The Day Today 15th May 2019

  • US/China trade talks broke down in early May with the US imposing tariffs as China leadership cut the 150 page draft report built up over the last 5 months of negotiation to 105 pages claiming “an unequal treaty”
  • President Trump is due to sign an executive order banning US companies from working with Huawei
  • China Retail Sales 7.2% YoY vs exp 8.6%, industrial production 5.4% YoY vs exp 6.5%
  • Fed Daly: given the 2008 financial crisis and an ageing population, US growth does not look that sluggish
  • Indonesia trade data shows biggest monthly deficit on record, exports fell 13.1% vs exp 7.2%
  • Theresa May tables Brexit “divorce” bill for next month and apparently clings on to power until July to get a deal done
  • Oil prices reacted to the rise in US crude stockpiles despite increased Middle East tensions
  • Nissan warns of operating profits fall, the stock fell almost 8%
  • San Francisco bans facial recognition
  • PBoC 6.8649 (6.8365)

Asian equity markets looked through weak Chinese data and followed the lead of US markets in moving higher, the market can see further stimulus from China after this data and President Trump’s tweets are taken as a sign he wants compromise and a return to meaningful trade talks. Now it’s the turn for US retail sales and industrial production later today. Australian jobs data is out overnight, very often a market mover

On this day in 1940 the first McDonalds restaurant opened in San Bernardino, California

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