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US Open Preview – Euro posts modest gains but set for weekly loss; Trump to finalize list of targeted Chinese goods
June 15, 2018 12:26 pmVideo
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Here are the latest developments in global markets:
Day ahead: Trump to reveal list of Chinese goods that may face tariffs; US industrial production pending
Later on Friday, all eyes will turn to the US, where the White House is expected to announce the final list of Chinese products that could be subject to a 25% tariff, a move that could further deteriorate the trade relations between the world’s two largest economies. Today a Chinese foreign ministry spokesman warned that Beijing will void all US-China trade talks if the US pushes forward with tariffs. Meanwhile on Thursday, the IMF director Christine Laggard expressed her opposition to the US actions on trade as well, saying that the measures “are likely to move the globe further away from an open, fair and rules-based trade system, with adverse effects for both the US economy and for trading partners”.
Besides trade headlines, investors will also pay attention to US industrial production trends due at 1315 GMT. The numbers are expected to show a weaker growth of 0.2% m/m in industrial output in April compared to a 0.7% expansion in the previous month; manufacturing output data are also of significance. Earlier at 1230 GMT, the New York Fed is anticipated to indicate a slowdown in its Empire State Manufacturing Index, whereas, at 1400 GMT, June’s preliminary reading for the University of Michigan Consumer Sentiment Index is forecasted to improve by 0.5 points to 98.5.
Elsewhere, manufacturing sales in Canada are projected to post a slower increase for the third consecutive month, with the gauge expected to ease from 1.4% m/m to 0.6%.
In energy markets, the Baker Hughes company will report on US oil drilling activity at 1700 GMT, possibly bringing another wave of volatility to oil prices. Note that the number of active oil drills has been rising since March 29 and another tick to the upside could potentially put the market under pressure once again.
Brexit news will be of greater importance in the UK ahead of the Bank of England’s policy meeting next week. Despite Theresa May successfully fighting off amendments to the EU withdrawal bill at the House of Commons on Tuesday, a few days later the chancellor, Philip Hammond, claimed that the amendment published on Thursday was not consistent with what had been promised by May.
As for today’s public appearances, Dallas Fed President Robert Kaplan (non-voting FOMC member in 2018) will be speaking before a business leaders luncheon hosted by the Fort Worth Chamber of Commerce at 1730 GMT.
On Monday, Japanese trade figures will gather some interest during the Asian trading session. Analysts expect Japan’s trade balance has turned negative in May, declining from a surplus of 626 billion yen in April to a deficit of 235bn.
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