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US Open Preview – European stocks tumble, dollar stalls as trade worries persist
April 3, 2018 11:26 amVideo
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Here are the latest developments in global markets:
Day ahead: All eyes remain on the trade dispute
In terms of economic data, the only noteworthy releases left on the agenda are New Zealand’s biweekly milk auction, which does not have a precise release time, as well as US total vehicle sales for March, due at 1930 GMT.
In equity markets, attention will remain on the recent plunge caused by trade concerns and uncertainties about US tech companies. The next chapter in the trade saga will probably come this week, when the US formally unveils the technology tariffs it announced last week against China. While there is no specific day for the announcement, Commerce Secretary Wilbur Ross said on Thursday that the official declaration will come “very, very shortly”.
After that, China is likely to strike back again, following comments from the Chinese Ambassador to the US suggesting as much yesterday. Media reports indicate the Chinese retaliation is likely to be aimed at US soybean and aircraft exports, bringing into focus companies such as plane-maker Boeing. If this scenario is accurate, then risk sentiment will probably deteriorate further before it recovers, implying more troubles may be in store for major equity indices in the near-term. In the bigger picture though, the overall direction in stock markets could depend on what comes after China retaliates again. Will the US announce its own countermeasures and continue playing the tit-for-tat game, or will the two sides sit down at the negotiating table and reach common ground?
In energy markets, the American Petroleum Institute (API) will release its weekly crude inventory data at 2030 GMT. Investors will be looking for signs as to whether US production has leveled off for now, following the recent decline in the number of active US rigs.
As for the speakers, we have three on the schedule. In the US, Minneapolis Fed President Neel Kashkari (non-voter) will deliver remarks at 1330 GMT, while Fed Board Governor Lael Brainard (voter) will step up to the rostrum at 2030 GMT. In Europe, comments by ECB Executive Board member Yves Mersch will attract attention at 1430 GMT.
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