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China's Xi vows to open economy, ahead of Trump trade talks – business live | Business



A salad dressing

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Fancy dinner for two, in an exclusive setting in Buenos Aires? It sounds delightful, especially when the bill should not be a problem.

But this particular Saturday night will have a difference – when Donald Trump and Xi Jinping sit down in a few days time, they'll have a chance to kiss, make up, and calm the trade war that is worrying the global economy.

Larry Kudlow, the director of Trump's National Economic Council, revealed last night that Trump and Xi will meet for a formal dinner at the G20 meeting this weekend.

Kudlow told reporters that the two presidents could "turn a new page" in their bilateral economic relationship …. but only if Xi makes concessions on trade policy.

Kudlow said:


"President Xi has a chance to change the tone and the substance of these talks.

This is a great opportunity. President Trump has indicated he's open. Now we have to know if President Xi is open. "

This is their only scheduled meeting before January, when the US is set to hike its tariffs on $ 200bn of Chinese imports from 10% to 25%. So it really does matter.

Christophe Barraud🛢
(@C_Barraud)

🇺🇸 🇨🇳 Larry Kudlow: White House is a lot of communication with the #China government at all levels' ahead of critical #Trump-Xi meeting at # G20 – CNBChttps: //t.co/aKczGkO182


November 28, 2018

Trump had raised the stakes on Tuesday by floating the idea of ​​imposing tariffs on pretty much all Chinese goods sales to America. This trade war could easily get a lot worse ….

Investors, however, will hope that China will give ground on issues such as intellectual property transfers.

We'll find our later today if Trump's tariffs are having effect on America's trade gap, when the latest import and export figures are released.

Also coming up today

Federal Reserve chair Jerome Powell, is giving a speech this afternoon. Wall Street will watch for signs that Trump's criticism of the Fed over interest rate has any effect.

The Bank of England is publishing the results of its annual stress tests on Britain's biggest lenders this afternoon. They'll show if UK banks can cope with an economic shock, or a recession.

The stress tests will probably be overshadowed by the bank's analysis of Britain's Brexit withdrawal agreement, also released at 4.30pm, and likely to warn against a no-deal scenario.

Robert Peston
(@Peston)

Huge day tomorrow for PM in pressurising her MPs to back her deal – because Dexeu and government economic service will show something close to her deal much better for prosperity than Canada Plus. And Bank of England will show no deal with a car crash. Will enough …


November 27, 2018

Robert Peston
(@Peston)

… MPs be enough to be scared to drop their opposition to her Brexit plan, or will they continue to maintain that negative prognostications are Establishment scaremongering?


November 27, 2018

The agenda

  • 1.30pm BST: US trade figures for October
  • 1.30pm BST: Second estimate of US GDP for Q3 2018
  • 4.30pm: Bank of England publishes 2018 bank stress tests, and no-deal Brexit analysis
  • 5pm: Fed chair Jerome Powell gives a speech


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