FAST FIVE: Stocks, Yuan Tumble On US-China Trade Headlines, Then Rebound On More Trade Headlines
Update: just moments after the bearish Bloomberg headlines hit, the WSJ was out with what almost appeared to be a prepared anti-hit piece, according to which talks are in their final stages and that top US and China negotiators are “planning new rounds of talks starting next week” to end the trade war.
According to the WSJ, Robert Lighthizer and Steven Mnuchin expect to fly to Beijing the week of March 25, to meet with Chinese Vice Premier Liu He.
The news helped stocks instantly rebound from their lows which were hit just moments earlier (see below) following the Bloomberg report that US officials are worried that China is pushing back against American demands in the trade talks.
In recent days, Bloomberg reports that USTR has sent comments to its Chinese counterparts seeking to address concerns with language in China's revised offer on intellectual-property protection, according to one person briefed on the discussions.
However, another person – reportedly close to US Trade Representative Robert Lighthizer – denied that Chinese officials have backed away from previous pledges.