US-China trade deal improvements

Weekly Report - 15/10/2019

US-China trade deal: signs of progress


United States President Donald Trump has announced that the first phase of the trade agreement with China is “very substantial”. However, experts expressed their concern that this development seems to be more of a “temporary truce” than a solid arrangement. Experts stated that this preliminary agreement doesn’t address the difficult problems that are troubling the two countries and signals that discussions could collapse once more before the stage one agreement is outlined. The trade conflict between the US and China is shaking the global economy for more than a year.

The US also agreed to postpone a tax extension on at least $250 billion of Chinese goods to 30% from 25%.

The Week that was

According to Iranian media last Friday, there was an explosion to an Iranian oil tanker. The tanker suffered critical damages while passing through the Red Sea. The blast occurred near Saudi Arabia. There was no immediate information from Saudi Arabia covering the recorded explosion. According to state television, the explosion damaged two storerooms on the oil tanker and caused an oil spill in the Red Sea.


Main Focus This Week

It is going to be a long week ahead, with trade talks, corporate earnings, economic data and Brexit in the center. Additionally, the IFM conferences and the EU Summit are going to be important as well. Regarding Earnings, The US banks Goldman, Citi, Wells Fargo, and JP Morgan, are going to be very interesting to watch.

EU Summit will be focusing on Brexit, this will be a moment of truth for Boris Johnson and the Brexiteers. We need to wait and see if it eventually will be a deal for the British PM to take back to parliament.


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