FILE - Flags adorn the facade of the New York Stock Exchange, Wednesday, June 16, 2021. – Wall Street is stable Tuesday, the first trading day of the week, after a meeting between Chinese leader Xi Jinping and Secretary of State Antony Blinken yieldedfrom either side on Taiwan, human rights, technology and other issues of contention.U.S. markets were closed for a holiday Monday.
“There is no doubt China and the U.S.A. need each other, and their relationship to be back on a more secure footing for mutually beneficial commercial reasons, as well as reducing the risk of actual conflict,” Clifford Bennett, chief economist at ACY Securities said in a commentary.than expected from the disruptions caused by efforts to vanquish COVID-19, leading the central bank to cut its benchmark 1-year loan prime rate on Tuesday by a tenth of a percentage point to 3.55%.
“Recent easing moves suggest that reopening efforts are losing their shine, setting the groundwork for more policy intervention to follow in the months ahead,” Yeap Jun Rong of IG said in a commentary. Eddie Wu, chairman of its e-commerce group, will succeed Daniel Zhang as CEO, the company said Tuesday. Zhang will be CEO and chairman of Alibaba’s cloud computing unit, which will be spun off and is expected to be listed for trading within a year.In Europe, France’s CAC 40 inched down about 0.2% at midday, while Germany’s DAX slipped 0.5%. Britain’s FTSE 100 added less than 0.1%.