Stocks in Asia are creeping higher, as are US and European equity futures, while the dollar was also a tad firmer after President Donald Trump said he was getting “good reports” from yesterday’s meeting with China.

Talks resume at 9am today at Lancaster House and markets want a deal to flesh out details around US tech export controls and those around Chinese rare earths, and of course, where the final average rate of tariffs will settle.

Recent data indicates the trade war is taking a toll on both major economies, which could soon rattle other major economies.

Global investors are also in the market for fresh trade deals, with about a month left before Trump’s tariff pause expires.

Also expected out of the UK will be an employment report with investors and the Bank of England (BoE) keen on how pay growth – a reflection of broader price pressures – fared in April.

Signs of cooling wage growth could be a relief for BoE policymakers who are currently divided on the approach to further monetary policy easing.

Meanwhile, the global healthcare sector was caught in the crossfire as vaccine sceptic US health secretary Robert F Kennedy Jr fired all members of a US Centers for Disease Control and Prevention panel of vaccine experts.

The move could be a headache for companies such as GSK, Sanofi, AstraZeneca, Moderna and BioNTech as they face longer waits for vaccine approvals.

Advertising firms weren’t spared from scrutiny either as the Wall Street Journal reported that the US Federal Trade Commission has sought information from some of the industry’s leading firms.

Omnicom, WPP, Dentsu, Interpublic Group and Publicis Groupe were among those asked by the watchdog on whether advertising and advocacy groups violated antitrust laws by coordinating boycotts of certain sites.

Key developments that could influence markets today include UK May British Retail Consortium sales, UK April employment data, the US 3-year Treasury note auction, and the Reserve Bank of Australia governance board meeting.