The U.S.-China trade war is set to enter a new, quieter phase on Wednesday as U.S. President Donald Trump and Chinese Vice Premier Liu He sign an initial trade deal that aims to vastly increase Chinese purchases of U.S. manufactured products, agricultural goods, energy and services.
Oil prices on Wednesday extended losses, falling to their lowest in over a month, after a U.S. report showed that crude production rose to a new record, overshadowing a bigger-than-expected draw in crude inventories.
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China will significantly increase imports of U.S. soybeans after the Phase 1 trade deal is signed, the Global Times reported on Wednesday, citing comments from a senior Chinese economist at a state think tank.
U.S. producer prices edged up in December as a rise in the cost of goods was offset by weakness in services, the latest indication of tame inflation pressures that could allow the Federal Reserve to keep interest rates unchanged this year.
Chinese Vice Premier Liu He said Beijing and Washington will work together following the signing of the Phase 1 trade deal to obtain tangible results, China's official Xinhua news agency reported on Wednesday.
Goldman Sachs Group Inc reported a bigger-than-expected fall in quarterly profit on Wednesday as the Wall Street bank set aside more money to cover legal costs for the 1MDB corruption scandal, overshadowing a rebound in its trading business.
Even as the stock market enjoyed a sharp rally recently, many of BlackRock's clients were under-invested in equities and remained heavily oriented towards fixed-income securities, BlackRock Inc Chief Executive Larry Fink said on Wednesday.
BlackRock Inc , the world's largest asset manager, beat analysts' estimates for quarterly profit on Wednesday, helped by strong flows into its exchange-traded fund business that boosted overall assets under management to a record $7.43 trillion.
General Motors Co. said on Wednesday more than 1,350 hourly employees at its assembly plants in the United States will transition into full-time roles in the first quarter of 2020.
Phase 2 trade deal talks between Washington and Beijing may not start anytime soon, China's Global Times reported on Wednesday citing an unnamed source.
The S&P 500 and the Dow opened lower on Wednesday, dragged down by banking shares after disappointing results from Goldman Sachs, while investors awaited the release of details of an initial U.S.-China trade deal.
U.S. wireless carriers T-Mobile US Inc and Sprint Corp are expected to urge a federal judge on Wednesday to let them proceed with their $26.5 billion merger, as a group of states argues the deal violates federal antitrust laws.
"I keep wondering when people are going to recognize that it is historic that tariffs did succeed," said CNBC's Jim Cramer.
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