ZuluTrade Blog

Market Recap - Scott Morison’s home run in Australia

Market View | Monday, May 20, 2019 10:35 AM GMT

Having changed their Prime Minister, Malcolm Turnbull, since August 2018, the Liberal-Nationals coalition, under the leadership of Scott Morrison were expected to lose the Australian general elections on Sunday. Nevertheless, they managed to win elections, and will now enjoy a greater margin at the Australian parliament, of 77 out of 150 seats. They used to have a 76 seats majority, which was decreased to 75 seats on October 2018, as Malcolm Turnbull resigned and they lost the snap elections for his seat, in Wentworth.

Meanwhile, Google decided to revoke Huawei’s Android license, following President Trump last week’s national emergency executive order, that practically denied Huawei’s access in the USA and banned a list of Huawei affiliate companies from buying US technology.

In Austria, Chancellor Kurz scheduled snap elections, as the leader of the far-right Freedom party that supports his coalition government, was caught on camera agreeing to award public contracts in exchange for favorable media coverage.

Macro releases: Earlier today, Japan beaten expectations and reported a 0.5% GPD q/q growth. Later, the European current account is announced. Canada is on holidays.



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