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S&P 500 Eyes First Weekly Decline Since May as G20 Summit Kicks Off

S&P 500 Eyes First Weekly Decline Since May as G20 Summit Kicks Off

2019-06-28 18:23:00
Thomas Westwater, Contributor


  • World leaders meet in Osaka, Japan as 19 nations plus the EU focus on global growth and international trade policy
  • The S&P 500 is trading modestly higher as traders remain optimistic of US-China trade war progress, but the US stock market is set to post a weekly decline as uncertainty lingers
  • President Trump and China’s Xi are scheduled to meet on Saturday and is one of the summit’s most anticipated events as the US and China continue to spar over trade issues

The Annual G20 Summit kicked off this Friday in Osaka, Japan as leaders are set to discuss issues impacting the global economy such as trade, investment, and innovation. Other themes expected to be discussed heavily include tensions in the Straight of Hormuz stemming from the Gulf of Oman oil tanker attacks earlier this month with Iran being suspected of the attacks by the US.

Market participants have been awaiting this week’s summit as they hope to gain insight into trade progress between the US and China with President Trump and Xi slated to meet Saturday morning which is perhaps the most anticipated G20 Summit event. Markets are turning slightly more optimistic to end the week with the first day of events wrapped up in Japan. The S&P 500 Index (SPX) is up 49-basis points through mid-day trading, although the Index is on track to post its first weekly loss this month. Gold traders are also eyeing the G20 Summit, XAUUSD made a healthy move up overnight reaching a high of $1424.56, before pulling back slightly with the commodity currently trading around $1411.94 but still positive on the day so far.



Notable events during the first day included meetings between various key leaders and a lunch conference with all heads of state being present. During the lunch conference which was focused on the digital economy, Japan’s Prime Minister Abe mentioned that the world economy faces three key issues of globalization, aging, and digitalization. World Trade Organization reforms were also brought up as a continued theme from last year’s summit in Buenos Aires with many leaders believing that the WTO is too slow to adapt to the increasingly digital economy.

President Trump said that the United States is eager to work with like-minded partners on the digital economy and highlighted that security to 5G networks will be essential to prosperity and safety between partners. Trump also said the United States opposes data localization and polices which are used to restrict digital trade flows and violate IP protections. No one country was mentioned in specific, but it is largely assumed Trump was prefacing issues for tomorrows meeting with President Xi as the two world leaders wrestle over China’s state telecom giant Huawei which has been severely impacted by recent US trade policies.

--Written by Thomas Westwater, Intern Analyst for DailyFX.com

Contact and follow Thomas on Twitter @FxWestwater

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