Markets tremble at fears of US China trade war
March 14, 2018
Europe Market Movements
The GBP and the EUR have been seeing gains in the past 24 hours, buoyed by the falling USD. Sterling also reacted to a positive budget report that showed an improvement in the British economy. Investors are now watching the speech this morning by the European Central Bank President. Volatility is expected.
US Market Movements
Global markets reacted negatively on concerns of a trade war between the US and China. The Dow, S&P 500 and NASDAQ have all seen losses. The USD is also trading weaker today, also affected by the firing of Secretary of State Tillerson who was seen as a globalist. Traders are now eyeing a spate of US data today, which might infuse the greenback with volatility. The CAD fell yesterday in reaction to the speech by Bank of Canada Governor Poloz but it might react today to the EIA Crude Oil data.
Asia/Oceania Market Movements
Asian equities have been falling today in reaction to falls in Wall Street yesterday and also to the US Chinese trade news emanating from the White House. The Nikkei has fallen by 0.84%, the Topix by 0.42%, the Kospi by 0.41% and the Sydney ASX/S&P 200 by 0.66%. The Hang Seng and Shanghai have also fallen. The JPY recovered ground against the falling USD and the AUD reacted positively to strong Chinese data.
Crude Oil has been seeing falls today, reacting again to US oil production. WTI is trading at $60.65 a barrel, and Brent at $64.47. In the crypto market, internet giant Google, has announced that as from June 2018 it will ban all cryptocurrency related advertising through its Google ads products. Traders, expect some crypto volatility on this front.
|8:00 GMT||EUR: ECB President Speech|
|12:30 GMT||USD: PPI; Retail Sales; Core Retail Sales;|
|14:30 GMT||USD: Crude Oil|
|21:45 GMT||NZD: Gross Domestic Product|
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