President Donald Trump on Wednesday talked up his meeting with China’s leader, as he paid his respects at the state funeral of former President George H.W. Bush and urged the Organization of the Petroleum Exporting Countries to hold output steady.
MORE POSITIVE ON CHINA
A day after acknowledging the U.S. and China may not reach a trade deal, Trump struck a more-positive note in a series of tweets.
“Not to sound naive or anything, but I believe President Xi meant every word of what he said at our long and hopefully historic meeting. ALL subjects discussed!” Trump said. Market participants attributed Tuesday’s 800-point drop in the Dow Jones Industrial Average
in part to worries about the long-term prospects for a deal between Washington and Beijing. Trump and Xi met last weekend at the Group of 20 summit in Argentina.
On Wednesday, China’s Commerce Ministry acknowledged for the first time that Beijing on Saturday agreed to a 90-day cease-fire to allow negotiations to take place.
PRE-MEETING MISSIVE FOR OPEC
OPEC holds an official meeting Thursday, ahead of a separate gathering between the cartel’s members and non-member allies on Friday.
As he has in the past, Trump tweeted his wishes for the group, in this case, “keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices.”
Crude oil futures
settled lower Wednesday as investors await clarity from major producers on a possible output cut.
TRUMP ATTENDS BUSH FUNERAL, BUT DOESN’T SPEAK
Along with the other living presidents, Trump attended Bush’s funeral at the National Cathedral in Washington. He did not eulogize Bush, with that role going to Bush’s son and former President George W. Bush.
Trump said on Twitter that the event was “not a funeral, this is a day of celebration for a great man who has led a long and distinguished life. He will be missed!”
Want news about Asia delivered to your inbox? Subscribe to MarketWatch’s free Asia Daily newsletter. Sign up here.