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Market View

Market Recap – Waiting mode

Wednesday, June 26, 2019 10:43 AM GMT

Two days have been left for the upcoming G-20 meeting in Japan and markets seem to be in a waiting mode. Equities have been retraced, with SP500 trading at -1.50% from its historic highs, Nikkei heading towards the technically significant 20945 level and Dax heading to test its 50 day moving average.

Apart from the Trump-Xi meeting which will set the tone for 2H2019, another interesting meeting will be held between President Trump and President Erdogan (Turkey). The USA strongly opposes the upcoming installation of the Russian S-400 system in Turkey. The EU is opposing the recent Turkey’s drillings at the northeast coast of Cyprus.

Today, the defense ministers of NATO members are meeting in Brussels. The defense budget of member states and potential sanctions on Russia, so that it adheres to the 1987 Intermediate-range Nuclear Forces treaty, from which the USA has stepped out, are on the agenda.

Earlier today, the Central bank of New Zealand kept rates unchanged at 1.50%, following the rate cut on May.

Macro releases: The US crude oil inventories release is expected today.


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