U.S. and China Agree to Trade Tariff Truce | July 1-2019
Dow futures surge more than 280 points after Trump and Xi agree not to impose more tariffs
U.S. stock futures surged on Monday morning after the U.S. and China agreed to hold off on slapping additional tariffs on their products in an effort to resume trade talks.
“The markets appear to be content with the cooperative tone coming out of the meetings. To me, it felt like the contrarian play was to the upside post meetings,” said Dan Deming, managing director at KKM Financial.
“There was a great deal of bearishness in sentiment headed into the meeting. Many market observers were discounting any change in the narrative, which made many believe the risk was to the downside.”
cnbc.com/dow-futures-surge-trump-xi-truce
Trade Truce Is Good Enough for a Full-on Risk Rally, for Now
A meeting between the U.S. and Chinese presidents concluded at the Group of 20 summit on Saturday with the American leader confirming there will be no new tariffs on China.
Pundits mostly agreed this was hardly a major breakthrough, but for now the lessened threat of a further escalation was consoling enough for traders, especially on the heels of easing signals from global central banks.
bloomberg.com//trade-truce-risk-rally-july-1-19
Bill Gates reveals his greatest mistake — and says it cost him billions of dollars
“It really is winner take all. If you’re there with half as many apps or 90% as many apps, you’re on your way to complete doom. There’s room for exactly one non-Apple operating system and what’s that worth?
marketwatch.com/bill-gates-reveals-his-greatest-mistake
Oil firms as OPEC+ poised to extend supply cut
LONDON (Reuters) – Oil prices were up on Monday as OPEC and its allies looked on track to extend supply cuts until at least the end of 2019 at their meeting in Vienna this week.
Iran – under U.S. sanctions alongside OPEC ally Venezuela – on Monday joined top producers Saudi Arabia, Iraq and Russia in supporting a policy aimed at propping up the price of crude amid a weakening global economy.