Tue. Sep 22nd, 2020

Asian shares mixed amid doubts on US-China trade deal – business live

Pound inches higher towards $1.30 on hopes of smoother Brexit process

7.33am GMT

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

The waiting game continues for the US-China trade deal. Chinese state media described the latest discussions, held by phone over the weekend, as “constructive,” but a report from CNBC suggested yesterday that the mood in Beijing was pessimistic. Doubts have crept in over whether a preliminary deal can be struck, and when.

There are some lingering doubts over whether a phase one deal can be struck. The suspicion is that there’s a lot more wrinkles to iron out than initially thought.

In the middle of next month, the Trump administration will introduce fresh tariffs on roughly $156bn worth of Chinese imports, unless something changes. Some traders are hoping phase one of the overall trade deal will be agreed upon by then so there will be no need to press ahead with new tariffs.

Mr Trump would like more concessions from China in relation to intellectual property rights, but for now he doesn’t want to reverse tariffs, but China are open to the idea of rolling back on the levies. The toing and froing of the trade spat will probably continue up until when the next round of US levies are set to kick in, and then we could see some constructive talks.

Continue reading…Pound inches higher towards $1.30 on hopes of smoother Brexit process 7.33am GMTGood morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.The waiting game continues for the US-China trade deal. Chinese state media described the latest discussions, held by phone over the weekend, as “constructive,” but a report from CNBC suggested yesterday that the mood in Beijing was pessimistic. Doubts have crept in over whether a preliminary deal can be struck, and when.There are some lingering doubts over whether a phase one deal can be struck. The suspicion is that there’s a lot more wrinkles to iron out than initially thought.In the middle of next month, the Trump administration will introduce fresh tariffs on roughly $156bn worth of Chinese imports, unless something changes. Some traders are hoping phase one of the overall trade deal will be agreed upon by then so there will be no need to press ahead with new tariffs. Mr Trump would like more concessions from China in relation to intellectual property rights, but for now he doesn’t want to reverse tariffs, but China are open to the idea of rolling back on the levies. The toing and froing of the trade spat will probably continue up until when the next round of US levies are set to kick in, and then we could see some constructive talks. Continue reading…