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10/11/17

China signs business deals with USA companies totaling $253.4 Billion

During President Trumps visit, China signs business deals with USA companies totaling $253.4 Billion. The President has strongly criticized the trade imbalance with China estimated at $347 billion last year and has made the narrowing of this deficit a priority which was a central focus of his talks with President Xi Jinping . Though criticizing the deficit, President Trump placed the blame on previous US administrations and actually praised President Xi of taking advantage of the situation in the interests of his country and his people. The agreements signed included the purchase of U.S. made chipsets, jetliners and Soybeans. Contracts signed Thursday included the Chinese purchase of Boeing Co. jetliners for $37 billion, mobile phone chipsets from Qualcomm for $12 billion, $1.6 billion of soybeans and vehicles and parts from General Motors Co. and Ford Motor Co. for a total of $11.7 billion. They also included agreements to cooperate on a $43 billion gas project in Alaska and a shale gas demonstration project valued at $83.7 billion. The American Chamber of Commerce in China said ahead of Trump’s visit that it welcomed such contracts but expressed concern Trump’s focus on trade in goods might mean he pays less attention to equally important issues such as complaints about restrictions on access to finance, health care and other industries in China’s state-dominated economy. In order to allay these concerns, President Xi announced that China is committed to further opening its economy to foreign investments and said that foreign companies would find China’s market “more open, more transparent and more orderly”.

The Dollar rally stalled on weaker U.S. data and on concerns regarding the US Tax bill

Thursday saw a rally for the majors against the $US as the EURUSD, GBPUSD, USDJPY , USDCHF all strengthened against the $. Unemployment claims rose in the States as the U.S. department of Labor reported a rise in initial jobless claims to 239,000 last week against expectations of just 232,000. This put a slight downer on the optimism over the strength of the job market. In addition, investors are cautious as the Washington Post reported that Senate Republican leaders were thinking of postponing the implementation of major corporate tax cuts. Any postponement or the possibility of “watered down” reforms are keeping investors jittery. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.25% at 94.53 by 10:50 a.m. ET (14:50 GMT). Wall street was also affected as the Dow lost 100 points on the open as Tech stocks pulled back and amid skepticism over the Republican Tax cut following the Washington Post report. The U.S Senate and the House are planning to unveil differing tax cut bills which is complicating the tax overhaul push.

 


 

Save the date. March 29th 2019, 11pm GMT

In a move to make things “crystal clear”, the exact time and date of Brexit will be written into law and included in the EU withdrawal bill. Prime Minister May is determined to warn Tory rebels that Brexit will not be derailed and that any attempt to block Brexit will not be tolerated. The amendment committing Brexit day in law will be considered by MPs when the bill returns to the Commons next week. With Ms. May’s fragile grip on power and reliance on DUP votes for a Commons majority, there is a real vulnerability for a Tory rebellion. As reported in the Daily Telegraph the Prime Minister said: "We will not tolerate attempts from any quarter to use the process of amendments to this Bill as a mechanism to try to block the democratic wishes of the British people by attempting to slow down or stop our departure from the European Union."
Mr. Davis, the Brexit Secretary indicated that he was taking a "pragmatic" approach to MPs' concerns by writing the Brexit date into the Bill. He said: "Our amendment makes it crystal clear that the UK is leaving the EU at 11pm on March 29 2019.

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Market Events 10.11.2017

EU: Trade balance (Jan)
USA: The number of drilling rigs from Baker Hughes

     

 

 

 

 

 

 

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