GLOBAL FX-
The U.S. isn’t ready to make a trade deal with China, President Donald Trump said while on a state visit to Japan.Trump said American tariffs on Chinese goods “could go up very, very substantially, very easily.” His comments came after trade talks between the two countries stalled earlier this month. Each side has since blamed the other, and Trump has threatened billions more in tariffs.Still, Trump also expressed optimism that the world’s biggest economies would eventually reach an agreement.“I think sometime in the future China and the United States will absolutely have a great trade deal, and we look forward to that,” Trump said.
China is looking to give foreign investors more access to its futures market and will accelerate the launch of TSR 20 rubber, rice and fertiliser futures, a China Securities Regulator Commission (CSRC) official told an industry forum on Tuesday.“China will encourage state owned enterprises, private companies and institutional investors to invest in futures products.
U.S. President Donald Trump’s comment signalling an announcement on trade in August probably reflected his hope for quick progress in negotiations, Japan’s Economy Minister Toshimitsu Motegi said on Tuesday.Trump’s government is trying to renegotiate trade agreements with major economies, including Japan, to lower the U.S. trade deficit and address what it sees to be unfair trade practices.After Trump met Prime Minister Shinzo Abe on Monday, he told reporters he expected the two countries to be “announcing some things, probably in August, that will be very good for both countries” on trade.
Russian oil production continues to trend lower in May as exports via the Druzhba oil pipeline have been restricted due to a contamination issue, helping Russia to finally fall in line with the OPEC+ production cuts.Russia’s oil production averaged 11.126 million bpd between May 1 and 26.his compares to average production of 11.147 million bpd between May 1 and 21, according to the sources.This month through May 26, exports of Russian oil via the pipelines of operator Transneft, including the Druzhba pipeline, were down 6 percent compared to April.
Brexit wrought more havoc on Britain’s main political parties in European Parliament elections, with both Conservatives and Labour scoring their worst results in decades as voters opted for politicians with clear pro- and anti-European Union messages.With nearly all the vote counts complete, Nigel Farage’s Brexit Party, which wants the U.K. to leave the EU without a deal, was in first place, with 32% of the vote. In second place, with 20%, were the Liberal Democrats, who want to stay in the bloc. Labour, which is split about what to do, was third on 14%. The anti-Brexit Greens were on 12%.
Asian shares tracked European gains on Tuesday, as relief over EU election results eased concerns about political difficulties in the bloc and merger news supported auto shares, although persistent concerns about trade capped regional sentiment.MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.07% in early trade, and U.S. S&P 500 e-mini futures rose 0.14% to 2,835.75.
Gold prices inched lower on Tuesday, dropping for the first time in four sessions, as the dollar rebounded from multi-week lows amid simmering Sino-U.S. trade tensions and as bullion failed to surpass a strong technical resistance.Spot gold was down 0.1% at $1,283.38 per ounce, as of 0531 GMT, after touching its highest since May 17 at $1,287.32.
Brent crude oil prices consolidated above $70 per barrel on Tuesday as supply cuts led by producer club OPEC and U.S. sanctions on Iran’s and Venezuela’s fuel exports outweighed concerns about an economic slowdown.Front-month Brent crude futures, the international benchmark for oil prices, were at $70.14 at 0218 GMT, 3 cents above the last session’s close, when Brent rose 2.1%.U.S. West Texas Intermediate (WTI) crude futures were at $59.21 per barrel, up 58 cents or 1% from their last close on Friday. WTI did not trade on Monday due to a public holiday in the United States.