Wed. Sep 30th, 2020

Chinese industrial profits tumble as trade war bites – business live

Rolling coverage of the latest economic and financial news, as US president Trump claims a trade deal is very close

8.32am GMT

As is his wont, Donald Trump has been talking up the prospects of a trade deal with China.

He told reporters at the White House last night that a breakthrough was imminent… but also implied that Beijing needs to calm the situation in Hong Kong first.

“We’re in the final throes of a very important deal, I guess you could say one of the most important deals in trade ever. It’s going very well but at the same time we want to see it go well in Hong Kong.”

8.24am GMT

Commodity prices have been hammered by the slide in Chinese factory profits.

Iron ore and steel prices have both fallen today, on fears of falling demand.

Benchmark Dalian iron ore futures prices, for January 2020 delivery, dived as much as 2.6% to 639 yuan ($90.78) per tonne and closed at 642 yuan per tonne.

The most traded construction steel rebar on the Shanghai Futures Exchange, declined 1.2% to 3,596 yuan a tonne.

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