Trump open to deal with Xi at dinner but with conditions: Kudlow

Devin Lawrence
November 28, 2018

China will have to give way on "fairness and reciprocity", he said, warning that United States concerns over intellectual property theft and China's forced technology transfers "must be solved".

"Maybe I won't have the meeting", Trump said, according to The Washington Post. "These things should never happen again, so people have to act in a responsible way".

The local share market is set to begin the day without much momentum, as trade tensions dominated global markets.

'If the United States does not buy Chinese products and US technology is not forthcoming, would that really benefit USA companies?' said Xu Nanping, China's vice minister of Science and technology.

The Dow had ended Monday up 1.46 per cent, the S&P 500 gained 1.55 per cent and the Nasdaq 2.06 per cent.

European markets opened subdued, but dipped as trading progressed. The euro was flat at $1.1335.

Mr Kudlow said Mr Trump told his advisers that "in his view, there is a good possibility that a deal can be made, and that he is open to that". "Combined with last week's harsh report from the USA trade representative, investors have only the flimsiest hope that the Trump-Xi meeting in Argentina will amount to more than a hill of soybeans".

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The dollar index, which measures the dollar's value against six other major currencies, rose 0.2pc to 97.28, its highest level in nearly two weeks.

Investors would be looking for clues on the path of future interest rate hikes with Federal Reserve Vice Chairman Richard Clarida addressing an event in NY on Tuesday and Fed Chairman Jerome Powell set to speak on Wednesday.

Treasury yields fell on Tuesday afternoon after $40 billion of new five-year notes were sold to strong demand and on resurgent worries about U.S.

Apple's stock is down more than 20 percent since November 1, when it gave a lukewarm sales forecast for the upcoming holiday season and said it would stop disclosing how many iPhones it sells every quarter.

In commodity markets, oil prices steadied, depressed by record Saudi production but supported by expectations that oil exporters would agree to cut output at an OPEC meeting next week. Brent settled at $60.21, down 27 cents or 0.45 percent.

Oil prices are down by nearly a third since early October, weighed down by an emerging supply overhang and widespread financial market weakness.

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