Mike Pompeo said we believed in the deal

Daily Analysis - 06/03/2019

US-China did not reach a deal

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On Wednesday Chinese shares jumped strongly while exchanges believed the stimulus proposals published on Tuesday by Beijing. Stimulus measures published by Beijing on Tuesday introduced cuts in taxes and fees worth nearly $289 billion including infrastructure spending as well. Hong Kong's Hang Seng index went higher adding more than 0.15%. The Shenzhen composite surged 1.48% to close at 1,660.40.

The Shanghai Composite rose more than 1.5% to end at 3,102.09 and the Shenzhen component increased 1.0% to finish the day at 9,700.50.

US Stocks fell due to US-China Talks


On Tuesday US Stocks finished weaker while traders focus on the continuing trade discussions between China and the U.S. Regarding the US-China talks on Monday, Secretary of State Mike Pompeo stated that he believed the two countries were "on the cusp" of reaching a settlement that would end the trade conflict. Pompeo said to KCCI television. "We're trying to get that rectified, get that fixed, make it fair and reciprocal and I think we're on the cusp of doing that and I hope all those tariffs will go away."

The Dow Jones Industrial Average dropped only 13.00 points to 25,806.60 The S&P 500 closed the day below 0.1% at 2,789.60 while the Nasdaq Composite ended at 7,576.35.

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Gold under 5-week low


On Wednesday, Gold steadied following the recovery from a more than 30-day low in the previous trading session. The increase came after a halt in global equities rally, while a strong greenback restricted further profits. U.S. gold futures went up about 0.3% to $1,287.89 per ounce.

The Spot gold was flat at $1,287.24 per ounce after sliding to $1,280.69 in the previous trading session.

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Oil dips


On Wednesday Oil fell while increases in the weekly U.S. crude stockpiles and the bullish production estimates by two of the biggest U.S. producers outran the continuing OPEC-led production cuts. The U.S. West Texas Intermediate (WTI) crude oil futures fell about 0.8% to $56.10 per barrel.

International Brent crude futures also fell to $65.36 per barrel GMT, down from their last conclusion.

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