U.S. equities turned cautious ahead of the G20 meeting
U.S. equities turned cautious ahead of the G20 meeting in Buenos Aires after so many mixed signals from Trump the past couple weeks on potential for a trade deal. A Goldman report suggests that escalation of the trade war will be the most likely result of the Trump-Xi dinner, though the USMCA deal just signed suggests there is precedent for a positive surprise. On the other hand, China skeptics Navarro and Kushner are on the U.S. guest list (maybe at the kids table). Yet, the dovish turn by Fed's Powell may help backstop stocks, with Fed's Williams to discuss a future downturn on the global economy. The Dow is 124-points lower, S&P sank 12-points and NASDAQ is off 29-points ahead of the opening clang, following a slightly lower close yesterday. Europe remained 0.2-0.7% lower on the majors, with financial (Deutsche second raid) and auto stocks (tariff risks) under pressure. Asia was more positive, however, with Japan's N-225 +0.4% and China's CSI +1.1%, as trade hopes offset the low 50 PMI print. A Marriott/ Starwood data breach potentially affecting 500 M customers' credit and passport details, knocked its shares 5.5% lower. GE -2.2% reported ignored insurance unit risks being investigated, in a WSJ report.