Market recap for week of Aug 27
-Monday=Markets reacted to Fed governor Jerome Powell's speech on Friday which knocked the USD lower. SPX makes a new high.
While political turmoil in the Australian govt weaken the AUD but the recovered towards the end of the trading week
-Emerging markets currencies were pretty weak last week with majority of them plus one percent
-WSJ reports issues on China & US that 40% could be dealt with immediately but 20% are intractable & non-negotiable.
uk.reuters.com/article/us-usa-fed-inflation/amazon-effect-could-have-impact-on-inflation-dynamics-paper-idUKKCN1LA0IO
cnbc.com/2018/08/27/us-stocks-to-open-higher-after-powell-signals-further-rate-hikes.html
-US and Mexico are closing in a trade agreement between the two countries, Trump tweets "A big Trade Agreement with Mexico could be happening soon"
-Profit for China's industrial firms up 16.2% to 75B in June, missed estimates.
-Australia's new Prime Minsiter Scott Morrison makes changes to his cabinet.
-Germany's business climate index climbs to 103.8 improving off of July's reading
reuters.com/article/us-germany-economy-ifo/eu-trade-truce-with-trump-lifts-german-business-morale-idUSKCN1LC0MV
-Turkey's Finance Minister Berat Albayrak to meet with France's Finance Minister
-Iran's economy minister was removed from his post by Iran's parliament.
cnbc.com/2018/08/26/iranian-parliament-removes-finance-minister-from-office.html
-Tuesday
-Stocks again strengthens due to Positive sentiment on a new NAFTA deal
businessinsider.com.au/us-mexico-nafta-near-deal-on-energy-autos-canada-still-left-out-2018-8
-China gains control of the Yuan's slide against the USD once they announced reintroducing the counter-cyclical factor in setting the rate each day.
-French President Macron comments on Brexit deal, will not make a deal at expense of EU's integrity but respects Uks decision.
-Canada's Foreign Minister Chrystia Freeland to head to US for negotiations today.
-Trump comments that he will rejects China's efforts to negotiate a deal. Chinese officials want to suspend talks until after elections in November.
-Trump to begin his emergency agriculture plan after Labor Day.
wsj.com/articles/u-s-to-pay-farmers-up-to-4-7-billion-to-offset-trade-conflict-losses-1535396442
-UK's Prime Minister Theresa May comments on ongoing Brexit negotiations. Mean while Trade Secretary Liam Fox is in Singapore talking about UK inclusion into TPP's Comprehensive & Progressive Agreement. They are taking credit for the trade deal.
cnbc.com/2018/08/28/uk-trade-minister-liam-fox-says-he-does-not-want-a-no-deal-brexit.html
-Wednesday
-US consumer confidence strong reading in August 133.4, Trumps tweets a story from CNBC
-WSJ interviews Dallas Fed Pres Robert Kaplan. Expects 2 more hikes this year and another 2 next year
wsj.com/articles/transcript-wsj-interview-with-dallas-fed-president-robert-kaplan-1535473191?mod=searchresults&page=1&pos=1
-China creates a way for its bonds to be included in global indexes. Another attempt to rid the US dollar as the global juggernaut. China Premier Li comments will tighten intellectual property rules.
cnbc.com/2018/08/28/china-markets-chinese-bond-connect-more-accessible-after-change.html
uk.reuters.com/article/us-china-economy-ipr/china-to-adopt-stricter-intellectual-property-rights-premier-li-idUKKCN1LD121
-Prime Minister Luigi Di Maio claims nation may break the EU's rule of breaching its 3% public deficit limit.
-EU's lending sector see's improvement
-US states that for a deal to be reach with Canada Friday will be the deadline.
-Senate confirms Richard Clarida to become Federal Reserve vice chairman.
-2nd estimate of GDP data release 4.2% increased, a 0.1 percentage point greater than the previous release of data back in July
-Florida's race for governor is determined between Andrew Gillum a progressive backed by Bernie Sanders while GOP runner will be Ron DeSantis one who has defended Trump.
wsj.com/articles/ron-desantis-endorsed-by-trump-wins-florida-gop-primary-for-governor-1535501129
-Brexit deal as a date set for a deadline for an agreement Oct 18. Bloomberg reports they may extend it to mid Nov.
bloomberg.com/news/articles/2018-08-29/u-k-and-eu-said-to-drop-their-october-deadline-for-brexit-deal
-Consultancy group wood Mackenzie forecasts India to beat out China for oil demand.
cnbc.com/2018/08/29/india-set-to-overtake-china-as-top-driver-of-global-oil-demand-growth.html
-South Korea's government proposes largest budget increase in a decade.
wsj.com/articles/south-korea-plans-big-spending-increase-for-next-year-1535418002
-Thursday
-Greater than expected draw for Crude Supplies saw Crude oil prices gain a good percentage on Wednesday
-News out of Europe as EU negotiator Michel Barnier spoke some positive words for cutting a deal with the UK , the EURGBP had a high to low range of 1.51% price movement.
