Equities are set to end the week on a softer note after an earlier outbreak of optimism appears to have faded going into this weekend’s G-20 meeting in Argentina. Trade discussions are expected to take centre stage and most will anticipate that US President Donald Trump will not be easing up on his fairly firm line anytime soon. This puts him in an interesting position with the Chinese leader, Xi Jinpeng, as neither will want to make any obvious concessions, despite both parties clearly needing each other. China is very adept at playing to very long-term timescales if necessary, but it’s unlikely they will want to sit back for too long in case Trump decides to run again in 2020, which would have the added spice of being the final nail in the coffin of Hillary Clinton’s political career. We don’t expect too much in the way of headline-generating progress, and equity indices continue to look vulnerable until some good news emerges from somewhere. The price of Oil (#Brent, #WTI) is an interesting as low prices here not only stimulate the manufacturing economies of India and China, but keep the Russians off-balance as cost of production there is still around $100bbl.