By Mike Dolan

LONDON (Reuters) -What matters in U.S. and global markets today

I'm excited to announce that I'm now part of Reuters Open Interest (ROI), an essential new source for data-driven, expert commentary on market and economic trends. You can find ROI on the Reuters website, and you can follow us on LinkedIn and X.

After all the hype, this week's trade talks between the United States and China turned into something of a damp squib, producing a 'framework' for progress and little in the way of concrete details. Investor attention will now quickly switch to today's U.S. consumer price inflation report and two big auctions of long-term Treasury debt, including $39 billion of 10-year Treasury notes.

I'll discuss this and the rest of today's market news below. Plus, today's column explains why Italy's surprising bond market revival challenges its reputation as a debt outlier and what this means for the rest of the G7.

Today's Market Minute

* U.S. and Chinese officials said on Tuesday they had agreed on a framework to get their trade truce back on track and remove China's export restrictions on rare earths, while offering little sign of a durable resolution to longstanding trade tensions.

* Billionaire businessman Elon Musk said on Wednesday he regretted some of the posts he made last week about U.S. President Donald Trump as they had gone "too far".

* Several U.S. cities braced for protests on Wednesday against Trump's sweeping immigration raids, as parts of the country's second largest city Los Angeles spent the night under curfew in an effort to quell five days of unrest.

* Beijing's restrictions on rare earth exports have exposed the West's dependency on Chinese supplies of these esoteric metals and the magnets they help power. Part of the solution may be to simply use less of them, says ROI metals columnist Andy Home.

* Seismic shifts in immigration are distorting the U.S. employment picture, making it harder for investors and policymakers to know exactly how much the labor market is actually slowing. Find out more in the latest from ROI markets columnist Jamie McGeever.

U.S.-China framework underwhelms

U.S. markets were underwhelmed by the outcome of the U.S.-China talks, with stock futures slipping back into the red early Wednesday.

Chinese stocks, by contrast, took a more positive view of the London talks and advanced almost 1% to a three-week high. The CSI Rare Earth Index jumped nearly 4%, as Chinese rare earths magnet producer JL MAG Rare-Earth said it had obtained export licences to regions including the U.S., Europe and Southeast Asia for products including magnets, motor rotors and components.