Breaking: US and China make no progress on key trade issues in two days of deputy-level talks - SCMP Sources

  • Chinese delegation refuses to talk about forced technology transfers - High-level talks are expected to last for only one day,
  • Trade talks are doomed to fail from the get-go.
  • AUD/JPY is down 0.30% on the soured sentiment. 

South China Morning Post sources have come with a piece that has sent the Yen on a hike across the board, advancing some 30 pips vs the greenback, saying:

  • US and China make no progress on key trade issues in two days of deputy-level talks, sources say.
  • The Chinese delegation refuses to talk about forced technology transfers, a core US grievance in the negotiations, a person with knowledge of the meetings says.
  • High-level talks are expected to last for only one day, with Liu He and his team now planning to leave Washington on Thursday.

Overnight,  US stocks were elevated on a report from Bloomberg News that had suggested China was open to a limited tariff resolution with the U.S. Also, the Financial Times indicated that China had offered to increase by 50% purchases of agricultural products from U.S. farmers.

However, as ever, the headlines were conflicting with a late statement from China poured cold water over such optimism and said that the US had damaged any goodwill following the blacklisting of Chinese companies by the US State Department the prior day, announcing that Beijing has little hopes of a trade deal breakthrough this week - and seems we have confirmation now that these trade talks are doomed to fail from the get-go and its back to risk-off. AUD/JPY is down 0.30% on the soured sentiment. 

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