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Market View

Market Recap – UN General Assembly

Tuesday, September 24, 2019 10:45 AM GMT

UN climate action summit began yesterday with Swedish teen Greta Thunberg delivering a speech. Today it will be President Trump’s turn to address the summit and President Bolsonaro’s turn from Brazil. There is a possibility of a face-to-face conversation between Trump and the Iranian President Hassan Rouhani. Meanwhile, Angela Merkel, Emmanuel Macron and Boris Johnson called for Iran to respect the nuclear deal with the West and expressed their belief that Iran was responsible for last week’s attacks on Saudi Arabia.

In the UK, the British Supreme Court will announce its decision on the legality of recent Parliament Suspension. Remember that it is a UK’s tradition to suspend the Parliament for a couple of weeks so that the political parties do their annual conferences. However, with the Brexit deadline expiring on the 31st of October, this year’s suspension entraps Parliament’s activity.

The US-Japan trade deal that reduces tariffs between them and was supposed to be signed at the sidelines of the UN Assembly, could be delayed. The USA objects the Japanese demand to include a sunset clause, that would cancel any US trade benefits if tariffs on autos are imposed.

Macro releases: Yesterday’s manufacturing PMI numbers are drawing a different picture at the two sides of the Atlandic. European PMI is falling further to 45.6 and the US PMI recorded a healthy 51 number, way above the 50 threshold that signals contraction. Today’s economic agenda includes the German Ifo business climate and the US consumer confidence.

Disclaimer

The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.

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