The UK Queen approved a request on Wednesday by Prime Minister Boris Johnson to suspend House of Commons for over a month right before Brexit.
Opposition decries the move
Johnson’s latest trick led to an uproar of condemnations from across the political spectrum as the opposition led by the Labour Party called it a coup and affront to democracy. As such Queen’s speech which would start parliamentary legislative term after the summer holiday was postponed from September to October 14, making it almost impossible for the opposition to prevent a no-deal Brexit via legislation.
USTR ‘officiates’ China tariffs
The US Trade Representative’s office said in an announcement Wednesday that the Trump administration’s extra tariffs of 5% on 300 billion dollars-worth Chinese imports from September 1 and December 15, were made official. The extra tariffs are likely to hit the US retailers as kids’ toy and technology companies warn of price hikes.
Italian President Sergio Mattarella met with the earlier-resigned Prime Minister Giuseppe Conte on Thursday, to grant him a new mandate to form a new coalition government between the 5-Star Movement and opposition Democratic Party (PD). The two sides agreed in ousting the right-wing League party led by eurosceptic Matteo Salvini who wanted to become the next prime minister after bringing down the Conte government.
Zarif lists pre-conditions for talks with US
Iranian Foreign Minister Mohammad Javad Zarif said on Thursday the US must oblige by the 2015 nuclear deal between the world powers and Iran if it wanted to meet for talks. Zarif also accused the US of engaging in “economic terrorism” against the Iranian people and asked it to stop. Speaking in Malaysia, he said Iran was willing to meet but only if there is a result.
US oil inventories down
The US Energy Information Administration revealed in its weekly report on Wednesday that the country’s crude oil inventories dropped last week by 10 million barrels versus the market expectations for a fall of 2.1 million barrels. The figures were largely in line with the steep decrease the earlier API data showed at 11 million barrel, as imports into the US slowed down.
ECB ‘should disappoint markets’
An outgoing ECB policymaker, Ewald Nowotny, said in a Thursday-published interview that the European Central bank should be able and prepared to disappoint market expectations sometimes. Speaking to the Austrian Wiener Zeitung, Nowotny criticized the bank for having gone too far in the past to meet what the markets wanted to hear.
A warning from Sanfran Fed
San Francisco Federal Reserve President Mary Daly said the US economy had a “strong” momentum, but trade uncertainties and global growth slowdown were having an impact.
And one from Tokyo
The former Bank of Japan board member Hitoshi Suzuki said on Thursday if the central bank further ramps up its already massive stimulus, then potential dangers would lay ahead. BoJ is seeking means to counter a potential recession amidst the intensifying global trade tensions, mainly between its two largest partners, China and the US.