Market Recap – Escalation

The participation at the Qasem’s Soleimani funeral was huge, revealing his popularity and foreshadowing that further escalation is unavoidable. The Iraqi Parliament ordered US troops to leave the country. American citizens are already leaving Iraq. Nancy Pelosi, the US House of Representatives Speaker, is pushing for a resolution that would mandate the cease of military hostilities with Iran within 30 days. President Trump threatened to target Iranian cultural sites. NATO suspended its training activities in Iraq. NATO’ Secretary-General Jens Stoltenberg emphasized that the attack was a “US decision” and that US provided their rationale.

Today, President Trump is meeting the Greek Prime Minister at the White House.

Today the Spanish Parliament is set to approve (this time a relative majority is enough) the coalition government between Social Democrats and the Podemos. The coalition is supported with the abstention of the Catalan Separatist party that has been promised a roadmap to discuss the future of Catalonia.

Macro releases: Yesterday’s service PMI numbers were increasing. Today’s economic calendar includes the European inflation, the European retail sales, the US factory orders and Australian Construction Index.


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