Global stocks give up some gains after solid start to year

Oil prices rise amid OPEC-led output cut last week

ANALYST'S TAKE: "The sentiment pendulum has swung from USA recession fears to optimism for a dovish Fed and positive US-China trade talks".

Meanwhile, the United States and China wrapped up three days of mid-level trade talks on Wednesday, boosting the S&P 500 Index for a fourth day to the highest in nearly a month.

WALL STREET: Stocks rose for the fourth consecutive session after American and Chinese negotiators extended their talks to a third day.

Treasury Secretary Steven Mnuchin announced that Chinese Vice Premier Liu He will "most likely" visit Washington on January 30 and 31 to meet with his U.S. counterparts, including U.S. Trade Representative Robert Lighthizer, reports Reuters.

The U.S. stock market was supported by advances by technology and other trade-sensitive sectors.

Crude futures sank along with the ebbing energy sector in the 11 primary S&P 500 sectors, which led the laggards with around 0.58 percent fall. Hong Kong's Hang Seng rose 0.6 percent to 26,667.27. The Dow Jones Industrial Average added 0.5 percent to 24,001.92 and the Nasdaq composite was up 0.4 percent at 6,986.07.

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A range of Federal Reserve policymakers said last month they could be patient about future interest rate increases and a few did not support the central bank's rate increase that month, minutes from their December 18-19 policy meeting showed.

Tightened supply following OPEC-led crude production cuts aided earlier 1 percent increases for both oil benchmarks, but concerns about the global economy kept markets in check.

POWELL SPEECH: In a speech on Thursday, Federal Reserve Chairman Jerome Powell stressed that the central bank has the "ability to be patient" with its plans to gradually raise interest rates. In December, U.S. President Donald Trump and Chinese leader Xi Jinping agreed to a 90-day tariffs ceasefire, for negotiators to soothe tensions that have unsettled trade. "The return of risk appetite, in turn, has pressured the U.S dollar lower", DBS Group Research strategists Philip Wee and Eugene Leow said in a commentary. This was the slowest pace of growth in six months. U.S. West Texas Intermediate (WTI) crude futures were down 91 cents, or 1.7 percent, at $51.68 a barrel. It surged 5.2 percent to $52.36 per barrel on Wednesday. It climbed 4.6 percent to $61.44 a barrel in London.

CURRENCIES: The dollar eased to 108.38 yen from 108.43 yen late Thursday.

The West Texas Intermediate for February delivery fell 1 USA dollar to settle at 51.59 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery plunged 1.2 dollars to close at 60.48 dollars a barrel on the London ICE Futures Exchange. The Green Organic Dutchman Holdings increased 9.7 per cent, while Canopy Growth Corp. rose 1.93 per cent on the day and 33.8 per cent for the week.

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