Wed. Sep 30th, 2020

Trade war: Trump’s threats jolt markets as hopes of China deal fade – business live

Rolling coverage of the latest economic and financial news

10.50am GMT

In a surprise twist, European stock markets are all rallying…. as hopes of a US-China trade deal grow again.

Every index is up, with France, Italy andGermany rallying by over 1%, after unnamed sources claimed that Donald Trump had painted a too-gloomy picture of negotiations yesterday.

The people, who asked not to be identified, said that U.S. President Donald Trump’s comments Tuesday downplaying the urgency of a deal shouldn’t be understood to mean the talks were stalling, as he was speaking off the cuff. Recent U.S. legislation seeking to sanction Chinese officials over human-rights issues in Hong Kong and Xinjiang are unlikely to impact the talks, one person familiar with Beijing’s thinking said.

U.S. negotiators expect a phase-one deal with China to be completed before American tariffs are set to rise on Dec. 15, the people said. Outstanding issues in the talks include how to guarantee China’s purchases of U.S. agricultural goods and exactly which tariffs to roll back, they added.

10.32am GMT

Andy Bruce of Reuters shows how UK service sector growth has fizzled out this year:

UK services sector hobbled by politics – PMI

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