Finally, here’s our economics editor Larry Elliott on Donald Trump’s renewed fanning of the trade war with China.

Goodnight. GW

Trump’s trade comments have pushed the markets down a little in Europe and in New York.

Britain’s FTSE 100 is down 0.5%, while German’s DAX (packed with exporters who are vulnerable to trade tensions) has lost 0.4%. On Wall Street, the Dow is around 50 points off last night’s closing high.

Connor Campbell of City firm SpreadEx says:

Friday’s mixed trade deal signals continued, unsurprisingly, once Trump got involved.

The President said he has not agreed to roll back tariffs, as China claimed on Thursday, going on to claim that Beijing wants the deal ‘much more’ than he does. He also stated that the agreement would be signed in the USA, a detail that no doubt won’t go down well with Xi Jinping and co.

Though this didn’t spark mass panic, it did ensure that the markets remained in the red as the session went on. At the end of a week that has seen it repeatedly strike fresh all-time highs, the Dow Jones trickled 0.2% lower, returning to 27600 in doing so.

Donald Trump also suggested he and Xi Jinping could sign the Phase One trade deal in a ‘farm county’ such Iowa.

That makes some sense - the deal will include China committing to buy more US agricultural products.

But the optics may not appeal to Beijing - it could look like they’ve caved in to the US. The original plan was for a signing ceremony at the APEC summit in Chile, before it was cancelled.

Bloomberg is playing a video clip of president’s Trump’s comments.

He insists that he hasn’t agreed to cut any levies on Chinese imports, but that China “very much” wants the US to roll back tariffs. The two sides are ‘getting on very well’, he says.

Trump also claims that the current tariffs are bringing in billions of dollars from China; in truth, they’re paid by US companies when they import goods, and are then passed onto consumers (or eat into profits).

Investor and economists across the world are watching Trump’s comments closely - here’s some snap reaction:

Alexandra von Nahmen of Deutsche Welle has more details of Trump’s comments:

Well, this is unexpected....

Trump hasn’t given up on getting a trade deal with China, though. He says the agreement will be signed, in the US.

US consumer sentiment has risen a little, an encouraging sign.

The University of Michigan’s consumer confidence index has inched up to 95.7 for November, up from 95.5 in October.

The survey found that Americans are more confident about future economic prospects, but also think that their current conditions have deteriorated.

Just in. French energy firm Total has denied that it’s considering a bid for Belgian materials and technology group Umicore, as flagged earlier.

That dashes hopes that the FT’s Markets Live would sign off with another scoop, on its last outing before retirement.

It could be a rather dull day on Wall Street, as traders catch their breath after a series of record highs.

The futures market is predicting that the tech-focused Nasdaq might dip, with the Dow seen unchanged.

Another UK retailer has hit tough times.

Huddersfield-based Mamas & Papas,which supplies prams, pushchairs, baby products, furniture and maternity wear, is going into a pre-pack administration.

The move means some stores will close, with around 70 jobs lost and another 500 saved, according to Sky News.

Just in: Donald Trump’s economic advisor has said that the White House is prepared to ‘postpone’ tariff hikes on Chinese imports scheduled for next month.

But Peter Navarro also said other tariffs will be saved (ie, maintained), to give leverage in future trade talks.

That could disappoint Beijing, which has been pushing for some existing tariffs to be rolled back as part of the much-discussed Phase One deal.

Edward Lawrence of Fox News has the details:

Here’s our news story about the latest Crossrail delays, which will put the full cost of the project over £18bn....

You might remember the panic earlier this year when the US government yield curve inverted.

If not, this was the moment when investors accepted a lower interest rate for making long-term loans to the US, rather than short-term ones.

That has typically been a recession indicator, as it implied investors were gloomier about long-term prospects.

But you may fret no more! Yields (interest rates) have returned to normality, suggesting recession fears are abating.

Over in Brussels, shares in Belgian multinational materials technology company Umicore have spiked 7% to a six-month high -- thanks to a takeover rumour.

