2018Feb

FC: US CLOSING REPORT: MONDAY – 5TH – MARCH – 2018 March 05, 2018 at 09:20PM

fcfx

US cash equity markets are broadly higher at the closing bell, snapping a four-day losing streak in the Dow Jones Industrial Average (DJIA +1.4%, S&P +1.1%, NASDAQ +1.0%). Energy stocks have been supported by gains in oil prices with US crude futures adding over two-percent at the highs – US crude futures settled at $62.57 (+$1.32). Investors also now appear to be looking through concerns of a global trade war despite comments from Trump this afternoon that he will not back down on the steel and aluminium tariffs. A spokesman for House speaker Ryan said he has urged Trump not to advance on planned steel and aluminium tariffs. Meanwhile, House Republican sources said congressional leaders will not rule out potential action down the line if Trump continues with his tariff plan. On the NAFTA front, US Trade Representative Lighthizer said they have not made progress on NAFTA that many has hoped for, adding they agreed to include a chapter in negotiations on NAFTA for energy. He stated so far, they have concluded just six chapters in NAFTA negotiations, and urges all parties to move more swiftly to conclude negotiations. Meanwhile, Canadian Foreign Minister Freeland said Canada is still determined to get a good deal on NAFTA, not any deal, adding they’ve made solid progress in round seven of NAFTA talks. Freeland said any tariffs on steel or aluminium would be viewed by Canada as unacceptable and will take appropriate measures to protect workers and industries if need be. Lastly, Mexican Economy Minister Guajardo said to strike an agreement on NAFTA, we need to be aware of the positions of the other signatories, adding as time passes, we should gather speed on concluding the accord. The Canadian Dollar plunged to its weakest level since July 5th against the Greenback on the NAFTA headlines. Elsewhere, gains in equities have pushed US Treasuries into the red, weighed also by stronger data after ISM non-manufacturing beat at 59.5 (f/c. 59.0). Sterling remains the outperformer in currency space, rallying after UK PM May said they are close to an agreement on Brexit transition. The Canadian Dollar has been the underperformer among the G10’s, weighed by concerns over US tariffs and NAFTA talks. We also heard from Fed Governor Quarles who said US regulators are considering material changes to streamline Volcker rule
Key Headlines/Data:

* US House speaker Ryan urges Trump not to advance on planned steel and aluminium tariffs

* According to sources, NAFTA talks will conclude talks without a trilateral statement.

* WTO head Azevedo told member countries it is clear there is a much higher and real risk of triggering an escalation of trade barriers across the globe. He added we cannot ignore the risk, that once we start down this path, it will be very difficult to reverse direction.

* House Republican sources says congressional leaders will not rule out potential action down the line if Trump continues with his tariff plan.

* US President Trump says he will not back down on steel and aluminium tariffs:
• If they can reach a good NAFTA deal, tariffs on Mexico and Canada can be addressed
• The biggest problem on trade is China
• Do not think tariffs will inspire a trade war

* Democratic party leader Renzi resigned.

* Forza Italia leader Berlusconi said he is open to reinforcing the centre-right coalition to create a new government.

* UK Finance Minister Hammond said they have no plans to produce their own draft Brexit agreement text. He later added it is hard to imagine a post-Brexit EU trade deal that would be attractive to the UK and does not include access for services.

* Fed Governor Quarles said US regulators are considering material changes to streamline Volcker rule

* US Crude futures settled at $62.57 (+$1.32) | Brent Crude futures settled at $65.54 (+$1.17)

* US Trade Representative Lighthizer said they have not made progress on NAFTA that many has hoped for, adding they agreed to include a chapter in negotiations on NAFTA for energy. He stated so far, they have concluded just six chapters in NAFTA negotiations, and urges all parties to move more swiftly to conclude negotiations. Lighthizer mentioned the longer negotiations take, the more political headwinds will be felt. Lastly, would prefer a three-way tripartite deal on NAFTA, but would negotiate a bilateral pact if needs be.

* Canadian Foreign Minister Freeland said Canada is still determined to get a good deal on NAFTA, not any deal, adding they’ve made solid progress in round seven of NAFTA talks. She said they starting to make headway on some of the more challenging issues, but there is still significant work to go. Freeland said any tariffs on steel or aluminium would be viewed by Canada as unacceptable and will take appropriate measures to protect workers and industries if need be.

* Mexican Economy Minister Guajardo said to strike an agreement on NAFTA, we need to be aware of the positions of the other signatories, adding as time passes, we should gather speed on concluding the accord. He said we are close to completing a number of chapters at the talks, just need a bit more work on them, adding we can be aware of the need to balance trade, provided we aim to do it by expanding trade. On tariffs, Guajardo stated there is still no US Presidential decree, adding Mexico should be excluded from potential US tariffs on steel. Lastly, in the NAFTA talks, there has been less advance on chapter 19

Read More… Like : US CLOSING REPORT: MONDAY – 5TH – MARCH – 2018 March 05, 2018 at 09:20PM

Read more news on oursite:
UK news UK companies news Sterling pound news EU news EU companies news Euro news US news US companies news US Dollar news Japanese Yen news Chinese Yuan news Trading EU Shares Commodities news Crytocurrency news Major Currency Pairs Update fonecable中文版(简) fonecable中文版(繁) fonecable日文版 and more…

fcfx-hxcm-18 FCFX-efx-card18-multicurrency plus500-fcfx