Major US indexes fell, with shares in Musk’s electric vehicle company Tesla tanking more than 14 percent as the US leader threatened to tear up the tycoon’s government contracts.
But markets were “holding up reasonably well” otherwise, said Patrick O’Hare of Briefing.com.
“The call lasted approximately one and a half hours, and resulted in a very positive conclusion for both Countries,“ Trump said on his Truth Social platform. He added that US and Chinese teams would hold a new meeting “shortly.”
Previously, the world’s two biggest economies blamed each other for jeopardizing a temporary truce in their escalating tariffs war.
But he added: “It is super important that the Trump-Xi call now leads to some concrete movement.”
- Euro boost -
European stock markets closed mixed even though the ECB cut its key deposit rate a quarter point to two percent, as expected.
But ECB President Christine Lagarde stated the central bank is “getting to the end” of the rate-cutting cycle.
The ECB’s series of cuts stands in contrast to the US Federal Reserve, which has kept rates on hold recently amid fears that Trump’s levies could stoke inflation in the world’s top economy.
Other data has been mixed. April jobs openings data beat expectations but according to payroll firm ADP, private sector jobs rose by only 37,000 last month, slowing from April.
The readings stoked concerns that the US economy was stuttering.
The readings ramped up bets on a Fed cut, with markets pricing in two by the end of the year, starting in September.
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