Week ahead china trade talks us budget deadline earnings

NEW YORK: Oil prices soared on Friday, with US futures closing out May with record monthly gains, on hopes that the US-China trade deal would remain intact and on falling crude production. West Texas Intermediate crude futures for July delivery settled at $35.49 a barrel, jumping $1.78, or 5.3%. July Brent crude closed at $35.33 a barrel, gaining 4 cents. However, the more active August contract ended at $37.84, rising $1.81, or roughly 5%. Both benchmarks saw steep monthly rises due to falling global production and expectations for demand growth as parts of the United States, including New York City, and other countries move to reopen after coronavirus-related lockdowns. WTI recorded an all-time monthly rise of 88% after trading negative last month. Brent logged an increase of about 40% for its strongest monthly bounce since March 1999. US President Donald Trump said his administration will begin to eliminate special treatment for Hong Kong in response to China plans to impose … [Read more...] about Oil surges 5% on US-China trade optimism, falling crude output

The Chinese move against Hong Kong caught everyone off guard, according to a German government official with knowledge of the thinking in the Chancellery. That contributes to the dilemma Germany finds itself in. Merkel isn’t willing to join Donald Trump’s attacks, which include repeated references to Covid-19 as a “Chinese virus,” but she is aware the security situation in Hong Kong could deteriorate rapidly. Nobody wants a new Cold War, said the official, asking not to be named discussing internal strategy. … [Read more...] about Europe reaches a tipping point over China’s Hong Kong gamble

European shares pulled back on Friday as market participants turned their focus to Washington's response to the Chinese parliament's approval of a national security law for Hong Kong, but major indexes were on course to finish May with solid gains. The pan-European STOXX 600 index fell 0.9 per cent by 0709 GMT, with US President Donald Trump due to announce his policy moves that could escalate tensions between Washington and Beijing. Automobiles and parts makers led declines with a 2.5 per cent drop, while travel & leisure and banks fell more than 2 per cent each. Still, hopes of a global economic recovery as policymakers unleashed stimulus programmes and several countries emerged from lockdowns put the STOXX 600 on course for a 3.6 per cent monthly gain. Hugo Boss AG fell 4.4 per cent after Jefferies downgraded the stock to "hold", while Renault SA slid 4.5 per cent on news that it was launching talks with unions to restructure several French car plants and confirmed plans to … [Read more...] about European shares step back, Trump’s China response awaited

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A body advising the US Congress this week questioned Wall Street’s push, saying lawmakers need to “evaluate the desirability of greater US participation in a financial market that remains warped by the political priorities of a strategic competitor.” Add to that potential sanctions against China and even its banks over the crackdown on Hong Kong, and the situation could further escalate. … [Read more...] about Wall Street has billions to lose in China from rising strain