Chinese stocks down as United States tariffs loom, Companies & Markets News & Top Stories

All Eyes are on Powell

The Trump administration is set to release its final list of Chinese products that will be subject to 25% tariffs by Friday, with the US President reasserting vows to pursue aggressive trade action in the coming weeks against China.

Beijing has warned that it is ready to respond.

It is not clear when President Trump will activate the measures, but rising Sino-US trade tensions will put more pressure on China's economy, which is starting to show signs of cooling after a multi-year crackdown on riskier lending.

The biggest complication could be a murky economic outlook, muddied by the developing trade war, a populist challenge from Italy's new government and softening export demand.

European markets were mixed, while stocks in Asia were mostly lower. "This is likely to weigh on market sentiment over the summer".

The European Central Bank (ECB) has laid out plans to continue its €2.3trn asset purchase programme (APP) until the end of the year while indicating interest rates will remain at their current levels until the summer of 2019. The euro's drop pulled the dollar higher with the index up 0.1 per cent on the day at 93.81.

As reported at 10:09 am (JST) in Tokyo, the EUR/USD was trading at $1.16, down 0.08%, an improvement from the earlier low of $1.1551.

Trump Claims Has 'Largely Solved' North Korean Nuclear Crisis
Nixon told Mao that they had many differences but that "what brings us together is a recognition of a new situation in the world". Marco Rubio, R-Fla., tweeted that while Trump was "trying to butter him up to get a good deal", Kim "is NOT a talented guy".

The dollar's index against a basket of six major peers rose on Friday to as high as 95.131, its strongest since November 7, after rallying more than 1% on Thursday. He added that longer-term inflation expectations were "well anchored" towards the bank's target of just below 2%. "Against the background of uncertainties in the world today - such as trade - this makes sense, as does the emphasis on data dependency", Stefan Kreuzkamp, chief investment officer at Deutsche Asset Management, told Reuters. More evidence arrived that the US economy is improving, meanwhile, which helped send the S&P 500 to its fourth gain in the last five days.

This was the largest gain in six months and was seen as a strong indicator of accelerating economic growth in the second quarter.

The ECB said it would taper its bond-buying programme down to 15 billion euros a month in the fourth quarter from 30 billion euros a month now in a move that broadly met market expectations.

Speculation has been rife in recent weeks that this month's meeting could see the European Central Bank outline a timetable for exiting its post euro-crisis stimulus programme.

Oil markets edged up, despite the strengthening dollar and fears that Opec countries could decide to increase output at a meeting next week. Saudi Arabia and Russian Federation, architects of a producer deal to cut output, have indicated they want production to rise.

West Texas Intermediate (WTI) crude oil futures were up 0.1% at $66.93 a barrel, while Brent was down 0.1% at $75.87.

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