Chinese telecom giant Huawei Technologies said Tuesday that its sales rose about 18% in 2019 despite U.S. moves to restrict its business.

The estimate came in an annual New Year's message to employees from chairman Eric Xu. The letter predicted 2020 would be a difficult year, saying the American pressure creates a challenging environment for Huawei to survive and thrive.

"Despite concerted efforts by the U.S. government to keep us down, we've made it out the other side and continue to create value for our customers," Xu wrote near the start of the letter, which was released to the AP and other media.

The U.S. government says Huawei technology poses a security risk and has urged other countries not to buy its 5G mobile network equipment. It has also put Huawei on its entity list, blocking U.S. technology sales to the company. Huawei denies the allegations.

The unlisted company estimated annual sales would top 850 billion yuan ($120 billion). Huawei, based in the tech hub of Shenzhen in southern China, typically releases its official and audited financial results in March.

"These figures are lower than our initial projections, yet business remains solid and we stand strong in the face of adversity," Xu wrote.

The five-page letter exhorts employees "to work hard and go the extra mile to bring their capabilities to a new level." Saying that survival is the company's top priority, Xu warns that mediocre managers "who have lost their enterprising spirit" will be removed faster than before.

Shares were mostly higher in Asia on Thursday with many world markets closed for Christmas holidays.

Japan's Nikkei 225 index advanced 0.6% to 23,924.92, while the Kospi in South Korea edged 0.1% higher to 2,191.71. The Shanghai Composite index picked up 0.3% to 2,989.56. India's Sensex lost 0.2% to 41,380.45. In Southeast Asia, benchmarks were mixed, while Taiwan was flat.

Markets were closed in Hong Kong, Malaysia and Australia.

World markets have rallied after President Donald Trump said that a trade deal with China was ready for signing. Chinese officials have confirmed that the two sides are in close contact on their so-called Phase 1 agreement to help ease friction over Beijing's technology ambitions and other trade issues.

"Despite recession worries, trade tiffs, and rancorous politics, investors managed to have their Christmas cake and eat it this year," Stephen Innes of AxiTrader said in a commentary.

Wall Street ended nearly flat Tuesday in a shortened trading session before closing for Christmas Day. U.S. markets reopen Thursday.

The benchmark S&P 500 index slipped less than 0.1% to 3,223.38. The Dow Jones Industrial Average dropped 0.1%, to 28,515.45. The Nasdaq composite gained 0.1% to 8,952.88.

"With the heavyweight colossal tech sector giants leading the way, investors are showing no fear as the market remains underpinned by the thawing in the US-China trade squabble and easy central bank policy," Innes said.

Earlier this week, China announced it was slashing tariffs on 850 types of products as part of its efforts to improve the quality of its trade and meet demand for scarce items such as pork, which is in short supply due to outbreaks of African swine fever that have devastated its hog industry.

But so far details of the China-U.S. agreement have not been disclosed, leaving in question the scope of the deal and its ability to resolve deep, longstanding conflicts over Chinese industrial policy and trade practices.

In energy trading, benchmark U.S. crude gained 23 cents to $61.34 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude oil, the international standard, picked up 21 cents to $66.37 per barrel.

The U.S. dollar was trading at 109.55 Japanese yen, up from 109.35 yen on Wednesday. The euro was at $1.1092, weakening from $1.1220.

Shares fell in Europe early Monday after a day of gains in Asia.

Investors were encouraged by a wave of buying late last week on Wall Street that was spurred by strong U.S. jobs numbers and optimism over China-U.S. trade. 

France's CAC 40 slipped 0.2% in early trading to 5,860.03, while Germany's DAX declined 0.1% to 13,154.81. Britain's FTSE 100 lost 0.1% to 7,230.09.

U.S. shares were set to drift lower with Dow futures falling less than 0.1% to 28,001. S&P 500 futures fell nearly 0.1% to 3,144.10.

The surprisingly strong U.S. jobs report for November put investors in a buying mood Friday on Wall Street, extending the market's winning streak to a third day.

"Markets were mostly higher on the solid U.S. jobs data print," Vishnu Varathan of the Asia & Oceania Treasury Department at Mizuho Bank in Singapore said in a report, adding that questions remained on whether that would prove enough amid other global risks.

The Labor Department said employers added 266,000 positions, well above estimates of 184,000. The report also showed unemployment falling to a 50-year low. Separately, an index that measures how consumers feel about the economy showed an increase from last month.

In Asia, Japan's benchmark Nikkei 225 edged 0.3% higher to finish at 23,430.70, after the Cabinet Office reported the economy expanded at a 1.8% annual pace in July-September, spurred by strong consumer purchases ahead of an Oct. 1 sales tax hike. That was much stronger than the 0.2% growth earlier reported and marked a fourth straight quarter of expansion for the world's No. 3 economy.

Elsewhere in Asia, Australia's S&P/ASX 200 added  0.3% to 6,730.00. S outh Korea's Kospi edged 0.3% higher to 2,088.65. Hong Kong's Hang Seng was little changed, inching down to 26,494.73.  The Shanghai Composite index rose nearly 0.1% to 2,914.48.

The week got off to a strong start after the Dow Jones Industrial Average jumped more than 300 points on Friday, while the S&P 500 erased losses from earlier in the week, nudging the benchmark index to a second consecutive weekly gain.

The S&P 500 rose 0.9% to 3,145.91. The index posted a 0.2% gain for the week, a solid pivot from losses of more than 1% as of late Thursday. It's now within 0.3% of its all-time high set on Nov. 27 and up 25.5% so far this year.

The latest gains also helped stem some of the losses for the Dow and Nasdaq.

Trade tensions and disappointing economic reports -- including data showing manufacturing continues to shrink and growth in the service sector is slowing -- dragged the market to steep losses on Monday and Tuesday.

