Dollar below one-year highs on Trump comments; yuan eyed
23 July, 2018, 13:19 | Author: Teresa Adams
Friday's losses came a day after Trump had also said he was concerned that the "Chinese currency was dropping like a rock", he did not like rising USA interest rates and that the strong USA dollar "puts us at a disadvantage". The dollar fell after President Donald Trump said China is manipulating its currency. Yields on Treasuries climbed the most since May as Trump reiterated that he's unhappy with the Federal Reserve tightening after the administration has worked so hard to grow the economy.
USA equity futures turned lower after Trump's comments, and the VIX volatility index - known as the "fear gauge" - rose to its highest level since July 11. It is supposed to encourage investors to buy USA debt in the knowledge that the United States administration won't deliberately weaponise the greenback and debase its currency. Earlier this month the US placed import taxes on $34 billion in goods imported from China and Beijing responded in kind.
Giving companies access to yuan may make it easier for them to do business with China, but it's unlikely to bolster the naira much, according to Omotola Abimbola, a bond and currency analyst at Ecobank Transnational Inc.
These comments will make for an interesting G20 finance ministers meeting this weekend in Buenos Aires, but it does appear that not only do we appear to be heading for a trade war, but it also looks like currencies are about to be brought onto the field of battle as well, as the U.S. administration tries to limit the effects of its own fiscal stimulus.
The Central Bank of Nigeria (CBN) has started the trading of Yuan for the first time after the country secured a Naira-Yuan currency swap deal. -China trade tensions and supply increases. The pan-European STOXX index and Germany's DAX, which is highly exposed to trade and China, were down 0.2 percent and half a percent respectively. It was last up 0.08 percent. The Nasdaq composite gave up 5.10 points, or 0.1 percent, to 7,820.20.
After falling 0.4 percent, MSCI's index of Asia-Pacific shares outside Japan ended the day 0.6 percent higher as the yuan rebounded.
Europe's autos sector extended falls, down almost 2 percent after Trump's comments and set for their biggest losses day for three weeks. Brent crude rose 16 cents to $73.23. Most subsectors were lower, including health-care, which suffered from a drop in many cannabis stocks.
The slide comes amid a deepening U.S.
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The earlier-than-expected U.S. proposal of a 10 per cent tariff on an additional US$200 billion of Chinese imports raises the chance that this previously noted risk becomes imminent (as early as September), reducing Chinese GDP growth forecasts by 0.2pp and 0.1pp this year and next, respectively, without allowing for second round effects or further escalation.
The MSCI All Country World Index, which tracks shares in 47 countries, was up a little over 0.1 percent, and set to end the week flat after two consecutive weekly gains. Britain's FTSE 100 gave up 0.1 percent.
The US dollar bought 111.55 Japanese yen, lower than 112.47 Japanese yen of the previous session.
General Electric latest Q2 numbers came in broadly in line with expectations, however margins came in slightly lower as the company continues to progress with its restructuring program.
He got the important wickets of a set Virat Kohli, Dinesh Karthik and Suresh Raina and pegged back India . But Kohli and opener Shikhar Dhawan increased the scoring rate as India took 68 from the next 10 overs.
At the climax of the ceremony, Putin handed an official World Cup ball to Infantino, who then handed it on to the emir. For the moment, it will be played with 32 teams and the distribution of spots will remain as they are", Infantino said.
Schwarzenegger, frustrated with Trump's apparent fan-boy moment with Putin, took to Twitter to call out the president. The president was responding to a question about whether he thought any US intelligence agencies were out to get him.
On Tuesday, Trump said he misspoke and instead meant to say he didn't see any reason why it wouldn't be Russian Federation . Republicans may have been relieved, but they still have questions about that two hour meeting with Putin.
Those leaders are already fuming over Trump's imposition of trade tariffs on various countries, including Russian Federation . Niinistö also called attention to the importance of establishing and fostering a dialogue between the two heads of state.
House Speaker Paul Ryan , R-Wis., rejected the idea of "moral equivalence" between the US and the Russian Federation. I can't even imagine what he said behind closed doors. "No there wasn't", Putin said.
Trump leaned forward in his chair, his hands tented in front of him and frequently glanced over at the Russian president. Although Finland is not a member of the alliance, it does cooperate on peacekeeping, training and security missions.
The Telegraph has claimed that a whole host of Arsenal first-team players face uncertain futures in the coming weeks. He knows he's at a big club, and has a lot of pressure, but I think he has a big character and spirit.
A former Tesla Inc ( NASDAQ:TSLA ) employee alleges there are serious problems afoot with his former employer. In an email exchange with Tripp, Tesla CEO Elon Musk called him "a awful human being".
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