Asia

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.

Three US nuclear-powered Nimitz-class aircraft carriers representing nearly $30 billion of advanced military hardware put on show of force in the Western Pacific Ocean over the weekend, the first time three of the 100,000-ton behemoths have sailed together in a decade. Amidst heightened tensions with North Korea the USS Ronald Reagan, USS Nimitz, and the USS Theodore Roosevelt are currently engaged in a four day war games exercise which will link up with allies Japan and South Korea, who are also participating. 

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.

• Trump Declares New World-Trade Order (WSJ)
• Trump brings tough trade message in vision for Asia (Reuters)
• Trump Offers Trade to Asian Nations But Only If They Play Fair (BBG)
• Flynn Probed Over Alleged Plan to Send Back Turkish Cleric (WSJ)
• GOP’s Dueling Tax Overhauls Struggle to Pass a Key Red Ink Test (BBG)
• Trump's CNN attacks may hobble legal case to block AT&T-Time Warner deal (Reuters)
• Bigger Than Black Friday, Alibaba’s ‘Singles Day’ Faces Fatigue in China (WSJ)

That was quick.