ZuluTrade Blog

Market Recap – UK deadlock – Trade talks resume

Market View | Thursday, September 5, 2019 11:04 AM GMT

UK is at a deadlock, with Members of Parliament voting in favor of an extension of the Brexit deadline up until the end of January and at the same time rejecting Prime Minister Boris Johnson’s bill to resort to snap elections.

Chief Executive of Hong Kong, Carrie Lam, has formally addressed the citizens of Hong Kong. She counter-argued the 5 key demands of protests and pledged for the ending of violence and the initiation of dialogue. She announced (i) the full withdrawal of the “Fugitive Offenders Bill” that has sparked the protests (a bill that was suspended since June 15, but was never withdrawn due to China’s disapproval) (ii) the support of the work of the Independent Police Complaints Council (iii) the government’s invitation to academics to review the public discontent that extends beyond the bill and covers social justice, housing and land supply, income distribution, social justice.

New round of face-to-face negotiations between China and the USA will take place in October, as the Chinese Ministry of Commerce has announced. Today, Chancellor Angela Merkel begins her 3 day visit to Beijing.

Financial markets seem to be changing mode, with USD falling further, EUR-AUD-CAD-NZD strengthening and equities advancing. Yesterday’s press release from the monetary meeting of the Bank of Canada, revealed that despite the expectations for slowing activity at the second half of 2019, the current (i.e. not additional) degree of stimulus remains appropriate.

Macro releases: Today the focus turns to the US Crude oil inventories, and the US Unit Labor cost. Full economic calendar is here.


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