Sino-US trade negotiations seem to have good progress. It is reported that China is considering increasing the US soybean procurement plan, or including exempting US soybeans from retaliatory tariffs. Trump discussed the Huawei issue with CEOs of technology companies such as Qualcomm.
- The Dow Jones Industrial Average closed at 27,171.90 points, up 17.70 points or 0.07%. The Standard & Poor’s 500 Index closed at 2,985.03 points, up 8.42 points or 0.28%. The Nasdaq index closed at 8,204.14 points, up 57.65 points or 0.71%.
- Trump discussed Huawei issues and the issues of “Quality International Trade Operations and 5G Technology” with CEOs of Qualcomm, Intel, Google, Cisco and other technology companies.
- Trump announced that members of Congress have reached a cross-party agreement that will suspend government debt ceilings and increase government spending in the next two years. Given the new spending and limited savings, the agreement may lead to a USD1 trillion annual budget deficit of next year.
- The UK’s FTSE 100 index closed at 7,514.93 points, up 6.23 points or 0.56%. The Frankfurt DAX index closed at 12,289.40 points, up 29.33 points or 0.24%. The French CAC40 index closed at 5,567.02 points, up 14.68 points or 0.26%.
- The new British Prime Minister will be announced on Tuesday. As expected, Boris Johnson will be elected to be the leader of Conservative Party and become the new prime minister. Alan Duncan, Minister of State for European and American Affairs, resigned from the Conservative Party Cabinet.
- British Foreign Secretary claimed that in response to Iran’s seizure of British tankers last week, the UK and European allies will launch a joint operation to protect Persian Gulf shipping as soon as possible.
- Japan’s Nikkei 225 index closed at 21,416.79 points, down 50.20 points or 0.23%. The yen closed at 107.845 against the US dollar, down 0.097%.
- Bank of Japan Governor said that officials would closely keep an eye on the uncertainty of global economic growth prospect, and the central bank promised to promote effective monetary easing in order to raise the inflation rate to the target of 2%.
- The Shanghai Composite Index closed at 2,886.97 points, down 37.23 points or 1.27%. The Shanghai and Shenzhen 300 Index closed at 3,781.68 points, down 26.27 points or 0.69%. The RMB closed at 6.882 against 1 US dollar, down 0.015%.
- Informed people claimed that the Chinese government discussed plans to increase US soybean purchases with state-owned and private soybean buyers on Friday, which may include exempting retaliatory tariffs on US soybeans.
- China said at a meeting in Geneva on Monday that the United States is destroying the WTO dispute settlement mechanism in various harmful ways.