Wall Street sees ‘nothing of real substance’ in Trump’s China trade deal—and stocks sell off globally

Good morning. On Fortune’s radar today:

Markets: Stocks slide globally, bonds too. 

Wall Street sees “nothing of real substance” as Trump-Xi summit yields more talk than trade.

Claude keeps telling users to go to bed. Nobody knows why.

Low-income people refuse to stop going on cruise ships.

Data center construction jobs are MIA.

Britain’s official GDP numbers look so weird they might be a mistake.

Quick note: Subscribe to the forthcoming Fortune Gulf Brief. Every Tuesday, this new newsletter will deliver clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.

Wall Street unimpressed by Trump’s ‘fantastic trade deals’ with China

S&P 500 futures were down 1% this morning. The index was up 0.77% yesterday. 

In Europe, the Stoxx 600 was down 1.28% in early trading and the U.K.’s FTSE 100 was down 1.42% before lunch.

Asia: South Korea’s KOSPI down 6.12%. Japan’s Nikkei 225 was down 1.99%. India’s Nifty 50 was down 0.13%. China’s CSI 300 was down 1.12%.

Brent crude was up to $109 per barrel this morning.

Bitcoin was at $80.5K.

Stocks are selling off globally this morning after President Trump returned from his summit with China’s Xi Jinping but gave few specifics about what was achieved. Every major index in Asia and Europe was solidly down. The volatile South Korea KOSPI lost more than 6%; China’s CSI 300 was down 1.12%. In the U.S., S&P 500 futures were off 1% before the opening bell in New York. 

“Only” 200 jets. Boeing stock lost 4.73% yesterday and a further 1.38% in overnight trading after Trump announced that China agreed to order 200 planes from the company. On Trump’s previous trip to China in 2017, 300 aircraft were sold. Prior to this trip, White House sources had suggested 500 planes might be sold.

The Wall Street Journal’s live coverage summed it up best:

“Trump told reporters that both he and Xi want the conflict in Iran to end and for Iran to not have a nuclear weapon. He said that the two leaders had made “fantastic trade deals,” without providing details. China's government said it had reached “a series of new common understandings” with the U.S., but didn’t say what those entailed.”

Investment bank analysts were largely disappointed

“Much increasingly scarce jet fuel has been burned to produce nothing of real substance. China’s President Xi declared an........

© Fortune