Global stocks soared Thursday amid renewed optimism that the United States and China would resume talks on resolving the escalating trade war between the world’s two ­largest economies.

Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin agreed to the new negotiations during a phone call, China’s Commerce Ministry announced on its Web site.

Officials from both countries will hold talks later this month in preparation for the high-level meeting in October in Washington.

“Both sides agreed they should work together and take practical actions to create favorable conditions for the negotiations,” the statement said.

Ministry spokesman Gao Feng confirmed the phone call at his weekly briefing.

“We’ll strive to achieve substantial progress during the 13th ­Sino-US high-level negotiations in early October,” he said.

Click Here: NRL league Jerseys

Lighthizer’s office said in a statement that “ministerial-level” talks will be held in Washington “to lay the groundwork for meaningful progress.”

see also

US, China agree to new round of trade talks following escalating tariffs

China and the United States agreed on Thursday to begin…

The development comes after the US on Sunday began imposing 15 percent tariffs on $125 billion worth of Chinese goods, including shoes, clothing and consumer technology.

China, meanwhile, slapped tariffs on $75 billion worth of US products.

The US is expected to hit China with more tariffs on Dec. 15.

Thursday’s announcement sent the Dow up 372 points to close at 26,728, and eased fears that the world’s economy was facing a ­severe downturn.

The news built on Wednesday’s wave of optimism after the British Parliament blocked a no-deal ­Brexit from the European Union and Hong Kong scrapped the extradition bill that has sparked months of protests.

“Yesterday, we had two big geopolitical risks diminish: Hong Kong and Brexit,” said Oliver Pursche, chief market strategist at Bruderman Asset Management in New York.

“And today, we had trade, the biggest of them all, diminish. It’s clear that stock prices are very much correlated and influenced by the political winds surrounding trade,” Pursche added.

American private payrolls increased in August at their fastest pace in four months, according to ADP, blowing past analyst estimates ahead of Friday’s more comprehensive jobs report from the Labor Department.

A separate report showed the US services industry rebounded last month to its fastest expansion since February, bouncing back from a three-year low, according to the Institute for Supply Management’s nonmanufacturing purchasing managers index.

Eurozone and emerging markets stocks charged higher on the renewed trade hopes.

News of the impending trade talks sent US Treasury yields soaring on hopes that a long-elusive deal might remove an impediment to growth.

With Wires