Japan

In his speech (see here) at the Asia Pacific Economic Cooperation Summit (APEC) on Friday, Trump slammed China, the WTO and his predecessor’s Trans Pacific Partnership (TPP) trade agreement as issues holding back his America-first “Indo-Pacific dream”. Without referencing it specifically, Trump criticised the TPP which he said would “tie our hands, surrender our sovereignty and make meaningful enforcement (of WTO rules) practically impossible”. Trump stated that the US would conduct trade with Asian nations based on bilateral agreements.

S&P futures gave up early gains and were trading down -0.2%, as Donald Trump completes his first Asian tour and as pressure mounts on U.K. Prime Minister Theresa May, sending the pound plunging. European stocks fell, tracking many Asian shares as the Nikkei plunge accelerated.

Something snapped in Japan today.

President Donald Trump’s 12-day Asia tour kicked off in Japan last night, where discussions between Trump and Japanese Prime Minister Shinzo Abe were punctuated by the deadly mass shooting that claimed 26 lives in a small-town Texas church. But not before Trump could engage in some customary saber-rattling aimed at his favorite verbal sparring partner, North Korean leader Kim Jong Un.

The first stage of Donald Trump’s five-nation tour of Asia began well with the President playing golf with Prime Minister, Shinzo Abe, describing their relationship as “really extraordinary”.