The Day Today

• New Zealand rate cut due to slowing global growth, domestic growth, outlook for employment
• US/China trade worries roil Asian equity markets, the official news agency,

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• Japan stocks re-open after the big golden week holiday, -0.7%, wobbling after Trump Tariff tensions
• RBA leaves rates unchanged, but revised down their inflation and growth forecasts.

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• Trump threatens to increase China tariffs, stocks tumble
• China cuts RRR for small to medium sized banks
• China may cancel this week’s trade talks with Trump
• Trump considering new Iran sanctions
• May in secret talks on second referendum
• Labour MPs won’t back Brexit vote without people’s vote
• PBoC 6.7344
• Option expiries today include EURUSD 1.1150-60 (1.6bn),

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• US/China trade deal may be signed next week according to some reports, if so it will be well short of what Trump wanted (cybertheft, state subsidies, etc)
• Yuan and yen currency reserves “may be one enhancement option” instead of relying on the $ so much,

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• Fed FOMC not as dovish as was expected with Powell seeming to look past weakish inflation
• UK housing data strong, NHBC reported new homes up 3% on same period last year
• Conservative/Labour talks on a customs union remain divided
• Following Gavin Williamson’s sacking from the cabinet some call for a him to be prosecuted over Huawei leak
• BoC Governor,

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