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Trump attacks Fed, China can’t confirm leaders’ meeting, Brexiteers toughen stance: Your Wednesday…

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US President Donald Trump said that he had received a ‘very beautiful’ letter from the North Korean dictator Kim Jong-un, adding that he hoped something ‘very positive’ will happen. Despite the optimism Trump beams, little progress has been made since the two leaders met for the first time last year.

Trump takes responsibility for failed talks

On China, Trump said it was him holding up a trade deal with the world’s second-largest economy and that he was not interested going forward unless Beijing agrees to several major points “major points” which he failed to specify. He also threatened to increase tariffs further. Trump’s proposed meeting with Chinese President Xi Jinping at 20 summit in Japan is still not clear to take place.

Attacking the Fed

Trump attacked the Federal Reserve once again, over interest rates which he thought were “way too high.” The central bank had “no clue,” he claimed. He added that the Euro and other currencies were devalued against the Dollar. But a potential rate cut is in the coming weeks is on the agenda as Fed’s FOMC meet next week.

China PPI&CPI

Producer price index (PPI) China last month rose by 0.6% year-on-year, the the country’s statistics officials said on Wednesday. The figure was in line with market expectations but lower than a 0.9% increase in April. The consumer price index (CPI) though rose by 2.7 % from a year earlier, the data showed NBS. It was the fastest hike in years but corroborated.

The Chinese central bank said will be injecting 35 billion yuan ($5.06 billion) through open market operations today, Reuters reported.

Macron wants Merkel for top EU job

France’s President Emmanuel Macron said that he would back German Chancellor Angela Merkel if she wanted to succeed Jean-Claude Juncker as president of the European Commission. Merkel has previously said she is not interested in the job.

“Delay means defeat”

In the UK, premiership hopefuls seeking to replace PM Theresa May are hardening stance on Brexit. Boris Johnson, the leading politician to get Number 10 warned a delay to the October 31 date of Brexit means “defeat.”

EIA lowers forecast

The US Energy Information Administration (EIA) lowered its forecasts for this year’s global oil demand growth and cut its domestic crude oil output in a report released Tuesday.

The EIA cut its 2019 world oil demand growth forecast by 160,000 bpd to 1.22 million bpd. It also scaled back its forecast for this year’s American crude production to 12.32 million bpd, cutting down 140,000 bpd from the previous estimate.

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