| The U.S. is set to delay more China tariffs as Trump-Xi look likely to meet. Australia's Prime Minister Scott Morrison says Australia won't "sit back" as the trade war worsens. Here are some of the things people in markets are talking about today. Set to Delay The U.S. is willing to suspend the next round of tariffs on an additional $300 billion of Chinese goods while the two sides prepare to resume negotiations at the G-20 summit later this week. The decision may be announced after a meeting between presidents Donald Trump and Xi Jinping, people familiar said. The U.S. won't accept conditions on tariffs as part of renewed negotiations and no deal is expected from the meeting. Stocks Drop Asian equity futures are lower following a drop in U.S. stocks as comments from the Fed's Powell and Bullard did little to soothe concerns over growth and trade friction. Tech shares led losses. Treasuries advanced, with 10-year yields below 1.99%. The dollar was mixed, falling against the kiwi and yen while rising against the pound and euro. WTI crude closed below $58. Gold's rally showed no signs of abating, reaching a six-year high. Commit Now Australia wants Indo-Pacific nations to step up their commitment to free trade as the worsening fallout from the Beijing-Washington impasse threatens global growth, PM Scott Morrison will say at a Bloomberg event. Countries may need to adjust to the decoupling of U.S. and Chinese economic systems in areas including technology, payment systems and financial services. Meanwhile a survey finds Australians are growing more mistrustful of China, the country's biggest trading partner. Megadeal AbbVie will buy Allergan for $63 billion in cash and stock, and investors don't seem happy. The $188.24 per-share price is 45% more than the previous close. AbbVie gets a set of products to diversify its revenue and Botox-maker Allergan's holders get a profitable exit after a four-year stock slide. AbbVie dropped 16%, its biggest slide since 2012. Wells Fargo's David Maris said Allergan "is being used to smooth the wrinkles this time not of a face but of a company." World's Best Mirazur is the best restaurant in the world. This is the first time chef Mauro Colagreco and his sunny Provencal dining room have clinched the top spot; previously it was No. 3. That's in part because executives behind the World's 50 Best Restaurants list made a profound change to the rules this year, decreeing that no previous winner can be tops again — or even be ranked. Gaggan in Bangkok was No. 4 and the best restaurant in Asia. The best of North America was Mexico City's Pujol, coming in at No. 12. Listen to the Latest in Food podcast about the world's best restaurants. 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 With economists expecting no change to rates by the Reserve Bank of New Zealand on Wednesday, asset managers holding record net short positions in the kiwi have a decision to make. They can stay short until the next meeting in August, leaving themselves exposed to the outcome of this weekend's pivotal G-20 trade meeting and a summer lull in liquidity, or look to cover some of their positions now. The dilemma leaves the currency open to a short squeeze as traders look to see how hawkish the RBNZ can remain in the face of increasingly dovish pivots by global peers.  Investors seem to be betting that lower rates globally, on top of weak domestic economic data, will make the central bank want to stay ahead of the curve. But that is taking a punt. Wednesday's rate decision is a standard review of the official cash rate, not one accompanied by fresh forecasts or followed by a press conference. Economists suggest the RBNZ may want to see the next round of inflation and employment data, due in July and August, before deciding whether to pull the trigger on another rate reduction. If they're correct, some short covering could begin. 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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