Tech stocks rally rolls on as US-China talks underway

Markets have also been hoping the summit boosts the odds of a US-Iran peace deal that would reopen the Strait of Hormuz.

Trump told Fox News that Xi had offered China’s help to open the Hormuz Strait – the key oil route largely blocked since the US-Iran war erupted – and that Xi had also pledged not to send military equipment to aid Iran.

Oil prices were choppy on Thursday, ending narrowly higher.

“From our vantage point, it looks like it’s been mostly more of a glad-handing type of engagement, a lot of flattery, not a lot of substance really to change things,” O’Hare said.

European equities finished the day higher, with London advancing 0.5 per cent after data showed the UK economy had a solid start to the year, though the Middle East war and political turmoil threatened to cloud the outlook.

The British pound fell against both the dollar and the euro as pressure builds on British Prime Minister Keir Starmer.

Britain’s health minister Wes Streeting resigned while Greater Manchester mayor Andy Burnham unveiled a bid to return to parliament, as political maneuvering increased to oust Starmer.

Frankfurt won more than one per cent and Paris gained 0.9 per cent, lifted by tech stocks.

Across Asia, Shanghai and Tokyo slid while Hong Kong was flat.