US–China remain locked for a phase one deal

On Tuesday US stocks dropped while an imminent US-China trade deadline discouraged investors. The popular tech-driven Nasdaq Composite dropped 0.1% to 8,616.1, pulled down by Netflix.

The Dow Jones Industrial Average ended more than 27 points lower, or 0.1% at 27,881.7. The S&P 500 too lost 0.1% to end at 3,1321. China and the US have until Sunday to develop a so-called phase one trade agreement. If an agreement is not reached by then, new US taxes will take effect.

On Wednesday GBP moved lower following a survey that revealed a moderate lead for Prime Minister Boris Johnson’s Conservative Party in an election programmed to take place later in the week. This while the US dollar move remained stuck before the Federal Reserve’s policy meeting. The GBP dropped to as low as $1.3106 at $1.3139 on Tuesday.