Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
China states it doesn’t want to boost trade clashes with the US
On Thursday, the Chinese Ministry of Commerce told that China doesn’t want further escalation of trade contradictions with America during the last round of negotiations, which ended on the weekend. As a m a matter of fact, the sides managed to achieve some progress.
The leading Asian country expressed its willingness to ramp up the volume of imports from the United States in the framework of negotiations on cutting the trade deficit of the US in the amount of $375 billion and also easing the tension provoked by the trade dispute.
According to some sources, Donald Trump had discussed the proposal of the Chinese authorities to spur the import of agricultural products as well as energy from the USA by up to $ 70 billion with the trade advisors, although it’s not clear whether this transaction is going to be sufficient to avert a trade conflict or not.
The US leader threatened to impose tariffs on Chinese exports of about $150 billion on the background of another dispute having to do with the protection of intellectual property.
Additionally, the administration told that the final list of goods that will be subject to tariffs will be uncovered next week and that the US Treasury considers limiting Chinese investments in the USA.
Gao Feng, the official spokesman for the Ministry of Commerce, told that the Sunday negotiations of US Secretary of Commerce Wilbur Ross as well as Vice Premier of the State Council Liu He in Beijing came with a detailed discussion of the issues of energy trade and agriculture, although he didn’t confirm that Beijing made a proposal for about $70 billion.
Moreover, Gao added that that the negotiations generated some progress, and repeated that Beijing is willing to spur imports from America, but he didn’t provide further details.
The United States will publish the Federal Open Market Committee Meeting Minutes on November 24, at 21:00 GMT+2.
Hong Kong’s HK 50 index rose and the Chinese yuan edged up as traders assess the outcome of the first virtual meeting between US President Joe Biden and Chinese leader Xi Jinping.
The US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.