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Market Recap – NATO summit continues

Wednesday, December 4, 2019 10:46 AM GMT

The Mercosur trade block (Argentina-Brazil-Paraguay-Uruguay) meets in Brazil. The Monday’s US tariffs on Argentinian and Brazilian steel are included in the agenda.

The NATO summit is ending today and seems that Turkey’s position is upgraded. Some NATO members disapproved what happened at the north borders of Syria. Turkey launched attacks against the Kurds, that previously fought with NATO shoulder to shoulder, against ISIS. President Macron was the most vocal leader that was raising this. Nevertheless, Erdogan (Turkey) noted that his quadrilateral meeting with Macron (France), Merkel (Germany) and Johnson (UK) “went well”. Before their meeting, he set the tone by saying that they will discuss how Germany-France-UK can support the plans and projects Turkey prepared. Turkey’ decision to buy the S-400 Russian system was not criticized by President Trump. Trump said that Turkey opted for S-400 due to Obama administration's Patriot ban.

The financial market’s risk-off mode, continued.

Macro releases: The focus turns to the European and US Service PMI, and the monetary policy meeting of the Bank of Canada. Full economic calendar can be found here.


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