Prime Minister Theresa May, is still searching for a solution for Brexit within the next month. EU leaders and May agreed to extend the deadline to Oct. 31st. Though some MPs are still pushing for her to resign, the PM believes there is a possible compromise over a customs union.
Businesses that overstocked for a hard Brexit are now being forced to seek loans to cover their costs. The exit’s delay and seemingly assured peaceful separation combined with a number of companies stocking themselves into the red could spell trouble for the U.K. longterm.
EU leaders will sign off on trade talks with the U.S. The 28 country bloc approved a mandate for the bloc’s trade chief, Cecilia Malmstrom, to negotiate cuts in industrial tariffs with the U.S., the officials said on the condition of anonymity because the deliberations were behind closed doors.
Though it is good that the EU and U.S. are back at the table together, there is no guarantee that an agreement on industrial tariffs will influence the current commercial truce or future auto duties implemented by the White House.
Oil prices in New York retreated from a five-month high as an increase in U.S. inventories to the highest since late 2017 overshadowed OPEC’s efforts to reduce production.
However, with Sudan’s army laying claim to the oil-producing country, another gap in global supply may occur, inspiring another price jump.
Times in GMT
09:00 EUR Industrial Production (MoM) (Feb)
Predicted: -0.5% Previous: 1.4%
12:30 USD Import Price Index (MoM) (Mar)
Predicted: 0.4% Previous: 0.6%
This precious metal’s 1D chart has shown a Engulfing Bearish signal, indicating a likely continuation of its downtrend.
This U.S. index’s 1D chart has shown a Doji Star Bearish signal, meaning the uptrend may be over.