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Market Recap – PMI day

Friday, November 22, 2019 10:10 AM GMT

When the taxi drivers of global trade, Greek ship-owners, continue being optimistic, coupled with Central Banks’ capacity to innovate, risk-on mode prevails. Greek ship-owners viewpoint is that the ongoing US-China trade negotiations and tariffs, are only affecting the routing of global trade, and not its actual volume.

Understanding the progress of the US-China trade talks has become difficult.  Yesterday the Wall Street Journal reported that the Chinese negotiator Liu He, extended his invitation to US negotiators, Bob Lighthizer and Steven Mnuchin, as we are heading towards the 15 December deadline – when tariffs are scheduled to increase. On the other hand, Reuters was reporting that the phase 1 agreement is unlikely to be completed within 2019. It’s as if market participants were reading WSJ yesterday, and Reuters today.

On Sunday, the Hong Kong city’s district elections are taking place. Hong Kong’s government and China seem determined to hold the elections as scheduled, despite the likely prospect that pro-China, pro-establishment candidates will suffer a major defeat.

Macro releases: Today, the focus turns to the EU Manufacturing and Service PMI, the UK Manufacturing and Service PMI, the US Manufacturing and Service PMI and the Canadian retail sales. Full economic calendar can be found here.

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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