It seems the hopes for a dialogue between US-China, to reach a compromise in the ongoing trade spats, which boosted market moral Friday were short lived. According to sources, US President Trump as already approved the unleashing of another set of tariffs amount to nearly $200 billion on Chinese goods. Naturally, the announcement put investors on the edge with some shorting Asian stocks.
Global Stocks: Asian Stocks plummeted as a vast majority of market participants cautious attempt to divert funds. The dismal outlook in Asia weighs on European stocks and may affect Wall street negatively when the US Market opens, later during the day at 1:30 GMT.
- Germany30 was on a downward spiral between 12,085.45 -12,047.71 by the time of print at 07:30 GMT it had lost 0.53% jumpy around12.059.17.
- France40 shed 0.29% to at 5,332.34 with further downside in view ranging between 5,331.76 – 5,347.01
- UK100 Dropped 0.13% trading in reverse from 7,300.00-7,275.92.
- Italy 40 While most EU stocks slid the Italian Shares managed to hold gains in check trading up 0.33% in a range from 20,680.00 – 20,845.00 likely to be boosted further by the Italian Trade balance.
Commodities: It seems too early to overstand ultimate direction of the commodities, however, the Metals are currently under pressure mostly due to the trade tiffs.
- XAU/USD remains very volatile, it was seen at the time of print ranging from 1,192.89 – 1,197.35
- Copper Prices have been languishing low between 2.638- 2.607 with a loss of 0.57%
- WTI Oil amid the commotion Oil prices was least affected by the Baker Hughes Rig Count which rose from 860 to 867. The current forecast in a bullish trend ranging from 68.53 – 69.23 up 0.63%
FX Market: With the Financial calendar light yet laced with reports of Eurozone’s CPI, the German Buba Monthly Report,
- EUR/USD remains in a trend of 1.1618 – 1.1661 up 0.22%
- GBP/USD meanwhile held onto its gains above the 1.30 level trading between 1.3070 – 1.3104.
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