Archives of “January 9, 2020” day

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China says vice premier Liu He will go to Washington to sign Phase One trade deal

  
Analysis, Politics

The Chinese commerce ministry confirms the matter

  • Liu He will go to Washington for trade deal signing on 13-15 January
  • Both sides remain in close communication on particular arrangements on signing
This was very much expected after recent reports have suggested the dates but the headline above should keep risk trades on the right track and not derail the recent momentum.
There doesn’t seem to be any major hiccups along the way but we’ll still have to see how markets will react after the details of the deal are disclosed following the signing.

Nikkei 225 closes higher by 2.31% at 23,739.87

  
Analysis, Global Indices

Asian equities rebound as US-Iran tensions subside

Nikkei 09-01

Japanese stocks rebound sharply as geopolitical tensions in the Middle East ebb after US president Trump chose the path of de-escalation in overnight trading. The Hang Seng is also up by 1.3% while the Shanghai Composite is up by 0.7% so far today.

As markets stick to the calmer risk mood, risk trades should fare decently in the day ahead. US futures are up by 0.2% and that should help European equities keep mildly higher going into early trades later in the morning.
In the currencies space, USD/JPY is at session highs at 109.30 after keeping above its 200-day moving average. The dollar is mildly weaker but overall ranges remain narrow for now.

Ukrainian airliner had technical problem prior to crash – initial Iran investigation report

  
  Analysis
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Iran maintains that the plane had technical difficulties leading up to the crash

The initial investigation report is being cited by the Iranian Civil Aviation Organisation and adds that the aircraft was headed towards the airport before crashing.

This is a story that will be talked about for quite some time yet. It is almost unfathomable that an aircraft will just spontaneously combust – especially in this day and age.
The fact that Iran is reportedly not wanting to release the blackbox of the aircraft to Boeing also doesn’t help its case in all honesty.

World Bank cuts global growth forecasts for 2019 and 2020

  
Analysis, Economy
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They see some upside risks as trade risks cool

  • Cuts 2019 to 2.4% from 2.6% (lowest since crisis)
  • Cuts 2020 to 2.5% from 2.7%
  • Cuts 2020 emerging markets forecast to 4.1% from 4.6%
  • Forecasts 2020 trade growth at 1.9% vs 1.4% in 2019
  • Says growth in less developed regions far below levels needed to meet poverty-reduction goals

In a deeper breakdown, they boosted the 2020 US growth forecast while cutting China and Europe. On the whole, this isn’t great news for the global economy but it’s nothing surprising.

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