LONDON (Reuters) – Global stocks gained on Friday after a battering this week as investors held out a sliver of hope for a trade deal amid last-ditch talks between the United States and China, even as a fresh round of U.S. tariffs on Chinese goods took effect.

European stock markets bounced off six-week lows, with Germany’s trade-sensitive DAX index leading the charge with a 1% rise.

MSCI’s All-Country World Index, which tracks stocks across 47 countries, was up 0.24% by midday in London.

But the gauge was set for its worst weekly performance since late December 2018, with a loss of 2.75% as bets on an imminent trade deal between the U.S. and China unraveled after tensions unexpectedly flared up during negotiations between the two