US stocks are mostly lower at the closing bell (DJIA -0.1%, S&P -0.6%, NASDAQ -0.2%). Heavy losses in Boeing have led to underperformance in the Dow Jones Industrial Average as trade war concerns resurface; Boeing are expected to be one of the worst hit by Trump’s plan to slap $60Bln of tariffs on Chinese goods. Treasuries meanwhile have held higher on the day, supported by weaker-than-expected US retail sales data while PPI figures were in line. The Dollar Index is little changed versus yesterday’s close, the Euro is the underperformer after some dovish ECB rhetoric, and the Japanese Yen outperforms on the risk adverse tone. Elsewhere, Larry Kudlow said he has accepted the role at the White House as Trump’s economic advisor. US Crude futures settled at $60.96 (+$0.25).
* US Commerce Secretary Ross said he is optimistic a deal can be reached on NAFTA.
* Trump is open to short-term DACA deal, White House tells GOP leaders (Washington Post):
• White House officials have told key Republican leaders on Capitol Hill that President Trump is open to cutting a deal in an upcoming spending bill to protect young immigrants from deportation in exchange for border wall funding, according to four GOP officials briefed on the talks.
* Commerce Officials Signal Few Product Exclusions to Steel, Aluminum Tariffs Will Be Granted to U.S. Industry (WSJ):
• U.S. businesses seeking to avoid tariffs on imported supplies that incorporate steel and aluminum will face high hurdles under rules being developed by the Commerce Department, which is signaling it will grant exclusions only sparingly and based on national-security concerns.
* Trump plans to name Larry Kudlow his top economic advisor, replacing Gary Cohn: Sources (CNBC)
• President Donald Trump plans to name Larry Kudlow as his top economic advisor, sources told CNBC
* Kudlow said that he has accepted Trump’s offer to become the new White House Economic Advisor.
* US Crude futures settled at $60.96 (+$0.25) | Brent Crude futures settled at $64.89 (+$0.25)
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