The Day Today 15th August 2019

– Australian employment data saw the economy add 41 100 jobs vs expected 14 000
– RBAustralia’s Deputy Governor, Debelle, warned of a global “self-fulfilling downturn”
– Corbyn’s plan to delay Brexit and stop a no deal exit is to install him as ‘temporary’ Prime Minister
– Oil price saw sharp losses as recession fears rise and US oil inventories rise
– Canada’s ethics watchdog said Justin Trudeau violated conflict of interest laws, his response “I cannot apologise for standing up for Canadian jobs”
– Uber share price hits all time low as earnings show more losses

Poor data from Germany and China concerned investors about the health of the global economy. US and European equity markets ended lower, bonds rallied. Asian equity markets also sold off, but not as severely as the US. The yield curves in the US and UK inverted, signalling the markets are concerned about recession, although its prescient abilities are in doubt given QE

The Week That Will Be includes UK and US Retail Sales data

On this day in 1971 President Nixon broke the gold standard by ending convertibility to the dollar

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