GLOBAL MARKETS-Shares, dollar rebound on new U.S.-China trade call

(Adds U.S. market open, byline, dateline; previous LONDON)
* U.S. to delay some tariffs on Chinese exports
* Dollar soars against yen after U.S. makes some concessions
* Oil gains more than 3%, government debt prices rise

By Herbert Lash
NEW YORK, Aug 13 (Reuters) - U.S. and European stocks
jumped, the dollar strengthened and bond prices rose on Tuesday
on news U.S. and Chinese officials held a telephone call to
discuss tariffs and planned another call in two weeks, easing
concerns about the U.S.-Sino trade war.
The Trump administration will delay imposing a 10% tariff on
certain Chinese products, including laptops and cell phones,
that had been scheduled to start next month, the Office of the
U.S. Trade Representative later said. Equity, debt and FX markets sharply reversed course minutes
after Wall Street opened for trade on news from Hong Kong about
a call Chinese Vice Premier Liu He held with U.S. officials,
China's Ministry of Commerce said in a statement. Liu spoke with U.S. Trade Representative Robert Lighthizer
and U.S. Treasury Secretary Steven Mnuchin on Tuesday evening,
the statement said.
"The news today is obviously it's good news. Risk appetite
has improved drastically," said Candice Bangsund, a portfolio
manager and global asset allocation strategist at Fiera Capital
in Montreal.
"The last few weeks have been dominated by a reduced
appetite in risk. Investor fragility and sentiment have been
rattled by all of these macro events," she said, referring to
unrest in Hong Kong, Italy and the peso crash in Argentina.
A global re-acceleration of growth should come to fruition
later this year as major central banks are cutting interest
rates and recent economic data has been better than where
markets have been trading, Bangsund said.
The benchmark S&P 500 index .SPX rose more than 1% and the
Nasdaq .IXIC more than 2% on the news. Major
stock bourses in Europe also rose, with the Euro STOXX index
.STOXX50E of eurozone shares rising more than 1%.
Major equity indices had tumbled roughly 5% since late July
on growing concerns the U.S.-Chinese trade spat would slam
global growth and fester unresolved until after U.S.
presidential elections in November 2020.
Markets also had been lower, with gold earlier hitting a
more than six-year high, as the ongoing unrest in Hong Kong and
a rout in the Argentine peso drove investors already unnerved by
the trade war into havens such as bullion, bonds and the yen.
The yen benefits in moments of geopolitical uncertainty and
during economic downturns. The U.S. dollar rose 1.29% to 106.65
yen JPY= per dollar. Yields on the benchmark U.S. 10-year Treasury notes hit
session highs, while those on 30-year Treasury bonds rallied
from more than three-year lows. Traders earlier were bracing for
30-year yields to sink to a record low below 2.08%. The 10-year Treasury US10YT=RR fell 16/32 in price to push
its yield up to 1.6949%.
Oil prices rose over 3% on the trade news.
Brent LCOc1 futures rose $1.94, or 3.6%, at $60.51 a
barrel, while U.S. West Texas Intermediate (WTI) crude CLc1
rose $1.92 to $56.85 a barrel. Prior to Tuesday's gains, Brent had traded down more than
20% since hitting its year high in April.
The Argentine peso ARS= was less volatile, trading in a
tighter range, down 4.98% at 54.7545 to the dollar.
Spot gold XAU= dropped 0.6% to $1,502.71.

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Reuters poll: 2018 global stock market forecasts interactive
http://tmsnrt.rs/2nHJiJ9
Yen vs U.S. dollar https://tmsnrt.rs/2MYxgb6
Biggest tail risks https://tmsnrt.rs/2YLSe3U
Argentina primary election interactive https://tmsnrt.rs/2MYvyX2
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