The US/China deal can be delayed until December: Senior Trump administration official

Negative moves in stocks… Yields move lower… Gold moves higher

  • Trump/Xi meeting to sign US–China trade deal could be delayed until December as discussions continue over terms and venue
  • Still possible US – China trade deal pack will not be reached, but deal more likely than not
  • Europe a likely venue for the Trump-Xi meeting with Switzerland and Sweden among sites under consideration. Iowa is not a likely
  • Push for more tariffs rollbacks not seen derailing progress toward trade deal
  • Believes China sees quick trade deal as best chance for favorable terms, given Trump’s electoral and impeachment pressures
The stocks have moved to a new session lows (modest declines are picking up steam a bit).
  • S&P index fell to a low of 3067.26. We currently trade at 3069.5
  • NASDAQ fell to a low of 8387.61. We currently trade at 8389.32
  • Dow fell to 27420.17 with the price currently at 27435
US yields moved lower as well with the 10 year at 1.824%, -3.5 basis points.
Gold prices have moved higher with spot gold up $9 or 0.61% at $1493 currently.
WTI crude oil futures have moved lower they trading near session lows at $56.33 (currently at $56.42).
The USDJPY has moved to a new session low at 108.83. The 200 hour moving average comes in at 108.659.  There is a risk off in risk pairs like USDCAD, AUDUSD and NZDUSD.