Spreadex Market Update
In a week largely defined by the signs of progress regarding ‘phase one’ of a trade deal, the suggestion of a speed bump caused the European indices to falter after the bell. Thursday saw the markets jump at the prospect of the US and China gradually rolling back some of the tariffs implemented in the last year and a half. Yet those reports stemmed from the Beijing half of the divide – reportedly there are actors on the Washington side of things that aren’t so convinced. Assistant to the President, and Director of the National Trade Council, Peter Navarro stated last night that ‘there is no agreement at this time to remove any of the existing tariffs as a condition of the Phase One deal’. Sources in the White House, meanwhile, have suggested there is a split within the administration over whether or not a roll back is in the USA’s best interests from a negotiating position. Adding to the lack of clarity of White House spokeswoman Stephanie Grisham, who continued to beat the drum regarding a deal, claiming the government is ‘very, very optimistic’ that one will be reached soon. That latter statement seems to have helped prevent the markets from panicking too much on Friday. The losses were largely capped at around 0.2%, with the FTSE, DAX and CAC all falling by that amount. The longer this uncertainty remains, however, the more damaging it will be.
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