Trump and Xi set White House talks on tariffs, Iran war, Taiwan
Oil prices could remain above $100 a barrel well into next year if the Middle East conflict drags on for longer and flows don’t recover by the end of 2026, Capital Economics analysts said. The forecast lands as corporate leaders gather in New York for Climate Week NYC and the United Nations General Assembly, with inflation set to be a topic of discussion ahead of the U.S. midterm elections and corporate leaders watching oil and energy prices for knock-on effects.
“Houthi advances in Yemen and a lack of progress on the diplomatic front raises the risk of a more severe and longer conflict than our working assumption,” Hamad Hussain, senior economist at Capital Economics, said.
President Trump and Chinese counterpart Xi Jinping are scheduled to hold talks at the White House. They are expected to discuss tariffs, trade agreements, the Iran war, Taiwan, and artificial-intelligence safety.
Climate Week NYC is being held this year alongside the United Nations General Assembly. The Wall Street Journal’s House UNGA programming is set to kick off conversations with global leaders and corporate executives on energy, climate and resource security; economic security and global markets; AI, technology and the future of resilience; and geopolitical risk.
Chevron CFO Eimear Bonner is scheduled to join WSJ Leadership Institute President Alan Murray on Tuesday to explore how one of the world’s largest energy companies is navigating the energy landscape.
The week’s economic calendar is heavy. The Federal Reserve Bank of Chicago releases its National Activity Index for August, with a consensus estimate of -0.6, roughly even with the July figure. S&P Global will release both its Manufacturing and Services Purchasing Managers’ Indexes for September. The Census Bureau reports new-home sales for August and the durable goods report for August.
Corporate earnings reports include Cintas, General Mills, and Paychex early in the week, followed by Costco Wholesale and Darden Restaurants.
In the theme-park industry, Disney is defying the industry’s summer slump by rolling out more promotions and package deals. CFO Hugh Johnston said the company pivoted to focus on drawing more U.S. visitors to American parks by lowering prices and creating more deals. Even with the discounts, Disney’s per capita guest spending rose 4% in the second quarter compared with last year.
The strategy showed up at the family level. Doug Heyden Jr., a 35-year-old father from Rochester, N.Y., took his family to Walt Disney World’s Magic Kingdom for the first time this summer, taking advantage of special pricing at a Disney-owned hotel and discounts for using a Disney-branded Visa credit card. A highlight, he said, was watching Tinkerbell sprinkle pixie dust on his infant twins during an evening parade. “Out of all these people, this one character just happens to pick them out in the dark,” Heyden said. “My wife was in tears.”
By contrast, Comcast CFO Jason Armstrong told investors earlier this month that high gas prices and airfares have cooled demand for Universal theme park visitors. He also noted that last year’s opening of the company’s new Epic Universe park in Florida may have prompted some people to make their trips in 2025 instead of this year.
Gold.com has appointed Jill Van as its next chief financial officer, effective immediately. Van joined the precious metals assets platform in June of last year and brings over 25 years of accounting, audit, and financial leadership experience, including more than 20 years in public accounting with audit partner roles at RSM US and Grant Thornton. She also served as interim CFO at Hardesty and was CFO at Shew Enterprises. Van succeeds Cary Dickson, who has decided to retire but will serve as a consultant to the company for a year.