APEC is canceled due to protests

Daily Analysis - 31/10/2019

U.S and China were scheduled to talk about the trade war at the summit

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Asia-Pacific Economic Cooperation summit (APEC) in Santiago next month has been canceled by Chile. The U.S. and Chinese leaders were to meet at the conference to examine the possibility of the implementation of the “phase one” agreement that both economic giants are near to achieving a deal. According to Sebastian Pinera, Chilean President, the cancellation occurred because of the rallies. Yesterday the president announced “This has been a very tough decision … but it is based on the wise principle of common sense” and added “A president must always put his compatriots above all else,” “Our main concern is reestablishing public order, our citizens’ safety and social peace along with pushing through a social agenda to respond to the main demands of our citizens.”

Gold went up following Fed decision


On Thursday the safe haven Gold rose while the greenback decreased following the Federal Reserve interest rates cut. The cut came for the third time in 2019. Growing confidence that the two economic giants, the U.S. and China will eventually confirm an introductory arrangement to declare a stop to their more than a year trade conflict played a huge role following the Fed’s decision to warn that further rate reductions are on hold for now. U.S. gold futures went up 0.2% to $1,500.09 per ounce. Spot gold gained 0.2% to $1,497.98 per ounce.

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Oil gained while traders hope for a U.S.-China Deal


On Thursday Oil surged while traders hoped that more positive news will emerge from the U.S -China trade war following weak Chinese PMI data. U.S. West Texas Intermediate (WTI) crude futures gained 10 cents, and went up to $55.15 a barrel. WTI closed 0.9% below the previous trading session. Brent crude futures advanced 24 cents, to $60.84 a barrel having dropped earlier in the session. They fell by 1.6% yesterday.

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Fed decision drove greenback down


On Thursday the popular greenback fell versus a basket of important rival currencies giving back earlier profits following the Federal Reserve's rate cut for the third time for 2019. Also, the Fed warned for a potential suspension in the reduction series that probably affected negatively the greenback. The rates were reduced by 25 basis points to a point area within 1.50% and 1.75% as expected.

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