Yahoo Finance The US-China trade war is far from over: Morning Brief
Monday, July 1, 2019
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WHAT TO WATCH
U.S. stock futures climbed early Monday morning following a trade truce reached between the U.S. and China at the G20 summit over the weekend.
President Donald Trump said that he would hold off on slapping additional tariffs on the remaining $300 billion worth of Chinese goods and reverse the ban on Chinese tech giant Huawei.
This week will be a shortened trading week with markets closing early on Wednesday and closing on Thursday in observance of the Independence Day holiday.
TOP NEWS
The Trump trade war is far from over: Markets like the outcome of the talks between President Trump and President Xi Jinping of China on June 29. The mini-deal on trade included modest concessions from both sides and an apparent halt in escalating punitive measures. But the unsteady truce does not signal an end to Trump’s trade war with China. More tariffs could be on the table soon, rattling markets anew. A final deal might not come until 2021, after the next U.S. presidential election. [Yahoo Finance]
Also: Trump-Xi summit ends, clearing Wall Street's modest expectations for trade talk progress [Yahoo Finance]
Pound slides as UK manufacturing hits six-year low: The pound slid on Monday after British manufacturers suffered the sharpest fall in activity in more than six years last month. The IHS Markit/CIPS manufacturing purchasing managers' index (PMI) slid from a 49.4 reading in May to 48 in June. [Yahoo Finance UK]
Asia's factories falter in June: Factory activity shrank in most Asian countries in June as the simmering U.S.-China trade conflict put further strains on the region's manufacturing sector, keeping policymakers under pressure to deploy stronger steps to avert a global recession. [Reuters]
OPEC set to extend oil supply cut as Iran endorses pact: OPEC and its allies look set to extend oil supply cuts this week at least until the end of 2019 as Iran joined top producers Saudi Arabia, Iraq and Russia in endorsing a policy aimed at propping up the price of crude amid a weakening global economy. [Reuters]
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