| Trump's trade targets extend well beyond China's borders. Asia equity futures are heading lower after U.S. stocks rose. And Bitcoin wipes out almost all of this week's gains. Here are some of the things people in markets are talking about today. Far-Reaching Trade Crusade A meeting with Chinese leader Xi Jinping on Saturday looms, but U.S. President Donald Trump's trade crusade goes far beyond Beijing. The EU is now trying to deal with his threatened auto tariffs and G-20 host Japan's own carmaking sector has also become a target. On his way to the G-20 in Osaka, Trump also tweeted that recent increases in Indian duties on American goods are "unacceptable and the Tariffs must be withdrawn!" The Trump-Xi confab itself may not be smooth sailing. The U.S. is unlikely to agree to lift restrictions on tech sales to Huawei, Reuters said, despite reports Beijing will demand just that in return for a trade truce. Saturday's meeting is happening without preconditions on either side, White House economic adviser Larry Kudlow said. Apple's Ive Exits Apple Inc.'s chief designer Jony Ive is leaving after decades at the iPhone maker to form an independent company — with Apple as one of its primary clients. Ive, who has led the tech giant's design team since 1996, is responsible for the look of the company's most iconic products. LoveFrom, his new firm, will continue to work with Apple on projects, he said in an interview with the Financial Times. Apple shares slipped less than 1% in extended trading. The stock closed at $199.74 in New York. Bitcoin Bust Bitcoin gave back almost all the gains that had pushed its price to nearly $14,000 on Wednesday. The reversal in the world's largest cryptocurrency prompted Mike Novogratz, one of its biggest proponents, to lament not having taken more money off the table before the coin's reversal. His comments may have contributed even further to its swift demise, according to John Spallanzani, portfolio manager at Miller Value Partners. Hong Kong IPO Power Under Scrutiny Hong Kong Exchanges & Clearing Ltd.'s dual role — as a major Asian equities trading exchange as well as the arbiter of which companies get listed on it — is being called into question again. That's after graftbusters on Wednesday said they arrested the former joint head of the exchange operator's IPO vetting team and two others on charges of corruption and mismanagement in relation to two listing applications, without naming them. HKEX enjoys a rare status among major exchanges in that it holds primary power over which companies get to go public. Critics contend that sets it up for potential conflicts of interest because it's heavily dependent on trading volume to drive revenue, giving it a commercial incentive to accept more listings. Stocks Head Lower Asian equity futures headed for a mixed start ahead of U.S.-China talks at the G-20 conference this weekend. Futures in Japan and Australia dipped, and were little changed in Hong Kong. Treasuries climbed, with 10-year yields dropping more than 3 basis points. The dollar was narrowly mixed, with the kiwi and Aussie advancing the most. Oil slipped but remains on course for its biggest monthly gain since January, while gold edged down. What we've been reading This is what's caught our eye over the last 24 hours. And finally, here's what Cormac's interested in this morning The Japanese yen has gained nearly 4% against the dollar in the past two months thanks to growing concern about global economic growth and a dovish shift from key central banks, but the rally has slowed recently. The dollar-yen this month looked to be headed toward its 104.87 January flash crash low, only to pull back just above its last line of Fibonacci technical resistance—a level closely watched by chart-focused traders.  Global events could push the currency pair back down. President Donald Trump and Chinese counterpart Xi Jinping will meet at the G-20 this weekend, U.S.-Iranian relations are rapidly worsening and the Federal Reserve is close to cutting rates. It's still early days, however, and many market participants are calling for a stronger yen in the months ahead. Cormac Mullen is a Cross-Asset reporter and editor for Bloomberg News in Tokyo. Even before Trump's trade war, China was the world's biggest story. It's reshaping the global economy — but its ascent hasn't come without major problems. Sign up to get Next China, a weekly dispatch on where the country stands now and is headed next. Before it's here, it's on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can't find anywhere else. Learn more. | 
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