Trump: President Xi must attend G-20 meeting

Daily Analysis - 11/06/2019

Trump threatens China with more tariffs

g20


On Monday The United States President Donald Trump announced a new threat of additional tariffs on Chinese goods. Tariffs will be forced if Chinese President Xi Jinping does not attend a G-20 meeting this month.

Trump told CNBC after asked if it could be understood as a new tariff threat and if it would come in effect imminently “Yes, it would.” Trump earlier warned China that he is going to force taxes on another $300 billion in Chinese goods if a trade deal is not close soon. The Trump government rose the tariffs last month on $200 billion worth of Chinese goods.

Asia pacific went higher


On Tuesday Asia Pacific stocks advanced after the overnight comments from U.S. President Donald Trump regarding the ongoing trade conflict between China and U.S. Hong Kong Hang Seng index totaled more than 0.7% while Shares in mainland China advanced as well. The Shanghai Composite increased more than 1.8% and the Shenzhen composite profited more than 2.8%. South Korea’s Kospi traded higher 0.3%.

Japan’s Nikkei 225 went up by 0.27% while the Topix index scored 0.4%.

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Oil prices stabilized


On Tuesday Oil steadied toward expectations that OPEC and its allies will cut supply to stop prices from dropping due to general economic retardation which has begun to consume the fuel demand growth.

WTI crude futures registered a bullish direction of 16 cents and went to $53.42 per barrel. Brent crude futures went up 7 cents to $62.35 which is approximately 0.1% above Friday’s close.

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U.S dollar steady for now


On Tuesday the popular U.S dollar was mostly stable versus other important currencies but traders' desire for more risk was held back due to U.S. President Donald Trump's renewed tax warnings towards China.

Financial markets over the last 12 months have been seized by concerns of increasing trade tensions between the world’s two biggest economies.

Versus a box of six rivals, the dollar index went up 0.02% to 96.780, closing its past session with a 0.2% increase.

 

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