Archives of “October 22, 2019” day

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China issued 10m tonnes quota for US soybeans purchases – report

  
  Analysis
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It’s not the 40-50m tonnes Trump talked about but it’s a start

The idea was never to buy all the soybeans at once, but over the course of a year. China nees the food.
Reuters reports that Chinese officials gave tariff-free quotas to soybean buyers for up to 10m tonnes.
It’s a sign of concrete progress and good faith in the trade war but it could all fall apart very quickly.

The risk mood encounters some softness to start the day

  
  Analysis

US 10-year yields down 3 bps to ~1.77% currently

USGG10YR

Meanwhile, European stocks are also in the red currently and that is allowing for the likes of gold, yen and the dollar to gain some mild strength during the session.
US futures are also back down in negative territory now as it reverses earlier gains to be down by over 0.1% at the moment.
In the currencies space, USD/JPY is now near 108.50 with the aussie and kiwi also paring earlier gains on the day against the yen and the dollar.
If anything else, the contrast in the mood yesterday and today shows that markets are still relatively indecisive about the picture surrounding trade talks and any optimism may be fleeting amid caution still up in the air.

Juncker: Brexit is a waste of time and energy

  
  Analysis

Frustrations begin to show again for Juncker

Juncker
  • It is painful spending so much time on Brexit
  • Will always regret UK’s decision to leave the EU
  • Says it is not possible for EU to ratify Brexit before the UK does
He may be cutting a frustrated figure but at the end of the day when the UK comes knocking on the door for an extension, they will never be able to ignore that request.
If Johnson fails in the vote today, expect the blame game to begin again.
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