-Now it is the Argentina's peso turn to have large down move against the USD dollar, President Macri asked the IMF to speed up its delivery of a 50B bailout. The USDARS surged over 20% on the headlines.
reuters.com/article/emerging-markets-latam/emerging-markets-argentina-peso-crashes-amid-tumult-mexico-peso-gets-nafta-boost-idUSL2N1VK1HE?feedType=RSS&feedName=companyNews
- Corporate profits jump to 16.1% in Q2 from a year earlier, largest year-over-year gain in six years.
wsj.com/articles/u-s-corporate-profits-soared-in-second-quarter-boosted-by-tax-cuts-and-economic-growth-1535559230
-President Trump is providing some relief for countries on steel & aluminum quotas.
reuters.com/article/us-usa-trade-metals/trump-allows-targeted-relief-on-steel-aluminum-quotas-commerce-department-idUSKCN1LF02B
-Friday
-Trump threatens more tariffs on China imports. According to Bloomberg he plans to impose another $200 billion more. A lot of other thoughts also coming from Trump linking capital gains taxes to inflation. Also to may withdraw from WTO if it doesn't shape up.
twitter.com/Fxhedgers/status/1035265454527266816
-Emerging market currencies have been the focus this week as Lira, Argentine peso and Rand all losing again this week against the USD
-German Finance minister Olaf Scholz comments hard to tell if there will be a Brexit agreement.
uk.reuters.com/article/us-germany-banks/german-finance-minister-says-difficult-to-say-if-there-will-be-a-brexit-agreement-idUKKCN1LF0NG
-EU economic sentiment down to 111.6 points in August from 112.1 in July.
uk.reuters.com/article/us-eurozone-economy-sentiment/euro-zone-economic-sentiment-dips-for-eighth-straight-month-in-august-idUKKCN1LF0TN
-Oil surplus looks to be lowering as traders are expecting a more losses in supply due to the Iran sanctions. Atlantic Basin crude supplies have nearly doubled in lower supply. This is oil that has not found a buyer yet.
uk.reuters.com/article/us-oil-markets-analysis/now-you-see-it-now-you-dont-oil-surplus-vanishes-ahead-of-iran-deadline-idUKKCN1LF1O2
-China's manufacturing PMI up for july 51.3 vs a 51.2 from July. Exports shrinks for third strength month, while a rise in inventories of finished goods.
cnbc.com/2018/08/31/chinese-pmi-china-reports-official-manufacturing-purchasing-managers-index-for-august.html
-Brazil's economy grew with GDP reading for 2nd qtr up 0.2% from 1st qtr. Despite a trucker strike.
uk.reuters.com/article/us-brazil-economy-gdp/strike-curbs-brazils-second-quarter-gdp-growth-as-slow-recovery-continues-idUKKCN1LG1QO
While political turmoil in the Australian govt weaken the AUD but the recovered towards the end of the trading week
-Emerging markets currencies were pretty weak last week with majority of them plus one percent
-WSJ reports issues on China & US that 40% could be dealt with immediately but 20% are intractable & non-negotiable.
uk.reuters.com/article/us-usa-fed-inflation/amazon-effect-could-have-impact-on-inflation-dynamics-paper-idUKKCN1LA0IO
cnbc.com/2018/08/27/us-stocks-to-open-higher-after-powell-signals-further-rate-hikes.html
-US and Mexico are closing in a trade agreement between the two countries, Trump tweets "A big Trade Agreement with Mexico could be happening soon"
-Profit for China's industrial firms up 16.2% to 75B in June, missed estimates.
-Australia's new Prime Minsiter Scott Morrison makes changes to his cabinet.
-Germany's business climate index climbs to 103.8 improving off of July's reading
reuters.com/article/us-germany-economy-ifo/eu-trade-truce-with-trump-lifts-german-business-morale-idUSKCN1LC0MV
-Turkey's Finance Minister Berat Albayrak to meet with France's Finance Minister
-Iran's economy minister was removed from his post by Iran's parliament.
cnbc.com/2018/08/26/iranian-parliament-removes-finance-minister-from-office.html
-Tuesday
-Stocks again strengthens due to Positive sentiment on a new NAFTA deal
businessinsider.com.au/us-mexico-nafta-near-deal-on-energy-autos-canada-still-left-out-2018-8
-China gains control of the Yuan's slide against the USD once they announced reintroducing the counter-cyclical factor in setting the rate each day.
-French President Macron comments on Brexit deal, will not make a deal at expense of EU's integrity but respects Uks decision.
-Canada's Foreign Minister Chrystia Freeland to head to US for negotiations today.
-Trump comments that he will rejects China's efforts to negotiate a deal. Chinese officials want to suspend talks until after elections in November.
