General Trend:

  • Trump and Xi are expected to meet on Saturday (June 29th), meeting expected to occur at 22:30 ET (2:30 GMT, equates to 11:30 AM local time in Japan)
  • Xi’s preconditions for settling trade war said to include easing restrictions on Huawei, removal of punitive tariffs and lower purchase demand related to US goods (US financial press)
  • The US is still insisting on structural changes on IP and enforcement mechanisms related to China, said White House Adviser Kudlow.
  • Xi did not directly mention the US in initial G20 remarks
  • BoJ discussed ‘reversal rates’ amid debate on policy outlook (Summary of Opinions from June meeting)
  • RBA policy decision expected on July 2nd (Tuesday)
  • Li & Fung rises over 13% in HK on plan to sell stake in unit to Temasek

Headlines/Economic Data

Australia/New Zealand

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  • ASX 200 opened -0.1%
  • (AU) Australia May Private Sector Credit M/M 0.2% v 0.2%e; Y/Y: 3.6% v 3.7%e
  • (NZ) New Zealand Jun Consumer Confidence Index: 122.6 v 119.3 prior; M/M: 2.8% v -3.2% prior

China/Hong Kong

  • Shanghai Composite opened -0.2%, Hang Seng flat
  • (CN) China Pres Xi: Seeing increases in global instability and protectionism; BRICs countries should work to protect ourselves from such risks – commenting from G20
  • (CN) China’s President Xi said to present US President Trump with terms for settling trade fight including precondition of lifting Huawei ban – U.S. financial press
  • (RU) Russia and China agree on payments in national currencies; agreement signed between PBoC Gov and Russia Fin Min
  • (CN) China PBoC: Reiterates view that external uncertainties are increasing – Quarterly Monetary Policy Meeting
  • (CN) China PBoC Open Market Operation (OMO): Skips for the 5th consecutive session
  • (CN) China PBOC sets yuan reference rate: 6.8747 v 6.8778 prior


  • Nikkei 225 opened -0.3%
  • (JP) Japan Official: Trump did not raise exchange rates with Abe
  • (JP) Bank of Japan (BOJ) Summary of Opinions for Jun 19 and 20 meeting:One member noting the need to ease persistently; must maintain current easing policy while playing closer attention to side effects of financial intermediation and market functioning
  • (JP) Japan May Preliminary Industrial Production M/M: 2.3% v 0.7%e (fastest m/m pace since Feb 2018); Y/Y: -1.8% v -2.9%e
  • (US) US President Trump: To talk trade with Japan PM Abe, appreciates Japanese car companies building plants in the US – G20 comments


  • Kospi opened flat
  • (KR) South Korea May Industrial Production M/M: -1.7% v -0.6%e ; Y/Y: -0.2% v -1.0%e


  • (IN) US Pres Trump meets with India PM Modi: We’ll have ‘very big’ trade deals to announce; to discuss Huawei


  • (UK) Jun GfK Consumer Confidence: -13 v -11e
  • (UK) PM candidate Johnson reportedly preparing a budget for a no-deal Brexit; expected to include tax cuts and an overhaul of the stamp duty – UK Press
  • (EU) EU Juncker: G20 Communique drafting work is still under way

Levels as of 1:20 ET

  • Nikkei 225, -0.6%, ASX 200 -0.5%, Hang Seng -0.6%; Shanghai Composite -1%; Kospi -0.2%
  • Equity Futures: S&P500 flat; Nasdaq100 -0.2%, Dax -0.1%; FTSE100 flat
  • EUR 1.1377-1.1365 ; JPY 107.83-107.56 ; AUD 0.7011-0.6997 ;NZD 0.6710-0.6690
  • Gold +0.8% at $1,423/oz; Crude Oil -0.5% at $59.12/brl; Copper -0.3% at $2.714/lb
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