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Market Recap – An article, an update and a tweet

Friday, November 1, 2019 10:23 AM GMT

A breaking news article on Bloomberg triggered a huge sell-off at the beginning of the Europen session, despite the risk-on mode that was prevailing following Wednesday’s FOMC meeting. The article’s context was that China would not negotiate further unless all US tariffs are lifted.  Four and a half hours later, Trump tweeted that the phase 1 deal will be signed by him and President Xi, and the location of the formal signing is to be found. The mood of financial markets returned back to risk-on mode by 18.00GMT, while the Bloomberg article was updated. 

November’s calendar was supposed to include the APEC summit in Chile on 16-17 November, the place that the Trump and Xi were expected to sign their trade deal. The summit has been cancelled due to civil unrest. Additionally, it was supposed to include an Erdogan-Trump meeting, that has also been canceled.

The month signals the expiration of the 6 month postponement of tariffs considerations on autos. November additionally includes the beginning of the term of Ursula Von der Leyen, the ne President of the EU Commission, the beginning of the term of Christine Lagarde in the ECB, and the finalization of fiscal budgets of Germany and Italy.

Macro releases & Earnings: Today’s economic agenda includes the earnings of Alibaba, Exxon and Chevron, the US Non Farm Employment Change, the UK Manufacturing PMI and the US Manufacturing PMI.

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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