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Europe stocks reverse gains despite China data meeting expectations; Galapagos up 17%

Europe stocks reverse gains despite China data meeting expectations; Galapagos up 17%

Finance
European stocks erased early gains on Monday, amid worries that China's economy is slowing due to a trade war with the U.S.European Markets: FTSE, GDAXI, FCHI, IBEXThe pan-European Stoxx 600 traded 0.3% lower by mid-morning. Telecoms stocks led losses with a 0.9% decline while autos added 0.6% as one of only two sectors trading in positive territory.Traders kept a close watch on the latest economic figures out of China. The country posted second-quarter figures on Monday that showed its economy grew 6.2% in the second-quarter, at its slowest pace in 27 years. Still, China's GDP (gross domestic product) growth was in line with expectations, and data for industrial production, retail sales and fixed-asset investment came in above analyst expectations.Chinese stocks got a boost from the fresh...
Trump crosses into North Korea in historic meeting with Kim Jong Un at DMZ

Trump crosses into North Korea in historic meeting with Kim Jong Un at DMZ

World
SEOUL, June 30 (UPI) -- President Donald Trump met Kim Jong Un at the DMZ and stepped across the border into North Korea on Sunday afternoon, marking the first time a sitting U.S. president has set foot on North Korean soil. Emerging from a scrum of security service and traveling press, Trump and Kim met at the military demarcation line, a low concrete ridge in the truce village of Panmunjom that marks the border between North and South. They shook hands and chatted briefly before Kim invited Trump to cross into the North, where they shook hands and posed for photos. The two then crossed to the other side of the border, where South Korean President Moon Jae-in was waiting for them. Answering questions from reporters, Kim noted said that the meeting was an expression of Trump's willingnes...
China is not budging ahead of Xi-Trump G-20 meeting

China is not budging ahead of Xi-Trump G-20 meeting

Finance
Flags of the US and China are placed ahead of a meeting between US Secretary of Agriculture Sonny Perdue and China's Agriculture Minister Han Changfu at the Ministry of Agriculture in Beijing on June 30, 2017.Jason Lee | AFP | Getty ImagesBEIJING— The Chinese Ministry of Commerce maintained a firm stance against the U.S. during a weekly press conference Thursday, less than two days ahead of a scheduled meeting between the leaders of the two countries. "We urge the U.S. to immediately cancel its pressure and sanction measures on Huawei and other Chinese companies, and push for the stable and healthy development of China-U.S. trade relations,“ Gao Feng, spokesman for the Ministry of Commerce said in Mandarin, according to a CNBC translation.Gao added the China is unchanged on its position on
Trump-Xi meeting at the G-20 could impact the Fed’s next move, economist says

Trump-Xi meeting at the G-20 could impact the Fed’s next move, economist says

Finance
The meeting between U.S. President Donald Trump and China President Xi Jinping at next week's G-20 summit could sway the Federal Reserve at its next meeting, said the chief economist and head of research for Asia Pacific at ING, Rob Carnell.The U.S. central bank held interest rates steady on Wednesday and indicated that no cuts were coming in 2019.However, Fed chairman Jerome Powell opened the door to the possibility of rate cuts, after the Fed's statement was released, when he said: "Many participants now see the case for somewhat more accommodative policy has strengthened."The meeting between the leaders of the world's two largest economies will be "pretty important," Carnell told CNBC's "Capital Connection" on Thursday.Powell had said Wednesday "there was not much support for cuttin...
The Fed won’t cut rates at its June meeting. Here’s why

The Fed won’t cut rates at its June meeting. Here’s why

Finance
Federal Reserve Chairman Jerome Powell holds a press conference following a two day Federal Open Market Committee policy meeting in Washington, January 30, 2019.Leah Millis | ReutersWith pretty much everyone convinced that the Fed is going to be cutting interest rates at some point this year, the central bank faces one rather pressing question: Why wait?After all, the market already is pricing in at least reductions this year and probably three. Though the Federal Open Market Committee meets next week, there is little expectation of a move then.Not moving next week essentially comes down to three factors, according to Fed watchers: The looming G-20 summit at which the U.S. and China, at least theoretically, could reach a trade agreement; a desire not to be seen as overly influenced by the ...