It is reported that China and the United States will conduct the first high-level, face-to-face trade consultations since the May negotiations broke down. Boris Johnson won the British Conservative Party election and will become prime minister on Wednesday. He insists on leaving the European Union at the end of October and will not have early election.
- The Dow Jones Industrial Average closed at 27,349.19 points, up 177.29 points or 0.65%. The Standard & Poor’s 500 Index closed at 3,005.47 points, up 20.44 points or 0.68%. The Nasdaq index closed at 8,251.40 points, up 47.26 points or 0.58%.
- According to informed sources, US Trade Representative Wright Heze and other senior officials are expected to travel to China on next Monday. China and the United States will conduct the first high-level, face-to-face trade consultations since the May negotiations broke down.
- The International Monetary Fund (IMF) has lowered its global growth forecast again, worrying that trade issue and wrong decision on Brexit issue may undermine the expected economic recovery.
- The UK’s FTSE 100 index closed at 7,556.86 points, up 41.93 points or 0.56%. The Frankfurt DAX index closed at 12,490.74 points, up 201.34 points or 1.64%. France’s CAC40 index closed at 5,618.16 points, up 51.14 points or 0.92%.
- Boris Johnson won the British Conservative Party election and will be the British prime minister on Wednesday. He is expected to appoint a new cabinet on that day and introduce his plan to the parliament on Thursday.
- The EU said that if Trump implements tariffs on EU cars and auto parts, it will impose retaliatory tariffs on nearly 35 billion euros worth US goods, which is nearly double of the 20 billion euros that mentioned earlier.
- Japan’s Nikkei 225 index closed at 21,620.88 points, up 204.09 points or 0.95%. The yen closed at 108.120 against 1 US dollar, down 0.255%.
- It is reported that the Bank of Japan may cut its inflation forecast for this fiscal year and may lower some of its economic growth expectations in next week’s meeting.
- The Shanghai Composite Index closed at 2,899.94 points, up 12.97 points or 0.45%. The Shanghai and Shenzhen 300 Index closed at 3,789.91 points, up 8.23 points or 0.22%. The RMB closed at 6.882 against 1 US dollar, down 0.015%.
- Caixin reported that the China’s central bank governor Yi Gang said the China’s interest rate level is appropriate, the central bank will make interest rate decisions based on domestic conditions.
- Informed people said that Huawei has a 30% revenue growth for the first half of the year. In case US impose export restrictions, Huawei can still maintain its production since it has protected the supply of key products.