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While speaking to reporters in Rome, Russian President Vladimir Putin said that they wanted the U.S. and China to settle their differences and added that Beijing was showing flexibility in trade negotiations.

“Global economy will suffer if politically-motivated restrictions on trade continue,” Putin stated. Touching on the Russia-EU relation, “Russia and the EU are natural partners in many areas, we see no major obstacles to fully restoring ties,” Putin said, per Reuters.

The market is in a consolidation phase amid the Independence Day holiday in the U.S.