Markets on Tuesday await US President Donald Trump’s speech at the Economic Club of New York.
Trump to Talk on Trade Talks
Investors hope to hear if there is any new development in the Sino-US trade talks that both sides aim to crown with the so-called Phase-1 deal after Trump’s remarks over the weekend that led to doubts.
EU Auto Industry to be Spared
US President Donald Trump will be announcing this week that he is postponing tariffs on European Union autos for another six months, US news website Politico reported, citing a person familiar with the decision.
Jean-Claude Juncker, President of the European Commission earlier last week told the German media that Trump would put off the threatened tariffs of up to 25 percent initially set to come into effect this Thursday.
Farage Challenges Labour and Salutes Conservatives
Brexit Party leader Nigel Farage announced on Monday that his party was not going to field a candidate for the seats won in electoral districts by the ruling Conservatives in 2017. The Brexit party would instead challenge the opposition Labour party in its stronghold districts where anti-EU voters came in the majority during the 2016 referendum.
Farage’s strategic move for the snap elections exactly a month later is crucial for Prime Minister Boris Johnson who got a boost.
UK Avoids Recession
The UK economy avoided entering a technical recession after data on Monday showed that the third-quarter gross domestic product (GDP) grew by 0.3 percent. The figure was a rebound from the second-quarter GDP that shrank by 0.2%. On a year-on-year basis, the 3rd 1 Q growth slowed to 1%.
UN Watchdog Report on Iran Nuke Program
The International Atomic Energy Agency (IAEA) said in its latest Monday-released report that Iran is enriching uranium at its underground Fordow nuclear facility. The United Nations watchdog said the enrichment was rapidly accelerating, in violation of the 2015 nuclear deal with the world powers.
Tehran relaunched its nuclear ambitions following Trump administration’s last year’s decision to withdraw from the deal.