Trump will discuss the potential automobile import tariff plan during the meeting. The European Commission president hinted that the US automobile tariff suspension is unlikely to end. The Cold War between China and the United States has affected the global supply chain deeply. It is reported that Trump plans to use export controls to deal with China’s theft of intellectual property rights.
- The Dow Jones Industrial Average closed at 25,387.18 points, decreased by 602.12 points or 2.32%. The S&P 500 Index closed at 2,726.22 points, decreased by 54.79 points or 1.97%. The NASDAQ index closed at 7,200.87 points, decreased by 206.03 points or 2.78%.
- The White House is circulating a draft report from the US Department of Commerce on whether to impose tariffs on automobile imports on the grounds of national security.
- Saudi Arabia claimed oil-producing countries need to reduce production by 1 million barrels per day from October. Trump slammed the oil production plan of Saudi Arabia, saying that he hoped that Saudi Arabia and OPEC would not cut crude oil production.
- The UK’s FTSE 100 index closed at 7,053.08 points, decreased by 52.26 points or 0.74%. The Frankfurt DAX index closed at 11,325.44 points, decreased by 203.72 points or 1.77%. The French CAC40 index closed at 5,059.09 points, decreased by 47.66 points or 0.93%.
- Theresa May, British Prime Minister, is in deep trouble as it is difficult to reach a quick agreement on the Brexit issue.
- Euronext CEO claimed that the EU has a plan to deal with the chaos caused by the UK’s non-agreement of Brexit to ensure that in the event of such a situation, Continental companies can continue to use financial services from the UK.
- Japan’s Nikkei 225 index closed at 22,269.88 points, increased by 19.63 points or 0.09%. The Japanese YEN closed at 113.930 against the US dollar, decreased by 0.105%.
- According to the data of the Bank of Japan, after seasonal adjustment, Japan’s domestic commodity price index (CGPI) rose by 0.3% in October, exceeding the market expectations of 0.1%.
- The Shanghai Composite Index closed at 2,630.52 points, increased by 31.65 points or 1.22%. The Shanghai and Shenzhen 300 Index closed at 3,205.14 points, increased by 37.70 points or 1.19%. The RMB closed at 6.965 against 1 US dollar, decreased by 0.257%.
- China and the United States have reached the edge of the new Cold War. Former US Treasury Secretary Paulson and other experts warned that if China and the United States cannot resolve their strategic differences, the new “Economic Iron Curtain” between the two countries will come.
- Xinhua News Agency reported that the People’s Bank of China will further promote bank account management reform and comprehensively improve the ability to pay and settle services for small and micro enterprises and private enterprises.