Weak hand, empty pocket
China, South Korea, Iran, the UK, and Canada.
Hello,
Here are the five things you need to know today:
CHINA. Trump leaves without a breakdown, but no breakthrough.
SOUTH KOREA. The KOSPI hits 8,000 then crashes 8%.
IRAN. Running out of real options, the US leans on PR.
BRITAIN. The Mancunian candidate must first defeat Farage.
CANADA. A ruling in Alberta is heard loudest in Quebec.
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CHINA. Stable jejune
Trump leaves without a breakdown, but no breakthrough.
Donald Trump left Beijing Friday, heralding “fantastic trade deals” and stronger ties. Boeing shares slid after a 200-plane order missed market expectations. Jamieson Greer said it had not yet been decided if a trade truce would be extended.
INTELLIGENCE. In a world of rolling crises, no news is good news, but even the summit’s modest expectations were left disappointed. While stabler ties may let more concrete measures be negotiated ahead of September, when Xi Jinping visits the US, Trump will need to improve his leverage to obtain better outcomes, whether in trade or security. Yet to do so, he may first need China’s help. His biggest problem – the war in Iran – is what most limits his options.
FOR BUSINESS. Washington’s readout was long on Iran and short on Taiwan. Beijing’s was the opposite. Either the leaders agreed to disagree, or negotiations are ongoing. Trump has heralded Chinese commitments on oil, LNG, and soy, but these are yet to be confirmed. Reading Beijing’s signals has meanwhile been reduced to analysing the menu and orchestration of the official dinner. Drunk and twice-boiled chicken (but no tacos). A military band playing YMCA.
SOUTH KOREA. Can't Won 'em all
The KOSPI hits 8,000 then crashes 8%.
Seoul’s main share index fell more than 500 points Friday after crossing the 8,000-point milestone in an AI-driven frenzy. Samsung fell 9.3% after workers announced an 18-day strike. The Bank of Korea’s new director warned on inflation.
INTELLIGENCE. Supported by share-enthusiast President Lee Jae-myung, the KOSPI