Some US tariffs on China are likely to remain in place even in the event of a trade deal, the US has indicated.US President Donald Trump told reporters that China was pushing for the removal of some tariffs as part of an agreement, but he said a “complete rollback” was off the table. “They’d like to have a rollback… not a complete rollback because they know I won’t do it,” he said.

The two sides are trying to de-escalate the economically damaging trade war. Negotiations have dragged on, despite Mr Trump’s saying last month that the two sides had reached consensus on terms for a limited “phase one” agreement that could be signed within weeks.

The European Union should halt funding of oil, gas and coal projects, EU finance ministers said, potentially cutting €2bn (£1.7bn) of yearly investments.

The finance ministers called upon the European Investment Bank (EIB), the EU’s financing department, to cut its funding. Previously, they had only called for coal projects to be dropped.Since 2013, the EIB has funded €13.4bn of fossil fuel projects.

Billionaire businessman Michael Bloomberg is again considering entering the race for the US Democratic party’s presidential nomination. The ex-New York City mayor is concerned the current field of candidates is not good enough to beat Donald Trump in the 2020 election, an adviser says. The 77-year-old is expected to file paperwork on Friday for the Democratic presidential primary in Alabama. However, he has so far not announced his decision to run. If Mr Bloomberg does get on the ballot in Alabama, he will still have to register in other states which have later filing deadlines.

Voters are going to the polls in Spain on Sunday, in an election overshadowed by the crisis in Catalonia and the rise of the right-wing Vox party. But Spain is now also facing an uncertain economic outlook, with slowing growth and unemployment that is the second-highest in the EU, despite having come down from earlier highs. Although Spain did bounce back quite well from the global financial crisis, it took a while to get started. The economy either contracted or just about failed to grow for five consecutive years, starting from 2009.

Global Market Summary