Markets whipsawed overnight as the U.S. – China phase one trade deal came into question. Doubt was cast over the deal after Peter Navarro, trade adviser to President Trump, said the U.S.-China trade deal was over, prompting a sharp fall in stocks.
He was quickly forced to retract the statement, saying it was taken out of context – apparently, before Donald Trump himself quickly tweeted, ‘The China Trade Deal is fully intact. Hopefully they will continue to live up to the terms of the Agreement!’
The remark created an unnecessary sense of panic in Asian and future markets overnight. This type of dysfunctional comment is the last thing markets need right now as the delicate post pandemic recovery attempts to gather momentum.
There maybe some truth in it, the U.S.- China relationship is probably at a low ebb right now, maybe its lowest – but the market doesn’t need more conflict on trade between the two world’s largest economies, as it would make recovery from the pandemic even slower.
Other news
Germany ‘R’ number ticks up to alarming level – further lockdown restrictions are quickly introduced to contain slaughterhouse outbreak region.
European stocks climb on economic optimism.
Eurozone PMI’s rise to 4-month high – encouraging sign for economic recovery.
Mystery of missing ‘billions’ from Wildcard continues to be embarrassment to the German government.
Apple closed at record high on ‘making’ own chips announcement – dumps Intel.
Tech’ stocks gain ground again – Nasdaq closes at: 10056
‘Ethical’ investing gains attention as ‘social bonds’ surge – is conscious investing going mainstream?
ongoing…