But steady job growth has been one of the bright spots in the economy, along with solid consumer spending.

Investors also got some encouraging news on the U.S.-China trade front, with Beijing saying Friday that it is waiving punitive tariffs on U.S. soybeans and pork as negotiations for a trade deal continue.

ENERGY: Benchmark crude oil lost 48 cents to $58.72 a barrel in electronic trading on the New York Mercantile Exchange. It advanced 77 cents to $59.20 per barrel on Friday. Brent crude oil, the international standard for pricing, shed 45 cents to $63.94.

CURRENCIES: The dollar fell to 108.45 Japanese yen from 108.59 yen on Friday. The euro was little changed, inching up to $1.1067 from $1.1062.

Bangkok, Oct 2 (AP/UNB) — Global stocks fell on Wednesday and Wall Street was expected to slide on the open after a discouraging report on U.S. manufacturing dampened the economic outlook.

Tuesday's report showed that manufacturing weakened in September for the second straight month as U.S. President Donald Trump's trade war with China dragged on confidence and factory activity.

It dashed economists' belief that August's contraction was an aberration, and stocks and bond yields immediately reversed course to drop sharply lower.

Wall Street looked set to extend losses Wednesday, with the future contract for the S&P 500 down 0.6% to 2,921. The Dow future was also down 0.6% at 26,363.

In Europe, Germany's DAX declined 1.4% to 12,088 after a group of leading think tanks joined the German government and others in cutting its economic forecast for Europe's largest economy.  The CAC 40 in Paris shed 1.7% to 5,503.

Britain's FTSE 100 sank 2% to 7,212 after Prime Minister Boris Johnson said there would be "grave consequences for trust in our democracy" if Brexit is delayed beyond Oct. 31.

Johnson said his final proposal Wednesday is a "fair and reasonable compromise," but it is likely to face deep skepticism from EU leaders, who doubt the U.K. has a workable plan to avoid checks on goods or people crossing the border between EU member Ireland and the U.K.'s Northern Ireland after Brexit.

In Asia, Japan's Nikkei 225 index shed 0.5% to 21,778.61 while the Hang Seng in Hong Kong lost 0.2% to 26,042.69. Sydney's S&P ASX 200 gave up 1.5% to 6,639.90.

Markets in mainland China were closed for National Day holidays. They reopen on Oct. 8. India's markets area also closed.

The Kospi in South Korea sank 2% to 2,031.91 after North Korea fired a ballistic missile toward the sea, according to South Korea's military. The display of Pyongyang's expanding military capabilities came just hours after it said it would resume nuclear diplomacy with the United States this weekend.

Manufacturing is a relatively small part of the U.S. economy, but investors fear the doldrums might spill into other areas. That puts an even bigger spotlight on a jobs report due out Friday, which economists expect to show an acceleration in hiring.

"Granted, manufacturing equates to a mere 11% of U.S. GDP, but the market ... is incredibly sensitive to the outcome," said Chris Weston of brokage Pepperstone.

The protracted trade war with China is hammering export manufacturing. It also raises uncertainties over the future rules of international trade, causing CEOs to curb spending.

ENERGY: Benchmark crude oil rebounded, gaining 22 cents to $53.84 per barrel in electronic trading on the New York Mercantile Exchange. It fell 45 cents to $53.62 a barrel on Tuesday. Brent crude oil, the international standard, was flat at $58.89 per barrel.

CURRENCIES: The dollar slipped to 107.52 Japanese yen from 107.73 yen on Tuesday. The euro dropped to $1.0930.

Beijing, Dec 28 (AP/UNB) — Most Asian stock markets gained while Japan edged down following Wall Street's rally at the end of a turbulent week.

Keeping Score: The Shanghai Composite Index rose 0.5 percent to 2,495.16 points while Tokyo's Nikkei 225 lost 0.6 percent to 19,964.54. Hong Kong's Hang Seng advanced 0.2 percent to 25,531.63 and Seoul's Kospi added 0.6 percent to 2,040.76. Sydney's S&P-ASX 200 gained 0.7 percent to 5,634.30 and benchmarks in New Zealand, Taiwan and Southeast Asia also rose.

Wall Street: U.S. stocks staged a last-minute turnaround that put the market on track to end the volatile week with a gain. That followed the market's best day in 10 years. Health care and technology companies, banks and industrial stocks accounted for much of the gains. The Standard & Poor's 500 rose 0.9 percent to 2,488.83 after being down 2.8 percent at midday. The Dow Jones Industrial Average gained 1.1 percent to 23,138.82. The Nasdaq composite added 0.4 percent to 6,579.49. The downturn that began in October has intensified this month, erasing all of the market's 2018 gains and nudging the S&P 500 closer to its worst year since 2008. Stocks are on track for their worst December since 1931.

Analyst's Quote: Improved U.S. sentiment "provided Asia markets with the intraday relief into the end of the week," said Jingyi Pan of IG in a report. Still, Pan said, "one would likely flinch to call this a bottom yet," leaving a "mixed picture as we head into the end of the year."

China Profit Decline: Profits at major Chinese industrial companies fell in November for the first time in three years amid an economic slowdown and trade tension with Washington. Government data showed profit for companies in steel, construction materials, oil, chemicals and equipment manufacturing declined 1.8 percent from a year earlier, a reverse from October's 3.6 percent gain.

Energy: Benchmark U.S. crude jumped $1.02 to $45.63 per barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $1.59 on Thursday to close at $44.61. Brent crude, used to price international oils, gained $1 to $53.73 per barrel in London. It fell $1.97 the previous session to $52.73.

Currency: The dollar declined to 110.58 yen from Thursday's 111.01 yen. The euro advanced to $1.1456 from $1.1430.