Published: Fri, June 28, 2019
Global News | By Blake Casey

Chinese president arrives in Japan for G20 summit

Chinese president arrives in Japan for G20 summit

Asian stocks advanced Thursday ahead of a meeting between U.S. President Donald Trump and Chinese leader Xi Jinping at the G-20 summit in Japan this week.

The president, who as other leaders climbed down from his plane in the rain, was received by Japanese Foreign Minister Taro Kono, and immediately had dinner with Australian Prime Minister Scott Morrison.

Blumenauer, who chairs the House of Representatives' Ways and Means trade subcommittee, said he disagreed with what he called Trump's "drive-by tariffs" and hoped the president would not accept a deal that simply involved selling more goods to China rather than changing bilateral terms of trade.

In the interview, Trump said that he likes China and Xi, but added: "They have taken advantage of us for so long".

On Thursday, China's central bank pledged to support a slowing economy as global risks rise, ahead of the release of data that is expected to show China's factory activity shrank for a second consecutive month in June.

At the end of his stay in Osaka, the Republican leader will travel to South Korea, where he will meet with his South Korean peer Moon Jae-in, to discuss issues related with the Democratic People's Republic of Korea.

Chinese blue chips .CSI300 fell 0.64% on Friday and Hong Kong's Hang Seng .HSI lost 0.62%.

Wall Street was set for a quiet open, with the future contract for the S&P 500 index adding 0.2% and that for the Dow dipping 0.1%.

Kim Jong Un is willing to denuclearize, Xi Jinping says
He also maintains a high profile on social media , where he has been largely upbeat about his experiences in North Korea . Could Kim and Trump finally agree a deal? It added that South Korea should mind its own business.

Asked about a news report that a truce in the trade war with the U.S. had been struck after Mr Trump agreed to halt the next round of USA tariffs on another US$300 billion of Chinese goods, Chinese Commerce Ministry spokesman Gao Feng said China would welcome action that helped reduce tension.

"However, as the difficulty of resolving economic aspirations between the two countries is herculean, markets remain cautious".

Oil floated in a holding pattern Thursday as traders awaited gatherings that could be decisive for the U.S. "Beyond the knee-jerk euphoria, expect minimal market reaction - this last scenario is exactly what the market is already expecting", she said in a note.

Futures in NY fell as much as 1.1% after closing up 2.7% Wednesday as the Energy Information Administration reported USA crude stockpiles dropped the most in nearly a year.

The two-year yield US2YT=RR dipped to 1.7369%, less than 4 basis points above recent lows, reflecting near certainty that the Federal Reserve will cut benchmark interest rates in July.

CURRENCIES: The dollar rose to 107.93 yen from 107.79 yen late Wednesday.

In commodity markets, trade worries continued to weigh on oil, with US crude CLc1 losing 0.52% to $59.12 a barrel and global benchmark Brent crude LCOc1 down 0.68% to $66.10 per barrel. The global benchmark crude traded at a premium of $7.08 to WTI.

Meanwhile, gold is trading at $1,420 per Oz, representing 0.74% gains on the day.

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