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Market Recap – Tariffs on autos suspended ?

Thursday, May 16, 2019 10:36 AM GMT

Markets experienced a short lived rally at the beginning of the US session, as CNBC reported that Trump will delay thoughts of imposing tariffs on EU and Japanese autos for another 6 months. Note that a decision on the matter was set to be made within the coming weekend.

On the US-China front, Steven Mnuchin, the US Secretary of the Treasury, confirmed that trade talks between China are continuing, but at the same time President Trump signed a national emergency executive order that practically denies Huawei’s access in the USA and banns a list of Huawei affiliate companies from buying US technology.

Macro releases: Yesterday’s US retail sales and Canadian inflation disappointed. Same thing happened with today’s Australian unemployment reading. Today, no market moving release is expected. The scheduled Eurogroup’s meeting, ten days before the upcoming EU’s Parliament elections, is not expected to produce news.

 

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