Five Things You Need to Know to Start Your Day
Five Things You Need to Know to Start Your Day
(Bloomberg) --
Donald Trump said he'll have an “extended” meeting with Xi Jinping at the G-20 summit. Asian equity futures are higher after U.S. stocks rose on trade talk optimism. And Facebook is wading into crypto. Here are some of the things people in markets are talking about today.
Glimmer of Trade Hope
The U.S. and China said their presidents will meet next week in Japan. Donald Trump said he had a “very good” phone conversation with Chinese counterpart Xi Jinping, and that the two leaders will hold an “extended meeting” at the G-20 summit on June 28-29 in Osaka. “Our respective teams will begin talks prior to our meeting,” Trump said on Twitter. The U.S. president had threatened more tariffs if Xi declined a one-on-one at the event in Japan.
In the Green
Asian equity futures are in the green after U.S. stocks climbed on hopes for a de-escalation of the trade fracas, adding to a European rally sparked by pledges of more ECB accommodation. Gains were capped by reports of more Trump-Fed friction, adding to caution ahead of the FOMC decision. Treasuries rose, with 10-year yields briefly approaching 2%. The euro declined while the kiwi and Aussie advanced. The yen briefly dipped after a 6.8 earthquake struck near northwest Japan. Gold climbed.
Sorry Not Enough
Hong Kong's Carrie Lam refused to resign or to withdraw the extradition bill that sparked the biggest demonstrations in the city's history. Instead, she said sorry: “I offer my most sincere apologies to all people in Hong Kong.” The umbrella group organizing against the legislation rejected the chief executive's contrition and said protests will continue.
More Crypto
Facebook unveiled its cryptocurrency plans. Libra may launch next year and be a stablecoin—a digital currency supported by established government-backed currencies and securities. Shares initially rose as much as 2.9%, though they pared much of that advance. Here’s more on how Facebook is minting a coin and how you can use it.
Max Win
Boeing’s Max got a big win in Paris. The planemaker scored its first deal for the embattled 737 variant since a March grounding that followed two deadly crashes. IAG, the owner of British Airways, signed a letter of intent for 200 of the planes to be delivered between 2023 and 2027. “We have every confidence in Boeing and expect that the aircraft will make a successful return to service in the coming months,” IAG said.
What we’ve been reading
This is what's caught our eye over the last 24 hours.
- Investors haven’t been this bearish since 2008.
- Multinationals seeking top talent battle Asia's anti-LGBT laws.
- In trade war's shadow, Wall Street keeps experts in China busy.
- The Bank of Japan looks set to keep rates on hold for now.
- The White House explored the legality of demoting Jerome Powell.
- China's most advanced big brother experiment is a bureaucratic mess.
- London is pushing its motorists toward only using electric cars.
To contact the editor responsible for this story: Peter Newcomb at pnewcomb2@bloomberg.net
©2019 Bloomberg L.P.