China is running out of options for ways to hit back at U.S. tariffs. The $60 billion worth of U.S. goods Beijing has threatened to target pushes the limits of risking stalling China’s long-term economic development. Their inability to match Washington’s hikes on $200 billion of Sino goods is bringing Xi’s team back to the table. Markets could act favorably and with the promise of better news.
News of planned delays of U.S. hikes on European cars helped markets regain some ground. It was reported that President Trump would delay European auto tariff up to six months. The speculation of returning some stability to such an important trade relationship. Companies and indices climbed back a bit, the upward momentum could continue.
As a result of Saudi Arabia’s oil assets having been attacked: most recently by drones, oil prices rose in some area. The U.S.’s record outputs and increased stockpiles were not enough to drop the overall market price. Continued concern over global supply will continue to drive the price.
Times in GMT
AUD Employment Change (Apr)
Predicted: 15.2K Previous: 25.7K
USD Building Permits (Apr)
Predicted: 1.290M Previous: 1.288M
USD Philadelphia Fed Manufacturing Index (May)
Predicted: 10.0 Previous: 8.5
CAD BoC Gov Poloz Speaks
This index’s 1D TF has shown a Three Inside Up pattern indicating a trend reversal. The trend should continue up.
This commodity’s 1D TF has shown an Engulfing Bearish signal. A downtrend is likely.