US markets rallied, buoyed by fresh developments on the US-China trade - Dow up +157-points or +0.64% after climbing as much as +450-points earlier in the session. Home-improvement retailer Lowes Companies Inc rose +3.24% after the company announced a US$10B buyback and reiterated its profit outlook for fiscal 2018. The broader S&P500 gained +0.54%, with consumer discretionary (up +1.305%) leading eight of eleven primary sectors higher. The technology-centric NASDAQ outperformed with a +0.95% rise. US-listed shares of Tencent Music Entertainment Group jumped +7.7% on their first day of trading. The company priced its initial public offering at the low end of its price range and raised ~US$1.1B in the deal. The Wall Street Journal reported China is working to increase access to foreign companies, a move aimed at smoothing US.-China trade relations. This plan, the report says, would replace the country’s Made in China 2025 plan, a framework aimed at making China a leader in industries like clean-energy cars and robotics. Separately, President Trump told Reuters that he would he would intervene in the Justice Department’s case against a top executive at Chinese telecoms giant Huawei if it would help serve national security interests or help US-Sino trade talks. President Trump also Trump also said talks between Washington and Beijing were ongoing and confirmed he would not raise tariffs on Chinese imports until he was sure about a comprehensive trade agreement.
