Gundlach: There will be no U.S.-China trade deal

Jeffrey Gundlach, the chief executive of DoubleLine, said Thursday there will be no trade deal between the U.S. and China before the presidential election. At a presentation in London, Gundlach said President Trump is the “irresistible force” but that China has every incentive to attempt to wait out his presidency. Trump won’t do a deal without intellectual property being addressed while China can’t do such a deal, he said. Speaking about negative-yielding debt, Gundlach said it is only central banks or regulated pension and insurance funds that own the securities.