From Marc Chandler at Bannockburn Global Forex:
Overview: It is not clear what happened yesterday, the first time US and Chinese leaders have spoken since the inauguration. The US readout suggests trade was only discussed and a deal on the rare earths was reached. China's readout included an expression of concern about US planned arms sales to Taiwan and the need for more talks to resolve the issue. The agreement in Geneva apparently covered bilateral actions and Beijing's export controls on several critical mineral and magnets are universal. Still, more talks have been planned even if not scheduled. Although the Trump-Mush break-up is as dramatic as one might expected, given the volatile personalities, the focus is on today's US employment data after a series of disappointing reports, including ADP and the weekly jobless claims. Still, the greenback is firmer against the G10 currencies, but mixed against the emerging market currencies, where the euro's pullback is a drag on central European currencies.
Equities were mixed in the Asia Pacific region. South Korea's Kospi was the strongest with a 1.5% gain and a 5.3% rise on the week as election offers a chance for political stability after the turmoil earlier this year. Europe's Stoss 600 is flat as it tries to extend its advance for the fourth consecutive session. US index futures are 035%-0.50% higher as they recoup part of yesterday's losses. Bond yields are softer. Poor household spending data from Japan weighed on rate, and even at the very long-end of the curve. Disappointing Germany industrial production and export figures helped drag European bond yields 2-4 bp lower. The 10-year US Treasury yield is near 4.37%, slightly lower on the day and a little more than six basis points lower on the week, rivaling the 10-year Gilt for the best performance this week. Gold is consolidating quietly within yesterday's range and is trading so far today mostly between $3353 and $3375. It settled slightly below $3290 last week. July WTI remains in the upper end of Monday's trading range, which extended to almost $64. It settled on Monday near $62.50 and has mostly held above it. Today's range is roughly $62.80-$63.35....
....MUCH MORE, he goes on to summarize the crowd's thinking on the jobs report, among a couple dozen other things.