The daily business briefing: June 26, 2019

Mnuchin says a China trade deal is "90 percent" done, Fed officials dampen hopes of a big rate cut in July, and more

Steven Mnuchin in the briefing room
(Image credit: MANDEL NGAN/AFP/Getty Images)

1. Stock futures climb after Mnuchin says China trade deal '90 percent' done

U.S. stock index futures surged early Wednesday after Treasury Secretary Steven Mnuchin said U.S. negotiators were close to sealing a trade deal with China. "We were about 90 percent of the way there ... and I think there's a path to complete this," Mnuchin told CNBC on Wednesday. Futures for the Dow Jones Industrial Average were up by 0.4 percent, while those of the S&P 500 and the Nasdaq rose by 0.5 percent and 0.8 percent, respectively. Mnuchin said he was confident that President Trump and Chinese President Xi Jinping could make progress toward resolving remaining sticking points when they meet during the Group of 20 summit this weekend.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.