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June 19: Five Things You Need to Know to Start Your Day

Business Maverick

Business Maverick

June 19: Five Things You Need to Know to Start Your Day

A protesters points a finger at police during rally outside Hong Kong Chief Executive Carrie Lam's office building, in Hong Kong, China, 17 June 2019. China's Central Government reiterated its backing of Lam on the day, after a massive demonstration on 16 June demanding that she resign over a controversial extradition bill. EPA-EFE/JEROME FAVRE
By Bloomberg
19 Jun 2019 0

Donald Trump said he'll have an “extended” meeting with Xi Jinping at the G-20 summit. Asian equity futures are higher after U.S. stocks rose on trade talk optimism. And Facebook is wading into crypto. Here are some of the things people in markets are talking about today.

Glimmer of Trade Hope

The U.S. and China said their presidents will meet next week in Japan. Donald Trump said he had a “very good” phone conversation with Chinese counterpart Xi Jinping, and that the two leaders will hold an “extended meeting” at the G-20 summit on June 28-29 in Osaka. “Our respective teams will begin talks prior to our meeting,” Trump said on Twitter. The U.S. president had threatened more tariffs if Xi declined a one-on-one at the event in Japan.

In the Green

Asian equity futures are in the green after U.S. stocks climbed on hopes for a de-escalation of the trade fracas, adding to a European rally sparked by pledges of more ECB accommodation. Gains were capped by reports of more Trump-Fed friction, adding to caution ahead of the FOMC decision. Treasuries rose, with 10-year yields briefly approaching 2%. The euro declined while the kiwi and Aussie advanced. The yen briefly dipped after a 6.8 earthquake struck near northwest Japan. Gold climbed.

Sorry Not Enough

Hong Kong’s Carrie Lam refused to resign or to withdraw the extradition bill that sparked the biggest demonstrations in the city’s history. Instead, she said sorry: “I offer my most sincere apologies to all people in Hong Kong.” The umbrella group organizing against the legislation rejected the chief executive’s contrition and said protests will continue.

More Crypto

Facebook unveiled its cryptocurrency plans. Libra may launch next year and be a stablecoin—a digital currency supported by established government-backed currencies and securities. Shares initially rose as much as 2.9%, though they pared much of that advance.  Here’s more on how Facebook is minting a coin and how you can use it.

Max Win

Boeing’s Max got a big win in Paris. The planemaker scored its first deal for the embattled 737 variant since a March grounding that followed two deadly crashes. IAG, the owner of British Airways, signed a letter of intent for 200 of the planes to be delivered between 2023 and 2027. “We have every confidence in Boeing and expect that the aircraft will make a successful return to service in the coming months,” IAG said.

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