DOWN 0.6 percent at $60.09 per barrel&nbsp;Brent North Sea Crude:&nbsp;DOWN 0.6 percent at $64.53 per barrel&nbsp;Euro/dollar:&nbsp;UP at $1.1615 from $1.1595 on Wednesday&nbsp;Pound/dollar: UP&nbsp;at $1.3205 from $1.3187&nbsp;Dollar/yen: DOWN at 152.49 yen from 152.82 yen&nbsp;Euro/pound:&nbsp;UP at 87.96 from 87.94 pence&nbsp;New York - Dow:&nbsp;DOWN 0.2 percent at 47,632.00 (close)&nbsp;London - FTSE 100: UP 0.6 percent at 9,756.14 (close)

Business

The meeting comes after days of a tech-fueled bull run in global markets, boosted further by an interest rate cut in the United States.

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Xi holds call with Trump: Chinese state media

Asia stocks muted with all eyes on Trump-Xi meeting