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Market Recap – Davos in the desert

Tuesday, October 29, 2019 10:26 AM GMT

The EU extended the Brexit deadline up until January 31 2020. The Boris Johnson deal, the only Brexit aggreement that was ever approved in principal by the UK Parliament (329-299 vote on October 22), seems essentially dead. The Prime Minister asked for general elections to be held on December 12. The parliament rejected his proposal, but the prospect of a December general election is likely.

Saudi Arabia’s Future Investment Initiative begins today. The event is nicknamed “Davos in the desert” and it will be attended by the US Treasury Secretary, Steven Mnuchin, and Trump’s son-in-law and adviser, Jared Kushner. The Jamal Khashoggi’s murder that was done on October 2018, does not seem to shade this year’s event.

Joshua Wong became the only candidate banned from running in November’s District Council Election in Hong Kong, on the grounds that the reason for not supporting Hong Kong’s independence as an option, is not his genuine intention, but rather an educated compromise.

Financial markets are in a waiting mode. The focus turns to tomorrow’s monetary meetings of the FED, the Bank of Canada, and the Thursday’s monetary meeting of the Bank of Japan.

Macro releases & Earnings: No significant macro release scheduled for today. The earnings calendar includes General Motors that is expected to record falling sales and expectations for a next year rebound in the Chinese market. Note the monthly total vehicle sales in US stands at the healthy 17.2million level.

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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