U.S. President Donald Trump said he had a "very good" phone conversation with Chinese President Xi Jinping on Thursday, June 5. The call lasted about an hour and a half, focused "almost exclusively" on trade issues and "led to a very positive outcome for both countries," Trump wrote on his page on the social media network Truth Social. He also said that a meeting of the two countries' trade representatives will be held soon, its location will be determined at a later date.

Beijing previously said the initiative to hold such a call came from Trump, wrote CNBC.

U.S. indices strengthened after the reports, with the tech-heavy Nasdaq Composite gaining the most, jumping 0.7%. The broad market index S&P 500 rose by 0.4%, and the blue-chip index Dow Jones - by 0.3%. 

U.S. Treasuries have fallen sharply in price, with yields on policy-sensitive 2-year treasuries hitting an intraday high of 3.9%, according to FactSet data, which reportsMarketWatch,  the yield on 10-year securities climbed to nearly 4.39%, while the rate on 30-years rose to 4.9%, also the high of the day.

Investors are hoping for a warming of relations between the U.S. and China, whose trade reached nearly $600 billion last year, CNBC points out. Although the two sides agreed to temporarily reduce duties against each other after a meeting in Switzerland in April, last week the White House administration accused China of dragging its feet on approving exports of critical minerals. In a June 5 post, Trump wrote that "difficulties related to rare earth element products should no longer arise."

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