Archives of “August 2019” month

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US Treasury Secretary Mnuchin says China is a currency manipulator

  
Analysis, Politics

US Treasury Secretary Mnuchin has said China is a currency manipulator. Via an official Treasury statement.

Mnuchin adds:
  • will engage with the IMF to eliminate unfair competitive advantage by China’s actions
  • says China’s actions are a violation of China’s G20 commitments to refrain from competitive devaluation
  • Says continues to urge China to enhance the transparency of its exhange rate and reserve management operations and goals
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President Trump has been wanting China names as a currency manipulator and he finally gets his wish granted by Treasury
Mnuchin finally doing what the boss tells him to do. Oh, the Prez, not his wife.
US Treasury Secretary Mnuchin has said China is a currency manipulator. Via an official Treasury statement. 

Major US stock indices close with (go on, have a guess!) …. big declines

  
Analysis, US Market
#  #  #  #  #  #  #

Ladies and gentlemen, as a special for today only, the four stock codes to watch are

  • U
  • G
  • L
  • and Y
Closing numbers for the big 3 are showing:
  • S&P index down 87.99 points, which is -3.00% at 2,844.06
  • NASDAQ index down 279.54 points or -3.49% at 7,724.53
  • Dow down 772.89 points or -2.92% at 25,712.12
Off lows but not a good day. All three with their biggest daily losses for this year.
The context of the moves today:
  • global growth weaker and weakeneing
  • global trade getting rocked by trade wars
  • The Federal Reserve recently cut and is likely to do so again (a bit of tail and dog, chicken and egg here …. shoose whichever you like)
  • Stock valuations are …. well … high. Some ludicrously so, but they have been for years …
  • what have I missed?

Nikkei 225 closes lower by 1.74% at 20,720.29

  
Analysis, Global Indices

Asian equities tumble amid sour risk sentiment in markets

Nikkei 05-08

It’s a rough start to the week for risk assets and equities are getting pummeled all over the place. The fallout in US-China trade talks is the main reason here with China seemingly abandoning all hope after allowing the yuan to weaken past 7.00 per dollar.
The Hang Seng is down by 2.8% while the Shanghai Composite is down by 1.2% on the day. European equities are expected to open with heavy declines as well as markets are in a risk-off mood to begin the session.
As such, the yen and franc are still the usual suspects in terms of outperformers today.
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