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US Open Preview – Pound rallies as UK’s Raab eases Brexit fears; Oil gains the most
September 24, 2018 12:25 pmVideo
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Here are the latest developments in global markets:
Day Ahead: Monday light in terms of data releases; eyes on trade and Brexit negotiations
Monday will be relatively quiet in terms of economic releases as investors are turning their attention to the Federal Reserve policy meeting on Wednesday that is will widely expected to deliver a 25 bps rate hike for the third time this year. Markets are increasingly pricing another rate rise in December as well, currently assinging an 80% probability to such an outcome.
Any updates, however on the trade front and particularly on the US-Sino relations could prove crucial for the market sentiment as relevant talks were cancelled by China on Saturday, while both Washington and Beijing activated fresh tariffs on each other’s goods today. The US administration imposed an additional 10% tariff on $200 billion of Chinese goods spanning thousands of products. China retaliated immediately with new tariffs ranging between 5% to 10% on $60 billion of US products.
In the UK, Britain’s Secretary of State for Exiting the European Union Dominique Raab said that he was confident that the UK will achieve progress with the EU regarding the withdrawal plan, while saying that a no-deal Brexit is not the end of the world and the UK is ready to face such an outcome. Meanwhile, the Labour Party leader Jeremy Corbyn threatened to support a second Brexit referendum if the UK Prime Minister, Theresa May, fails to push her Brexit proposal through Parliament. May is scheduled to defend her Chequers plan today at a meeting with her Cabinet at 1300 GMT. Recall that the EU rejected May’s divorce proposals last week in Austria.
Looking at the calendar, Canadian wholesale trade data for the month of July are due for release at 1230 GMT. Yet the main focus will be on NAFTA negotiations between US and Canadian officials with the next deadline being October 1.
As for public appearances, President Mario Draghi will be speaking to the European Parliament’s ECON committee at 1300 GMT.
Overnight, the Bank of Japan will release minutes of its July 30-31 meeting at 2350 GMT, this being the meeting before the latest one. Note that on September 19 the central bank left rates unchanged at -0.1% and maintained its July pledge to keep borrowing costs low for an extended period of time. Still, policymakers remained optimistic on the path of the economy despite warning that US trade protectionism may cloud the outlook.
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