Market Recap – Phase 1 US China deal

As of today, the new majority of the Conservative Party in the UK Parliament is a fact. The GBP has recorded a significant spike once the exit polls have been announced which is now followed by the selling of the fact.

A bigger stone agitating financial markets  than the expected UK election results, has been a new tweet from Trump.

Trump announcing the signing of US China

President Trump will sign off a phase-one trade deal with China today, averting the Dec 15 introduction of the new wave of increased tariffs on about $160bn of consumer goods from China. Equities recorded new highs, EUR, AUD, CAD, CNY increased significantly. The Chinese currency has given back some of its yesterday’s gains, as Beijing remains silent to the new developments.

The fist press conference of Christine Lagarde as the head of the ECB had little effect on  financial markets direction. ECB kept its monetary policy unchanged. Mrs. Lagarde read her opening statement and before opening the Q&A session, she made sure to clarify to the press than her replies should not be over-interpreted, should not get second guessed, should not cross referenced. The new point to keep in mind, is that the ECB will start its Strategic Review on January 2020 with the intention to conclude it within the end of 2020.

Macro releases: Today’s economic calendar is short and includes the US retail sales. The focus is on the US-China trade deal.


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