Investors await outcome of North Korea / US summit after G7 debacle
Donald Trump’s G7 appearance was highly charged
What a week it’s been for US politics and the global markets. President Trump maintained his combative stance towards other G7 leaders at the summit in Quebec, Canada over the weekend. According to his trade and economic advisors (Peter Navarro and Larry Kudlow), fruitful discussions were held between the Western leaders including President Trump and Justin Trudeau, but after Trump left the event, the Canadian PM slammed Trump’s planned tariff action against G7 nations in a news conference with domestic media, and Trump responded in kind, calling his word’s “false statements” and accusing him of being “dishonest and weak”.
As usual, House Democrats were furious, with many claiming that by attacking close US allies, Trump was actively undermining the rules-based international system which has guaranteed relative peace and prosperity since the end of WW2. After, he said Russia should be included in the G7 (making it the G8 once more), a statement which raised eyebrows once again, given the ongoing investigation into possible collusion between the Trump campaign team and the Russians, led by Robert Mueller.
For investors however, the main focus will now be on Singapore and not trade concerns with the G7. Trump is due to meet Kim Jong-un tomorrow at 9AM (Singapore Time) for what could prove to be one of the most important summits of all time. US stock futures rose this morning, but we should expect some volatility soon. If positive news comes out of the US/NK summit, global stock markets could rise bullishly!
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