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

- advertisement -
  • 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

Japan

  • 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
  • (JP) JAPAN MAY JOBLESS RATE: 2.4% V 2.4%E
  • (US) US President Trump: To talk trade with Japan PM Abe, appreciates Japanese car companies building plants in the US – G20 comments

Korea

  • 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

Other

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

Europe

  • (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
Previous articleEuro Area Inflation Today Is The Appetiser Ahead Of G20
Next articleFX Brief: G20 Underway, Safe Havens Hit A Bid
All information provided by Trade The News (a product of Trade The News, Inc. "referred to as TTN hereafter") is for informational purposes only. Information provided is not meant as investment advice nor is it a recommendation to Buy or Sell securities. Although information is taken from sources deemed reliable, no guarantees or assurances can be made to the accuracy of any information provided. 1. Information can be inaccurate and/or incomplete 2. Information can be mistakenly re-released or be delayed, 3. Information may be incorrect, misread, misinterpreted or misunderstood 4. Human error is a business risk you are willing to assume 5. Technology can crash or be interrupted without notice 6. Trading decisions are the responsibility of traders, not those providing additional information. Trade The News is not liable (financial and/or non-financial) for any losses that may arise from any information provided by TTN. Trading securities involves a high degree of risk, and financial losses can and do occur on a regular basis and are part of the risk of trading and investing.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.