Overview

• President Trump described his 90-minute call with President Xi Jinping as “very positive,” and they agreed to reconvene officials to press for a trade-war resolution
• The leaders also agreed to resume U.S. visas for Chinese students and accelerate China’s exports of rare earth materials
• Tesla shares plunged 14.3% after Trump threatened to cut its government contracts, triggering a sell-off in tech stocks
• Asian markets opened mixed with Hong Kong’s Hang Seng down and Tokyo’s Nikkei up, while U.S. futures held near flat after Wall Street declines
• The European Central Bank cut rates but flagged an end to easing, and India’s central bank lowered its benchmark policy rate to 5.5%