United States

On Monday, Trump pressed Japan’s Prime Minister and business leaders to reduce the $69 billion trade deficit. A couple of badly made jokes, awkward moments and an unfair singling out of the auto industry later, we expressed our scepticism that the Japanese would do anything after he left (see “Trump Says Trade With Japan Is Not Fair And Not Open – Awkward Moments Ensue” here).  Today Trump touched down in Beijing for two days of meetings, including eagerly awaited talks with China’s greatest leader since Mao, Xi Jinping.

After months of blustery rhetoric and half measures, the White House is finally taking steps to undo another one of former President Barack Obama’s legacy-defining foreign-policy accomplishments.

The Washington Post reports that, in a landmark ruling, the Trump administration is reversing some of Obama detente with Cuba by cracking down on travel and business with the island.

"A Happy Trumpiversary to all our readers this morning"

       - Deutsche Bank

In what is sure to stir up a media storm of over analysis, the Kremlin has commented that there is a strong possibility that Donald Trump and Vladimir Putin will meet on the sidelines of the upcoming international summit in Vietnam.

U.S. equity futures are little changed as European and Asian shares retreated, led by sliding bank stocks and a drop in the dollar as doubts over republican tax cuts and ongoing bond curve flattening hurt sentiment and prompted fresh questions over the viability of the US expansion.