US President Donald Trump called on the Congress in a televised prime time speech on Tuesday to provide him with the $5.7 billion fund he asks to build a wall on the Mexican border. Trump blamed the Democrats for the US government shutdown that has now entered its 19th day, potentially set to become the longest in history in the coming days. He did not deliver on his threat of declaring a national emergency to order the army build the wall with Pentagon funds.
Democratic Congressional leaders Pelosi and Schumer did their own national TV time and accused Trump of taking federal services and nearly a million workers’ paychecks “hostage.”
The American trade delegation conducting talks with its Chinese counterpart in Beijing signaled a positive outcome from the meetings, boosting market sentiments. Negotiations that were extended into Wednesday were coming to an end and went well, a US official said.
“Talks with China are going very well!” President Trump, the architect of trade wars and self-described tariff man declared on Twitter. On Limit Forex financial screens Asian and American stocks, as well as oil markets, continued their surge over positive signs coming from Beijing despite the persistence of fears regarding a global economic slowdown.
China’s Ministry of Finance is poised to put out an annual fiscal deficit target of 2.8 percent of gross domestic product (GDP) for 2019, up slightly from the 2.6 percent target set for last year, Bloomberg reported citing two unidentified sources.
German industrial production fell down by 1.9 percent in November 2018, technically signaling a recession on the door as the annualized figure stood at 4.7 percent. Data to come next month will be crucial for understanding if the powerhouse of the European economy has indeed entered recession territory.
The UK Prime Minister Theresa May was hit by yet another setback on Tuesday after lawmakers from her Conservative Party voted along with the opposition to limit the government’s financial spending authority if Britain gets out of the EU without a deal. 303 versus 296 members of Parliament voted for an act that curbs government’s powers to spend taxes to cope with consequences of a potential fallout should May’s Brexit deal fails.