The China Automobile Dealers Association also previously submitted documents to the country’s finance and commerce ministries to propose the auto purchase tax be halved to 5%.

“From a China perspective, the extension of a purchase benefit (could) help to alleviate some of the trade dispute overhang, and is likely contributing to stocks performance today,” Consumer Edge Research analyst James Albertine told Reuters.

Separately, Goldman Sachs upgraded Ford to “buy,” pointing to the company’s refreshed product line and cost cutting initiatives.

“While we still expect a downward earnings trajectory into 2019 (North America profit under-pressure), we believe next year will represent trough earnings and the combination of a refreshed product cadence globally as well as cost improvements from strategic initiatives will begin to take hold,” analyst David Tamberrino said in a note, CNBC reports.

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