US–China remain locked for a phase one deal

Analisi Giornaliera - 11/12/2019

Tariffs are set to kick in on Sunday


The two super economies the US and China will probably publish an intermediate model of trade agreement before Sunday's deadline for the additional taxes on Chinese goods that are due to start. This event according to experts is going to encourage the financial markets and create a risk appetite.

The senior market strategist at Slatestone Wealth Kenny Polcari said that there will be an “eleventh-hour” notification regarding an agreement on Saturday night. He told CNBC’s “Street Signs”

“They’re going to come out and say ‘we’ve got a deal ... we’re working on tweaking, fine-tuning it. But, to show good faith, we’re not going to impose these tariffs.’ And then the markets will rally”.

US stocks fall

On Tuesday US stocks dropped while an imminent US-China trade deadline discouraged investors. The popular tech-driven Nasdaq Composite dropped 0.1% to 8,616.1, pulled down by Netflix.

The Dow Jones Industrial Average ended more than 27 points lower, or 0.1% at 27,881.7. The S&P 500 too lost 0.1% to end at 3,1321. China and the US have until Sunday to develop a so-called phase one trade agreement. If an agreement is not reached by then, new US taxes will take effect.


Brent futures dropped by 44 cents

On Wednesday oil declined following industry numbers that revealed an unexpected rise in crude inventory in the United States. The drop was supported also by the fact that investors remained patient and waited for the announcement on whether a new series of US tariffs on Chinese goods would start on Sunday. Brent futures dropped by 44 cents, to $63.89 per barrel.


Pound fell due to election projections

On Wednesday GBP moved lower following a survey that revealed a moderate lead for Prime Minister Boris Johnson’s Conservative Party in an election programmed to take place later in the week. This while the US dollar move remained stuck before the Federal Reserve’s policy meeting. The GBP dropped to as low as $1.3106 at $1.3139 on Tuesday.


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