China Says Its Trade Practices Benefit World


Trump, who withdrew the USA from an Iran nuclear deal in May, is reportedly pushing foreign nations to cut their oil imports from the country to zero by November, when sanctions on Iran's energy sector will kick in again. The Dow dropped 0.7 percent and the S&P 500 shed 0.9 percent while the tech-heavy Nasdaq Composite lost as much as 1.5 percent.

USA crude stocks fell by almost 10 million barrels last week, the most since September 2016, while gasoline and distillate inventories rose less than expected, the Energy Information Administration said. Its emerging market index hit its weakest level since mid-August.

Asian shares were subdued on Wednesday as weakness in Chinese stocks and the yuan weighed on sentiment, while oil held hefty gains as the United States pressured allies to stop buying Iranian crude.

Finally, both sides discussed connectivity - taking stock of progress in the EU-China Connectivity Platform - and exchanged views on the digital economy, including how to avoid introducing market access barriers through their respective cybersecurity regulations. Dow futures were flat while futures for the S&P 500, which on Wednesday closed at its lowest in almost a month, were up less than 0.1 percent.

Chinese stocks were the biggest losers with Shanghai Composite Index sinking 0.9 percent to 2,818.75.

The Dialogue was timely to prepare the upcoming EU China Summit that will take placein the Chinese capital.

Although that lifted US stocks initially, optimism quickly evaporated after White House economic adviser Larry Kudlow said Trump's remarks did not indicate a softened stance on China.

Schumer rallies opposition to Trump anti-abortion court pick
Vice-president Mike Pence, an outspoken evangelical Christian, has called for Roe to be relegated to "the ash heap of history ". During the 2016 campaign, he predicted the law would be overturned during his presidency.

The yuan weakened 389 basis points to 6.5569 against the US dollar Wednesday, according to the China Foreign Exchange Trade System. "But now they are starting to worry about the damage to the economy", said Mutsumi Kagawa, chief global strategist at Rakuten Securities.

The U.S. House of Representatives on Tuesday overwhelmingly passed a bill to tighten foreign investment rules, spurred by bipartisan concerns about Chinese bids to acquire sophisticated U.S. technology.

Confusion remained the watchword with United States trade policy. "The fear now is that "America First" may become "America Worst", he added. USA gold futures GCcv1 fell 0.25 percent to $1,256.80 an ounce.

Consequently, demand for the Japanese yen has firmed, while US debt yields have edged higher, underpinned by the US Federal Reserve's upward path for its benchmark interest rate, with a further two hikes likely this year.

The fall in USA bonds yields came despite inflationary pressure stemming from rising oil prices. The contract gained $2.23 to settle at $72.76 per barrel on Wednesday. Iconic American motorcycle maker Harley-Davidson said it would move some production overseas to avoid tariffs the European Union is placing on motorcycles made in the U.S. Those tariffs were a response to taxes the U.S. placed on steel and aluminum from Europe.

Early Wednesday, U.S. crude was up 8 cents at $70.61, while Brent climbed 24 cents to $76.55 a barrel.