President Donald Trump and Chinese President Xi Jinping meet at the G20 Summit in Osaka, Japan on June 29.Washington’s latest accusation that China is dumping wooden cabinets and vanities on U.S. shores sums up the mood between the two warring sides as they head into another round of high-level discussions.
Instead there’s greater focus on the economic impact of Trump’s trade wars than the political fallout from his digging of foreign dirt on Joe Biden. Barring any political bombshells, markets can concentrate on Wednesday on the September FOMC minutes that will tell us what Fed officials said at their last meeting, on trade and the presidential browbeating of Fed chair Jerome Powell.
Global corporate earnings for 2020 are forecast to grow 10%, a number which is expected to eventually come down as companies tackle an economic slowdown stemming from trade wars and the UK’s delayed exit from the European Union.