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US Open Preview – Stocks rebound eases after China devaluation talk but dollar edges up
April 9, 2018 12:26 pmVideo
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Here are the latest developments in global markets:
Day Ahead: Quiet start but Xi speech, US inflation and earnings season coming up later this week
While there seemed to be no let-up in the trade stand-off between the US and China, many investors remained hopeful that a full-blown trade war can still be averted and chose instead to focus on the week’s upcoming risk events. The first of which comes on Tuesday when President Xi of China makes a keynote address at the Boao Forum for Asia. The speech could be significant if President Xi uses the event to deescalate the trade dispute between the two nations. The Chinese leader will likely announce economic reforms and offer the US more market access, appeasing the US side. But if the proposals don’t go far enough, the US may continue to play hardball.
On Wednesday, all eyes will be on the US CPI figures for March, and on Friday, US corporate giants, including JP Morgan, Well Fargo and Citigroup will report their latest quarterly earnings.
Ahead of all that though, speeches by European Central Bank policymakers will be eyed. ECB Vice President Vitor Constancio will present the Bank’s annual report at the European Parliament at 13:00 CET, while Governing Council member Peter Praet will participate in the European Finance Forum in Germany at 16:45 GMT.
The euro has come under negative pressure recently following disappointing business confidence gauges for the Eurozone. A deep slowdown could hamper the ECB’s efforts to pull the plug on its stimulus program. Investors will therefore be paying special attention to policymakers’ views on the economic outlook. Hawkish comments could spur the euro above immediate resistance at $1.2290 handle, but any signs of a more cautious tone could push the single currency below $1.22.
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