The FT’s soon-to-be-sorely missed Markets Live has reported that Total are pondering a move on Umicore.

Umicore develops clean technologies such as automotive catalysts, and is Europe’s largest producer of battery materials for the electric car industry.

Nothing official yet, but it could be a decent final hit for ML, which is being pensioned off after more than a decade of market-moving scoops and top banter.

Back in China, car sales have slumped again as consumers rein in spending.

The China Passenger Car Association has reported that vehicle sales fell 6% year-on-year in October. This is the 16th monthly fall in the last 17 months -- June bucked the trend, as desperate car dealers slashed prices to shift stock.

Shareholders 1: Bankers 0....

Economists predict that Japan’s economy has slowed in the last quarter, further justifying another stimulus push.

GDP is estimated to have risen by just 0.2% in July-September (the official data are released next week), down from over 0.3% in April-June.

There are also fears that a hike in Japan’s sales tax last month will hurt consumer spending in the current quarter.

Japan is also concerned that growth could shrivel once the 2020 Tokyo Olympics are complete.

This is another reason to launch a new stimulus package now, reports Robin Harding of the Financial Times:

Mr Suga [cabinet secretary] said there would also be spending to raise productivity in small businesses, agriculture and regional Japan, as well as investment to improve economic competitiveness beyond the Olympics.

There are widespread fears of a slump late next year, once real estate investment timed for the games is complete.

“Putting the current low interest rates to good use, we want to deploy fiscal borrowing and investment proactively to invigorate investment for future growth,” Mr Suga said.

In the UK, Royal Mail is heading to the High Court in an attempt to block a pre-Christmas strike.

The postal operator claims there were irregularities when staff were balloted on industrial action -- including staff opening the ballot papers at work and being encouraged to vote to strike.

The CWU union will fight the move, calling it a “desperate and sinister move”.

More here:

European stock markets have also opened in the red, handing back some of their recent gains.

In London, the FTSE 100 has dipped by 0.2% or 15 points. Mining companies are among the fallers, following the drop in Chinese iron ore imports last month.

Investors may be a little flummoxed about the trade war situation -- are China and the US really poised to cut tariffs, or is disappointment around the corner?

As Neil Wilson of Markets puts it:

Yesterday, US equities pushed the record highs again and bonds tumbled, while European stocks firmed around 4-year peaks on hopes and perhaps signs of real progress on trade following remarks, just before the London open, that the US and China were in agreement on rolling back tariffs as part of a managed ceasefire.

There was confusion over exactly what the Chinese official said, but seemed to be clarified by the US saying the phase one deal would include tariff rollback. White House ‘sources’ reports later talked of ‘fierce internal opposition’ with no final decision made.

There a strong sense of the ‘if’ about this. If a first phase trade deal is done, there is agreement to roll back some existing tariffs, but only if the deal is agreed.

Shipments of iron ore into China have fallen, in another sign that its economy is weakening.

Iron ore imports fell by 7.5% in October, customs data shows, to 92.86m tonnes from 99.36m tonnes in September.

That implies that production of steel, a barometer of growth and investment, slowed last month.

Trade war jitters pushed markets lower across Asia today.

China’s CSI 300 ended the day down 0.5% at its lowest closing level in a week. South Korea’s KOSPI index, which is also vulnerable to trade tensions, lost 0.4%.

Hong Kong’s Hang Seng index was the worst performer, shedding 0.8%. The death of student Chow Tsz-lok today, following a fall during anti-government demonstrations last week, could escalate the protests that have gripped the city for months and pushed it into recession.

Although poor, today’s trade data from China is better than hoped.

Economist Shane Oliver of AMP Capital says investors had expected a sharper fall in both imports and exports.

CNBC’s Joumanna Bercetche suggest recent ‘exemptions’ on tariffs between the US and China may have helped:

Here’s economist Trinh Nguyen: