European shares started the week on the front foot, against spreadbetters' early expectations for a fall, as signs of an easing in U.S.-China trade war tensions boosted mining and technology stocks.
Miners drove the lion's share of gains in Europe, with the basic resources sector up 1.2 percent and construction & materials up 1 percent.
London copper edged up after U.S. President Donald Trump said he may not impose more tariffs on Chinese goods, but gains were capped amid tensions between the two major economies at a regional AEPC summit.
The pan-European STOXX 600 was up 0.6 percent by 0830 GMT, after three straight down days, with miners and healthcare stocks the top gainers while the tech sector also benefited from trade war easing.
With the earnings season petering out, management issues, broker notes and M&A were the main drivers of the market.
Novo Nordisk shares climbed 4.6 percent, among top STOXX gainers, after JP Morgan upgraded the pharmaceuticals company to "overweight".
Renault shares fell 3.9 percent, the biggest STOXX 600 fallers, as Japan's Asahi newspaper reported Nissan chairman Carlos Ghosn is to be arrested for alleged financial trading violations.
Telecom Italia shares climbed 2.9 percent after Italy's biggest telecoms company appointed Luigi Gubitosi as its new CEO.
Salvatore Ferragamo shares fell 3.7 percent, bottom of Italy's FTSE MIB index, after Bank of America Merrill Lynch analysts cut the luxury stock to "underperform" after a four-day luxury goods field trip to China.
Swatch shares also lost 2.7 percent after BAML slashed its price target on the stock by 27 percent, saying watch retailers they met confirmed a significant slowdown in recent months.
Chipmaker stocks AMS, STMicro and Siltronic , which are highly sensitive to trade war news, were among top gainers, up 2.9 to 4.7 percent.
The gains were helping the sector claw back some of the ground lost last week after a series of profit warnings ahead of the crucial holiday season.
Australia's minister says translation glitches delay trade deal with Indonesia
Australia's trade minister said translation issues were behind the delay of a billion-dollar free trade agreement with Indonesia, downplaying a friction between the countries over Australia's possible Jerusalem embassy."There were some translation issues still being dealt with last week," Simon Birmingham told Australia's ABC TV."We will get all of those finalised and then when it suits both countries, we'll get on and get it signed," he said, adding that he hopes the accord will be signed in "the coming months".The deal, which is intended to boost trade in areas ranging from crafts to cattle, was concluded in August and has been expected to be signed by the end of the year.But Indonesia has said that Australia's recent proposal that it might move its Israeli embassy to Jerusalem might upset plans for the accord.Indonesia is the world's biggest Muslim-majority country, where tens of thousands protested against U.S. President Donald Trump's decision in May to move the U.S. embassy to Jerusalem.Prime Minister Scott Morrison floated the idea of moving the Australian embassy and recognising Jerusalem as Israel's capital in October, sparking a war of words also with Malaysia, where about 60 percent of the population is Muslim.Morrison's announcement came just before a key by-election in a seat which happened to have a large Jewish community, but the seat was lost anyway, leaving Morrison's government ruling with the cooperation of independent lawmakers.Birmingham said Australia does not "conflate" the issue of the embassy and the economic partnership accord."We understand the concerns that Indonesia has in relation to the embassy issue as a quite separate matter and of course Australia will make our foreign policy decision based purely on Australia's national interests," Birmingham said.He added that Australia will make its decision on the embassy location taking into consideration "all of the implications", including security and economic."We won't be bullied into a decision by any other nation."The decision on the location of Australia's embassy in Israel is expected by Christmas. ($1 = 1.3633 Australian dollars)Australian PM urges global leaders to reject protectionism, embrace free tradeActor Rebel Wilson loses appeal on Australian defamation caseAustralia, Malaysia at loggerheads over possible Jerusalem embassy
PNG PM says to release formal APEC statement at later date
Papua New Guinea will release a formal closing statement for the regional APEC forum in coming days, Prime Minister Peter O'Neill said on Sunday, as the 21-member body was unable to agree on a leaders' statement for the first time in its history.In his closing comments to the forum, O'Neill also said the group was trying to ensure "free and open" trade by 2020.Conflicting visions for the region has made it difficult to draft a summit communique, PNG Foreign Minister Rimbink Pato told Reuters earlier, as the United States and China revealed competing ambitions for the region.China's Xi says world growth overshadowed by protectionismAustralian PM urges global leaders to reject protectionism, embrace free tradeUS-China divisions dominate APEC summit
As China-US friction rises, their armies hold joint disaster drills
Soldiers from China and the United States wrapped up a week of joint disaster relief drills on Saturday, in a display of cooperation against a backdrop of worsening ties between the two countries over trade, the disputed South China Sea and self-ruled Taiwan.Relations between the world's two largest economies have plumbed new depths under U.S. President Donald Trump, who is due to meet Chinese President Xi Jinping at the G20 summit in Argentina starting late this month.The exercise, held in the eastern Chinese city of Nanjing, comes a week after Chinese Defence Minister Wei Fenghe and top diplomat Yang Jiechi visited Washington, where U.S. officials urged China to halt militarisation of the South China Sea.But there was no sign of those strains as Chinese and U.S. soldiers simulated plucking people from earthquake-destroyed buildings and treating survivors' injuries at a People's Liberation Army (PLA) base on the outskirts of Nanjing.Troops practiced search and rescue in a small mock-up of a devastated urban area post-earthquake, using sniffer dogs and other gear to search for people buried in the fake rubble."Only through more contacts, more exchanges and cooperation in areas of common interest can we effectively increase mutual trust and effectively reduce misjudgments," Qin Weijiang, deputy commander of the PLA's eastern theatre command, told reporters."So I think bilateral exchanges can start from humanitarian and disaster relief exchanges and expand to other areas of common interest."Robert Brown, Commanding General of the U.S. Army Pacific, said the exchange was "extremely important"."Just as our top leaders work towards building a strong working relationship and understanding, we through confidence-building measures like this DME must also at our level build a strong understanding of each other," he added, referring to Disaster Management Exchange.This is the 14th time the joint exchange has been held, which last year took place in the United States.China's defence ministry has said it hopes the military relationship can become a "stabiliser" for overall ties with the United States.All the same, Washington and Beijing swapped barbs over trade, investment and regional security at an Asia Pacific Economic Co-operation (APEC) summit on Saturday in Papua New Guinea.Regular drills and exchanges are helpful to bilateral relations, particularly at a time of increased friction, but they are not going to fundamentally change the direction that ties are headed, said Michael Chase, a specialist in China and Asia-Pacific security at the RAND Corp."These exchanges remain important in that respect even if they aren't going to solve broader problems in the relationship."Pence says South China Sea doesn't belong to any one nationTrump's summit no-show draws Asian nations closer togetherTurkish businessman's kindness wins hearts in ChinaChina commerce ministry says US, China have resumed high-level trade talksChina sends written response to US trade reform demands
US prosecutors talking with accused Russian agent to resolve case
U.S. prosecutors and lawyers for accused Russian agent Maria Butina are engaging in negotiations, both sides said in a court filing on Friday, raising the possibility the case could be resolved with a plea deal.Butina, a former graduate student at American University in Washington who has publicly advocated for gun rights, was charged in July with acting as an agent of the Russian government and conspiracy to take actions on behalf of Russia.She is accused of working with a Russian official and two U.S. citizens to try to infiltrate the National Rifle Association, a powerful lobby group that has close ties to Republican politicians including President Donald Trump, and influence American foreign policy toward Russia.Currently jailed awaiting trial, Butina has pleaded not guilty. She could face years in prison if convicted.The parties "continue to engage ... in negotiations regarding a potential resolution of this matter," prosecutors and Butina's lawyers wrote in a joint filing on Friday, without elaborating on what resolution might materialize.U.S. District Judge Tanya Chutkan later granted a joint request for a delay in a status hearing in the case that had been set for Dec. 6, scheduling a new hearing for Dec. 19.After the delay was granted, defense lawyers withdrew motions they had filed on Thursday to dismiss the case.Such talks sometimes lead to a deal in which a defendant pleads guilty to lesser charges to resolve a case.Robert Driscoll, an attorney for Butina and who is under a media gag order imposed by the judge in the case, declined to comment when asked whether his client may plead guilty in order to resolve the case.The prosecution has made serious missteps in the case, including erroneously accusing Butina of offering sex in exchange for a position in a special interest group. They later backed off the claim and earned scorn from the judge, who said the incorrect allegations were "notorious" and had damaged Butina's reputation.Butina's lawyers have previously identified the Russian official with whom she was accused of working as Alexander Torshin, a deputy governor of Russia's central bank who was hit with U.S. Treasury Department sanctions in April.They identified one of the two Americans mentioned in the criminal complaint as being Paul Erickson, a conservative U.S. political activist who was dating Butina. Neither Erickson nor Torshin have been accused by prosecutors of wrongdoing.Questions relating to Russia have cast a shadow over Trump's presidency. Moscow has labeled the case against Butina "fabricated" and called for her release.Prosecutors have called Butina a flight risk and said she had been in contact with Russian intelligence operatives and kept contact information for several Russian agents.US judge orders White House to restore press pass to CNN's AcostaUS vice president vows no end to trade action with China until it changesCalifornia searches for 1,000 missing in its deadliest fireTrump's attorney general appointment challenged at Supreme Court
Mexico's Lopez Obrador to hold new public consultation on policy platform
Mexico's incoming government will hold a national public consultation on Nov. 24-25 for residents to voice their opinion on 10 key policy proposals ranging from a new rail line and oil refinery to reforestation and free public internet initiatives.The new consultation comes on the heels of another informal referendum that called for canceling the construction of a partially-built $13 billion new airport for Mexico City.President-elect Andres Manuel Lopez Obrador used the results of that consultation to say his administration, which takes office on Dec. 1, would halt the airport project. That decision left investors fretting over how he would manage the economy, with the peso currency and stock market reeling.It was unclear whether the results of the new consultation would be binding.The incoming administration will set up 1,102 polling stations across the nation where residents will be asked to fill out a form and answer "yes" or "no" on the 10 policy points.They include whether to guarantee access to healthcare to residents that currently lack those services, offer training and scholarships to 2.6 million youth, and double pensions for citizens over 68 years old.Residents will vote on the construction of the so-called "Mayan Train", a rail line that will run 1,500 kilometers and connect five southern Mexican states.Another point on the consultation is the construction of a $2.5 billion refinery in Tabasco state, which the incoming government has said will boost gasoline production and help cut growing fuel imports. Commander says US military does not view Central American migrants as 'enemies'CIA sought to use 'truth serum' on detainees: reportPrice tag for US 'war on terror' pegged at $5.9TUS troop levels at Mexico border likely at peak: commanderTrudeau says Canada to work with China on eventual free trade deal