The Day Today 13th May 2019

  • Brexit cross party talks stumble on but must include a second referendum according to Keir Starmer (Labour), Conservatives want to ditch the talks and move to indicative votes
  • US/China trade hinges on China subsidies to industry but negotiations have stumbled and President Trump made a series of tweets at the weekend
  • Saudi Arabia says 2 oil tankers were attacked near the UAE, just as UAE says 4 of its were sabotaged
  • CBA profits fall pulling down Oz banks
  • Toshiba sticks to major restructuring and looks to offload US LNG business
  • Venezuela: general calls on armed forces to rise up

Asian equity markets traded lower, trade tensions continued with the US expected to release more tariffs if talks do not progress. Elsewhere with US news: Pompeo travels to Moscow today, we have Fed speakers this week including Rosengren, Clarida and George, data wise there is US retail sales and industrial production and US earnings slow but Walmart reports Thursday. Other data/events this week: earnings include Alibaba, Japan balance of payments (Tuesday), China retail sales and industrial production, Indonesia rates decision Thursday, Oz unemp (Thursday)

On this day in 1940 Winston Churchill made his first speech to parliament as prime minister where he said “I have nothing to offer but blood, toil, tears and sweat”

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