26 Jun 2019
Stocks in Hong Kong rose on Wednesday ahead of a highly anticipated meeting between US President Donald Trump and China President Xi Jinping during the G20 summit in Osaka, Japan. The Hang Seng index got to 0.1% at 28,221.98 points, as the China Enterprises Index increased 0.2% to 10,766.06 points.
Trump is interested to see whose side Beijing will take and does not feel any pressure, claiming that he will be ‘comfortable with any outcome’ from the meeting. A senior administration official stated the White House is willing to agree on a deal and continue trading with China, however it will not accept any conditions around the US use of tariffs during the talks.
Eyes are also on Federal Reserve Chairman, Jerome Powell who questioned the central bank’s independency and policy, amid the pressure exerted by Trump to cut interest rates.
MSCI’s Asia ex-Japan stock index went down by 0.05%, while Japan’s Nikkei index ended at 0.51%. The yuan dropped by 0.1% to 6.8858 per U.S. dollar.