High-level talks between the United States and China have begun in Geneva, Switzerland, Chinese state media reported on Saturday, in a possible thaw in the trade war sparked by President Donald Trump’s massive tariffs.

Investors are hopeful that U.S.-China trade talks this weekend will cool a trade war between the world's two largest economies and dispel some of the uncertainty clouding financial markets, though few expect a major breakthrough just yet.

The first day of hourslong discussions concluded without an announced deal.