US-CHINA: Trump Touts Trade Progress, Appears To Rule Out China Trip This Year
Sep-19 15:38
MNI London: US President Donald Trump has issued a statement on Truth Social on a 'productive' call today with Chinese President Xi Jinping.
- Trump wrote, "I just completed a very productive call with President Xi of China. We made progress on many very important issues including Trade, Fentanyl, the need to bring the War between Russia and Ukraine to an end, and the approval of the TikTok Deal. I also agreed with President Xi that we would meet at the APEC Summit in South Korea, that I would go to China in the early part of next year, and that President Xi would, likewise, come to the United States at an appropriate time. The call was a very good one, we will be speaking again by phone, appreciate the TikTok approval, and both look forward to meeting at APEC!"
- The statement tracks closely with a Chinese readout published a short time ago. While Trump's statement notes "appreciate the TikTok approval", both readouts appear to suggest that the TikTok issue hasn't been entirely resolved, hinting at further consultations. Trump's readout notes 'progress' on issues relating to trade but offers few clues about the next step for trade talks.
- Notably, Trump's statement appears to rule out the prospect of a state visit to Beijing in November that was reportedly in the works, appearing to settle for a lower-profile sideline meeting at the APEC Summit in South Korea. Trump notes he is likely to visit China next year.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EGBS: Bunds Track USTs Higher; Initial Resistance Untested
Aug-20 15:32
Bund futures have tracked USTs higher through the afternoon, with aforementioned support coming from tech-led US equity weakness and the WSJ reporting that Trump is considering firing Fed Governor Cook. That leaves futures +36 ticks at 129.43, close to session highs.
- A bearish threat remains present though, with initial resistance at the 20-day EMA (129.58) untested.
- German yields are 2.5-3.5bps lower across the curve, with a light flattening bias still intact. The 5s30s nonetheless is consolidating above the 100bp level.
- Tomorrow’s focus is the August flash PMIs, the first major piece of macro data this month.
- While a September ECB rate cut remains very unlikely (with expectations for a hold solidified after President Lagarde’s remarks this morning), STIR markets still lean in favour of one more 25bp cut this cycle. For such a move to gain support amongst the Governing Council, it will require further softness in inflation and growth data in the coming months.
FED: US TSY 17W BILL AUCTION: HIGH 4.050%(ALLOT 76.08%)
Aug-20 15:32
- US TSY 17W BILL AUCTION: HIGH 4.050%(ALLOT 76.08%)
- US TSY 17W BILL AUCTION: DEALERS TAKE 32.64% OF COMPETITIVES
- US TSY 17W BILL AUCTION: DIRECTS TAKE 6.42% OF COMPETITIVES
- US TSY 17W BILL AUCTION: INDIRECTS TAKE 60.94% OF COMPETITIVES
- US TSY 17W BILL AUCTION: BID/CVR 3.14
FED: US TSY 17W AUCTION: NON-COMP BIDS $455 MLN FROM $65.000 BLN TOTAL
Aug-20 15:15
- US TSY 17W AUCTION: NON-COMP BIDS $455 MLN FROM $65.000 BLN TOTAL
