US-CHINA: Beijing Describes Trump-Xi Call As 'Constructive'
MNI London: China’s Xinhua news agency reports that this morning’s call between Chinese President Xi Jinping and US President Donald Trump was “pragmatic, positive, and constructive.” (Comments in translation)
- The readout notes, “The Chinese people will never forget the invaluable support provided by the United States and other anti-fascist allies to China's war of resistance.”
- According to the readout, “Xi Jinping emphasized the vital importance of China-US relations. China and the US can achieve mutual success and common prosperity, benefiting both countries and the world. To realize this vision, both sides must work together to achieve mutual respect, peaceful coexistence, and win-win cooperation.”
- The readout notes, “The US should refrain from taking unilateral trade restrictive measures to prevent undermining the achievements made through multiple rounds of consultations.”
- The readout notes that Trump commended the recent military parade in Beijing as “magnificent” and notes that the US, “hopes to maintain a long-term, sound, and great relationship with China.”
- The readout offers few details on the TikTok deal that was expected to be formalised in today’s call, noting there will be “consultations between the two teams to properly resolve the TikTok issue.” It also doesn’t include any details on future trade talks or an in-person meeting between Trump and Xi in November.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US TSY FUTURES: Extending Highs
- Mirroring late support in German Bund, Treasury futures continue to extend highs in late morning trade, weaker stocks (SPX eminis at 6377.5 -55.0) contributing to the move.
- Tsy Sep 10Y contract +7 at 111-31.5 session high, initial technical resistance at 112-15.5 (High Aug 5 and the bull trigger).
- Curves have reversed early flattening to steeper: 2s10s +.237 at 55.847, 5s30s +1.491 at 109.733.
- Focus on this afternoon's July FOMC minutes release at 1400ET.
OPTIONS: Expiries for Aug21 NY cut 1000ET (Source DTCC)
- EUR/USD: $1.1600(E1.4bln), $1.1625-30(E629mln), $1.1650-70(E1.4bln), $1.1700(E1.6bln), $1.1750(E2.0bln), $1.1800(E3.0bln)
- USD/JPY: Y145.95-00($1.2bln), Y146.70-80($1.8bln), Y151.00($2.5bln)
- AUD/USD: $0.6590-00(A$1.8bln)
- NZD/USD: $0.5975-80(N$820mln)
- USD/CAD: C$1.3775($580mln), C$1.3820($625mln)
US: Trump Considering Firing Fed's Cook for Cause, According to Sources
"*TRUMP CONSIDERING FIRING LISA COOK FOR CAUSE: WSJ" - bbg
"President Trump has told aides he is considering attempting to fire a Biden-appointed Federal Reserve governor after one of his housing officials accused her of mortgage fraud, according to a senior White House official and another person familiar with the matter.
"The Justice Department is probing similar fraud claims against two of the president's most vocal Democratic critics, opening investigations into New York Attorney General Letitia James and Sen. Adam Schiff of California. Attorney General Pam Bondi authorized Ed Martin, head of a working group tasked with reviewing cases against Trump, to use grand juries in Virginia and Maryland to probe separate allegations of mortgage fraud involving Schiff and James, according to a person familiar with the matter."
