{"id":538034,"date":"2025-10-30T17:14:18","date_gmt":"2025-10-30T17:14:18","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/538034\/"},"modified":"2025-10-30T17:14:18","modified_gmt":"2025-10-30T17:14:18","slug":"wall-street-lacks-direction-and-ftse-muted-as-traders-assess-big-tech-earnings-and-us-china-trade-deal","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/538034\/","title":{"rendered":"Wall Street lacks direction and FTSE muted as traders assess big tech earnings and US-China trade deal"},"content":{"rendered":"\n

Wall Street followed the FTSE 100 (^FTSE<\/a>) lower on Thursday as traders digested the next tranche of Big Tech earnings<\/a>, after a mixed set of results from members of the Mag 7, as well as a new trade deal between US president Donald Trump and his Chinese counterpart Xi Jinping.<\/p>\n

The two leaders met in Busan in South Korea on Thursday, with Trump agreeing to reduce tariffs on China from 57% to 47% in a one-year deal. This was in exchange for Beijing resuming purchases of US soybeans, the continuation of rare earth exports and a crackdown on the trade of fentanyl.<\/p>\n

Trump characterised his discussions with Xi as “fantastic”, emphasising a “great relationship” between the two leaders, while premier Xi noted that both parties had achieved “a basic consensus” despite ongoing differences.<\/p>\n

Furthermore, the leaders agreed to collaborate on issues concerning Ukraine<\/a> and stated their intention to eliminate shipping tariffs and fees.<\/p>\n

Today marked the first face-to-face meeting between the two since Trump returned to the White House in January, with Trump stating that he will visit Beijing in April.<\/p>\n

Read more: <\/strong>Trending tickers: Meta, Microsoft, Alphabet, Chipotle and Volkswagen<\/strong><\/a><\/p>\n

“On a scale of one to 10, the meeting with Xi was 12,” he told reporters on route back to the US.<\/p>\n

It came as Meta (META<\/a>) sank 12% after a tax hit and higher operating expenses and AI investments spooked investors. It reported revenue that beat estimates, but its third quarter earnings per share fell short of expectations due to a one-time, tax-related charge.<\/p>\n

The firm said it was not planning to slow down capital expenditures. The company is targeting $70bn to $72bn in investments in 2025, compared to its prior outlook of $66bn to $72bn.<\/p>\n

After the closing bell in New York, investors will be braced for quarterly results from tech megacaps Apple (AAPL<\/a>) and Amazon (AMZN<\/a>).<\/p>\n

Elsewhere, the European Central Bank (ECB) left interest rates unchanged<\/a> for the third time in a row on Thursday, as widely expected, as the eurozone economy proves resilient to tariff shocks with low inflation and steady growth. The main policy remained at 2%, while its deposit rate was on hold at 2.15%.<\/p>\n

The central bank has cut rates by a combined two percentage points in the year to June, and had eight rate cuts since mid-2024, but has been on hold since as inflation is around target. Financial markets are betting on an extended pause well into 2026.<\/p>\n

Stocks: <\/strong>Create your watchlist and portfolio<\/strong><\/a><\/p>\n