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Global investors remained wary on Friday after a closely watched phone call between U.S. President Donald Trump and Chinese President Xi Jinping failed to deliver concrete progress on trade. Chinese markets reflected the cautious sentiment, with modest declines across key indices.
The Shanghai Composite Index ended flat, the CSI300 edged down 0.1%, and Hong Kong’s Hang Seng Index dropped 0.4%, signaling that markets had anticipated little from the rare leader-to-leader exchange.
Despite the high-profile nature of the call, analysts noted that it offered few specifics, particularly on tariff reductions or technology access — two of the most contentious points in the current trade standoff. The 90-day tariff rollback deal, agreed in May, remains fragile amid ongoing disputes over critical minerals, chip export controls, and Taiwan.
“There’s nothing concrete that’s positive,” said Guo Jianwen of Haiyi Capital. “So little impact on stocks — only some trading opportunities.”
Gary Ng of Natixis echoed the sentiment, saying the call gave “no certainty” on the scope or substance of any future trade agreement. “It may only be a partial one given the wide range of issues,” he noted.
William Xin of Pu Jiang Investment Management pointed out that the only clear relief was that “things are not getting worse.” He added that a Trump visit to China could be a potential turning point for market sentiment.
Others viewed the call’s diplomatic tone as a temporary calming signal. Charles Wang of Shenzhen Dragon Pacific Capital Management noted Xi's warning to Trump against provocative moves on Taiwan, interpreting it as a sign China is not imminently planning to escalate tensions over the island.
Still, skepticism prevailed. “Trump’s fickleness has made such talks less and less meaningful to the market,” said Wang Zhuo of Zhuozhu Investment.
On a more optimistic note, Gao Le of Galaxy Securities in Beijing said the recent appreciation of the yuan reflects confidence in China’s economic resilience. “Market sentiment will continue to heal,” he said, pointing to U.S.-listed Chinese stocks rising even as broader U.S. markets dipped.
Charu Chanana of Saxo in Singapore summarized the mood: “Markets are relieved the Trump-Xi call didn’t escalate tensions further — but that’s not quite a reason to cheer either.” With core issues unresolved, she warned, “new flashpoints can emerge at any time.”
For now, investors appear to be shifting focus to upcoming economic indicators, particularly the U.S. jobs report due later Friday, while keeping a close eye on any further signals from Beijing or Washington.
The European Commission is set to propose allowing carbon credits from other countries to count towards the EU’s 2040 climate target, according to a leaked internal document.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
Italy plans to grant approximately 500,000 work visas to non-EU nationals between 2026 and 2028, as announced in a cabinet statement. The initiative aims to address labor shortages by expanding legal immigration pathways
China has ramped up efforts to protect communities impacted by flood control measures, introducing stronger compensation policies and direct aid from the central government.
Afghanistan’s Deputy Prime Minister for Economic Affairs, Abdul Ghani Baradar, met with Azerbaijani Prime Minister Ali Asadov in Baku to discuss expanding trade and developing the Lapis Lazuli transport corridor.
Azerbaijan and Kyrgyzstan have explored new avenues for energy cooperation during a high-level meeting in Baku.
Türkiye’s President and Iranian President met on the sidelines of the 17th Economic Cooperation Organization summit in Khankendi, Azerbaijan, highlighting the event’s regional significance.
In his speech at the Economic Cooperation Organization Summit held in Khankendi, the President of Uzbekistan urged to define the medium and long-term development priorities of the organization and put forward a proposal to adopt the concept of 'Strategic Goals of Economic Cooperation – 2035.
President Ilham Aliyev received UAE Minister Sultan Al Jaber in Khankendi on July 4, with both sides praising strong bilateral ties and exploring future energy and cultural cooperation.
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