The big week

Welcome to the last week of June 2019. This weekend, world leaders will travel to Japan for the G20 summit. However, the focus of the media will be on the meeting between the leaders of the world’s two largest economies. Donald Trump and Xi Jinping will meet in Osaka on June 29–30 to discuss the trade war. While an immediate resolution to the ongoing trade war is not expected, markets will be closely looking for any hope in the release after the meeting.

Today, an Indian newspaper said that India’s Prime Minister Narendra Modi, Chinese President Xi Jinping, and Russia’s Vladimir Putin will also hold a trilateral meeting on the sidelines of the G20 summit to consider a joint front to counter the US. While Russia has been hurt by US sanctions, India has been a target of President Trump for running a trade surplus against the US.

Chinese markets

While Asian markets were mixed, China’s Shanghai Composite Index gained 0.21% to end on a positive note for five days in a row. However, the tech-heavy Shenzhen Component ended in the red today.

On Friday, China-focused ETFs ended in the red. The KraneShares CSI China Internet ETF (KWEB) was the biggest loser among major China-focused ETFs with a 1% loss. However, during the last week, the ETF gained 5.27%. Alibaba (BABA) and Baidu (BIDU) together account for 14% of the ETF’s holdings. Last week, Alibaba and Badu gained 5.98% and 3.39%, respectively.

On Friday, the iShares MSCI China ETF (MCHI) and the iShares China A-shares ETF (FXI), other China-focused ETFs, lost 0.56% and 0.49%, respectively.

Latest articles

President Trump tweeted about his plans to meet with Apple (AAPL) CEO Tim Cook. It's possible that they could discuss Apple’s US manufacturing plans.

WeWork is gearing up for an IPO. On Wednesday, the company made its IPO filing with the SEC public and expects to garner $3.5 billion from its IPO.

After FCC Chairman Ajit Pai recommended the approval of the T-Mobile–Sprint merger, Representative David Cicilline urged the FCC to allow public comment.

Cresco Labs (CRLBF) is set to report its Q2 earnings on August 21 after the market closes. The company's stock fell 5.3% yesterday.

Cannabis stocks mostly traded in positive territory today. Supreme Cannabis (FIRE) and Aurora Cannabis (ACB) rose about 9.5% and 5.5%, respectively.

NVIDIA (NVDA) stock soared 6% in today’s trading session as its Q2 earnings for fiscal 2020 beat estimates. However, its guidance missed estimates.