2018Feb

FC: US CLOSING REPORT: TUESDAY – 6TH – MARCH – 2018 March 06, 2018 at 09:11PM

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US cash equity markets are higher at the closing bell (DJIA +0.04%, S&P +0.26%, NASDAQ +0.56%). Futures had rallied ahead of the open amid reports that North Korea expressed a willingness to talk to the US about denuclearization. The improvement in risk sentiment failed to last however investors contemplated the possibility of a global trade war, inspired by Trump’s proposed steel and aluminium tariffs. Of note, Senator Purdue said Trump is open to changes on tariffs. Staying in Washington, US President Trump said the EU has been particularly tough on the US and makes it difficult to do business and reiterates plan to implement tariffs on steel, adding the US cannot lose steel industry. Trump stated trade wars are not so bad when the US has a deficit with many countries. He also said he thinks North Korea is sincere in willingness to hold discussions, partly sue to sanctions. In currency space, the US Dollar remains on the defensive, losing ground against almost all of its G10 rivals while the Antipodeans are the outperformers on the day. Elsewhere, oil prices are little changed on the day with US crude futures settling at $62.60 (+$0.03). The EIA did cut their forecast for 2018 world oil demand growth by 30K BPD to a 1.70 Mln BPD YoY increase; 2019 was unchanged at 1.72 Mln BPD. In Europe, French Finance Minister Le Maire said reports that France are taking a tough stance in Brexit talks are not correct.

Key Headlines/Data:

* US security panel warns against Broadcom’s Qualcomm bid (FT):
• A secretive US national security committee has issued an unprecedented public warning against Broadcom’s proposed $142bn hostile takeover of Qualcomm, saying it is worried that a deal that may result in China dominating the US in providing critical 5G technology.

* The Senate have advanced a plan to weaken the Dodd-Frank banking rules (67-32)

* CVS Health attracted bids of almost $121.0 Bln for a $40 Bln issue to help finance their bid for Aetna.

* US Vice President Pence: Whichever direction talks with North Korea go, we will be firm in our resolve. The United States and our allies remain committed to applying maximum pressure on the Kim regime to end their nuclear program. All options are on the table and our posture toward the regime will not change until we see credible, verifiable, and concrete steps toward denuclearization.

* EIA cut their forecast for 2018 world oil demand growth by 30K BPD to 1.70 Mln BPD YoY increase; 2019 unchanged at 1.72 Mln BPD

* UAE Energy Minister said 2018 will be another good year for global demand growth although Q2 will see some softening.

* French Finance Minister Le Maire said reports that France are taking a tough stance in Brexit talks are not correct.

* Senator Purdue said Trump is open to changes on tariffs.

* US Crude futures settled at $62.60 (+$0.03) | Brent Crude futures settled at $65.79 (+$0.25)

* US President Trump said the EU has been particularly tough on the US and makes it difficult to do business and reiterates plan to implement tariffs on steel, adding the US cannot lose steel industry. Trump stated trade wars are not so bad when the US has a deficit with many countries. He also said he thinks North Korea is sincere in willingness to hold discussions, partly sue to sanctions.

* Swedish PM Lofven said he thinks it is important that the EU and US find a way to cooperate on trade

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