China has an ace up its sleeve in trade talks with the U.S. and stocks are going nowhere until Beijing plays it ...Middle East

Investors seem to be in a wait-and-see mode this morning as trade talks between the U.S. and China continue in London. Stocks were largely flat in Asia and Europe, and S&P 500 futures aren’t going anywhere either. 

S&P 500 futures were flat this morning, following Asian and European indexes which also moved only marginally. The lack of drama in the markets seems to be an indicator that investors are waiting to see what emerges from the U.S. trade talks with China in London.

There is no telling how the trade talks between the U.S. and China will pan out but China appears to be sitting at the table with a persuasive advantage: It has a global monopoly on samarium, a rare earth mineral that has magnetic properties and can withstand high temperatures. The U.S. military is dependent on the substance for its fighter jets.

That implies that the White House may now be more willing to make a deal with China that leads to lower tariffs—which would likely boost stocks.

The U.K.’s FTSE 100 rose 0.42% this morning, maintaining its all-time high above 8,869, on news of a major spending package proposed by Keir Starmer’s Labour government and NATO plans to increase defense spending continent-wide to 5% of GDP for each member country.

Apple’s WWDC event, which historically has delivered new-product surprises for investors in the widely held stock, was underwhelming. Apple declined 1.2% yesterday and barely moved in overnight trading.

Here’s a snapshot of the action prior to the opening bell in New York:

S&P 500 futures were flat before the market open this morning, but are still priced above the 6,000 mark. The S&P 500 rose 0.1% yesterday. The index is up 2.1% YTD.  All the major Asian indexes closed up, with the exception of the markets in China and Hong Kong, which moved down marginally.  The Stoxx Europe 600 was down 0.1% in early trading.  The U.K.’s FTSE 100 maintained its all-time high and was up 0.42% in early trading. Apple closed down 1.2% yesterday after its annual developer event delivered no major surprises.

This story was originally featured on Fortune.com

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