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Market View

Market Recap - Wheeling and dealing in Brussels

Tuesday, May 28, 2019 10:57 AM GMT

Markets on Monday were digesting the European elections results. Today leaders meet in Brussels and the battle to finalize who will be the next President of the European Commission is fierce. The position has been served by Jean-Claude Junker with the support of center-right EPP party and the center-left Social Democrats. Now these two parties are not enough to support the Presidency nomination and there is a possibility that a new alliance of the Social-Democrats, the Liberals and the Greens will shape up, ending the monopoly of the EPP’s control of EU institutions. Negotiations for the Presidency of the European Commission, the Presidency of the European Council (a position that is currently served by Donald Tusk) and the Presidency of the European Parliament could last until the end of June.

The President Trump’s 4 day visit in Japan has not produced positive news. Trump has downplayed the recent North Korean short-range missile tests, has made no promises on the probability of imposing tariffs on the Japanese automobile industry, and made no promise to drop the tariffs on Japanese steel and aluminum as he recently did with Canada. Vague comments have been made from both President Trump and Prime Minister Abe over their intentions to help bring peace in the Middle East.

Macro releases: No market moving releases are expected today. Tomorrow is the scheduled monetary meeting of the Bank of Canada.



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