Stock markets were mostly lower on Thursday as China poured cold water on US President Donald Trump's comments talking up the prospects of a deal to end their trade war.

It follows a rally in markets the previous day as Trump signalled that tariffs on China could be substantially lowered and that United States would have a "fair deal" on trade with Beijing.

But China on Thursday said any claims of ongoing trade talks with Washington were "groundless".

Treasury Secretary Scott Bessent also tempered optimism saying that the two countries are "not yet" talking when it comes to lowering tariffs.

"The investing world is back to hanging onto every word out of the White House, but with such a confusing and often contradictory stance on tariffs, volatility is all we can really guarantee," said Matt Britzman, senior equity analyst at Hargreaves........

© International Business Times