-Trump to begin his emergency agriculture plan after Labor Day.
wsj.com/articles/u-s-to-pay-farmers-up-to-4-7-billion-to-offset-trade-conflict-losses-1535396442
-UK's Prime Minister Theresa May comments on ongoing Brexit negotiations. Mean while Trade Secretary Liam Fox is in Singapore talking about UK inclusion into TPP's Comprehensive & Progressive Agreement. They are taking credit for the trade deal.
cnbc.com/2018/08/28/uk-trade-minister-liam-fox-says-he-does-not-want-a-no-deal-brexit.html
-Wednesday
-US consumer confidence strong reading in August 133.4, Trumps tweets a story from CNBC
-WSJ interviews Dallas Fed Pres Robert Kaplan. Expects 2 more hikes this year and another 2 next year
wsj.com/articles/transcript-wsj-interview-with-dallas-fed-president-robert-kaplan-1535473191?mod=searchresults&page=1&pos=1
-China creates a way for its bonds to be included in global indexes. Another attempt to rid the US dollar as the global juggernaut. China Premier Li comments will tighten intellectual property rules.
cnbc.com/2018/08/28/china-markets-chinese-bond-connect-more-accessible-after-change.html
uk.reuters.com/article/us-china-economy-ipr/china-to-adopt-stricter-intellectual-property-rights-premier-li-idUKKCN1LD121
-Prime Minister Luigi Di Maio claims nation may break the EU's rule of breaching its 3% public deficit limit.
-EU's lending sector see's improvement
-US states that for a deal to be reach with Canada Friday will be the deadline.
-Senate confirms Richard Clarida to become Federal Reserve vice chairman.
-2nd estimate of GDP data release 4.2% increased, a 0.1 percentage point greater than the previous release of data back in July
-Florida's race for governor is determined between Andrew Gillum a progressive backed by Bernie Sanders while GOP runner will be Ron DeSantis one who has defended Trump.
wsj.com/articles/ron-desantis-endorsed-by-trump-wins-florida-gop-primary-for-governor-1535501129
-Brexit deal as a date set for a deadline for an agreement Oct 18. Bloomberg reports they may extend it to mid Nov.
bloomberg.com/news/articles/2018-08-29/u-k-and-eu-said-to-drop-their-october-deadline-for-brexit-deal
-Consultancy group wood Mackenzie forecasts India to beat out China for oil demand.
cnbc.com/2018/08/29/india-set-to-overtake-china-as-top-driver-of-global-oil-demand-growth.html
-South Korea's government proposes largest budget increase in a decade.
wsj.com/articles/south-korea-plans-big-spending-increase-for-next-year-1535418002
-Thursday
-Greater than expected draw for Crude Supplies saw Crude oil prices gain a good percentage on Wednesday
-News out of Europe as EU negotiator Michel Barnier spoke some positive words for cutting a deal with the UK , the EURGBP had a high to low range of 1.51% price movement.
-Now it is the Argentina's peso turn to have large down move against the USD dollar, President Macri asked the IMF to speed up its delivery of a 50B bailout. The USDARS surged over 20% on the headlines.
reuters.com/article/emerging-markets-latam/emerging-markets-argentina-peso-crashes-amid-tumult-mexico-peso-gets-nafta-boost-idUSL2N1VK1HE?feedType=RSS&feedName=companyNews
- Corporate profits jump to 16.1% in Q2 from a year earlier, largest year-over-year gain in six years.
wsj.com/articles/u-s-corporate-profits-soared-in-second-quarter-boosted-by-tax-cuts-and-economic-growth-1535559230
-President Trump is providing some relief for countries on steel & aluminum quotas.
reuters.com/article/us-usa-trade-metals/trump-allows-targeted-relief-on-steel-aluminum-quotas-commerce-department-idUSKCN1LF02B
-Friday
-Trump threatens more tariffs on China imports. According to Bloomberg he plans to impose another $200 billion more. A lot of other thoughts also coming from Trump linking capital gains taxes to inflation. Also to may withdraw from WTO if it doesn't shape up.
twitter.com/Fxhedgers/status/1035265454527266816
-Emerging market currencies have been the focus this week as Lira, Argentine peso and Rand all losing again this week against the USD
-German Finance minister Olaf Scholz comments hard to tell if there will be a Brexit agreement.
uk.reuters.com/article/us-germany-banks/german-finance-minister-says-difficult-to-say-if-there-will-be-a-brexit-agreement-idUKKCN1LF0NG
-EU economic sentiment down to 111.6 points in August from 112.1 in July.
uk.reuters.com/article/us-eurozone-economy-sentiment/euro-zone-economic-sentiment-dips-for-eighth-straight-month-in-august-idUKKCN1LF0TN
-Oil surplus looks to be lowering as traders are expecting a more losses in supply due to the Iran sanctions. Atlantic Basin crude supplies have nearly doubled in lower supply. This is oil that has not found a buyer yet.
uk.reuters.com/article/us-oil-markets-analysis/now-you-see-it-now-you-dont-oil-surplus-vanishes-ahead-of-iran-deadline-idUKKCN1LF1O2
-China's manufacturing PMI up for july 51.3 vs a 51.2 from July. Exports shrinks for third strength month, while a rise in inventories of finished goods.
cnbc.com/2018/08/31/chinese-pmi-china-reports-official-manufacturing-purchasing-managers-index-for-august.html
-Brazil's economy grew with GDP reading for 2nd qtr up 0.2% from 1st qtr. Despite a trucker strike.
uk.reuters.com/article/us-brazil-economy-gdp/strike-curbs-brazils-second-quarter-gdp-growth-as-slow-recovery-continues-idUKKCN1LG1QO
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