Daily Briefing: - European Union leaders meet to ponder post-Brexit priorities - Britain's Labour launches campaign for European Parliament elections - Trump says Beijing 'broke' trade deal, pledges to keep tariffs on Chinese goods
Even though Chinese Vice Premier Liu He is en route to the U.S. capital for last ditch talks, there’s little or no time now to address the huge range of issues listed by the White House as reneged commitments before the tariff deadline is reached at midnight U.S. time tonight.
HK’s Hang Seng index fell 2 percent, while Shanghai stocks dropped another 1 percent to their lowest since February and China’s offshore yuan skidded to its weakest since January 9. Chinese producer price inflation numbers for April came in above forecasts. Ten-year U.S. Treasury yields were a touch lower, but that trade was complicated by a poor 10-year note auction late Wednesday that saw the weakest bid-to-cover ratio in more than 11 years and the lowest participation by indirect bidders in 13 months.
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