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Market focus is largely attuned to global trade developments, with high-level negotiators from the U.S. and China poised to meet for a fresh round of talks in Washington, D.C., on Thursday. Citing an official with direct knowledge of the talks, Bloomberg reported that China is prepared to accept a partial trade deal as long as no more tariffs are imposed by President Donald Trump.
The report added that Beijing would offer non-core concessions like purchases of agricultural products in return, but not budge on major sticking points between the two nations.
The unnamed official said negotiators were not optimistic about securing a broad agreement that would fully end the trade conflict between the world’s two largest economies. Both sides are set for high-level trade negotiations in Washington on Thursday. (Read the complete report here.)
President Trump has said tariffs on Chinese imports will increase on October 15 if no progress is made in bilateral trade negotiations.
The world’s two largest economies have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.
The long-running dispute has slowly expanded beyond trade policy, exacerbating fears about further damage to a fragile global economy.
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To be sure, U.S. visa restrictions on Chinese officials and the addition of more Chinese companies to a U.S. trade blacklist this week has dampened already slim hopes of a trade truce.
On the data front, weekly mortgage application numbers are expected out at 7 a.m. ET, and wholesale trade figures for August and Job Openings and Labor Turnover Survey (JOLTS) data for August will both be released at around 10 a.m. ET.
Source: cnbc.com | Original Link