Archives of “May 29, 2020” day

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UK seeks to create a 10 country alliance for alternative 5G supply instead of China

  
  Analysis
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The UK Times has the report

  • UK seeking an alliance of ten democracies
  • to provide alternative suppliers of 5G equipment and other technologies
  • To lessen reliance on China
Countries UK is approaching include the other G7 constituents plus Australia, South Korea and India.
Link (Times may be gated)
The UK Times has the report 

G20 says 36 of 77 eligible countries have applied for debt relief

  
  Analysis
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Group of 20 major economies offered a suspension of official bilateral debt payments to77 eligible countries

  • 36 of the 77 have applied
The offer is to help countries combat the coronavirus pandemic and its economic impact.Saudi G20 secretariat said the debt relief initiative approved in April could provide immediate liquidity of $14 billion as more countries participated and that amount could increase significantly if additional creditors, including multilateral development banks and private-sector creditors, joined the initiative.
(info via Reuters )
Group of 20 major economies offered a suspension of official bilateral debt payments to77 eligible countries

US stock markets reverse course late to close lower

  
Analysis, US Market

Disappointing close

Disappointing close
It had been a one-way trade in US stocks from yesterday’s low but equities quickly changed course after President Trump said he will make an announcement about China in a press conference tomorrow.
Clearly the market is concerned that it’s some kind of escalation beyond some minor sanctions around Hong Kong. I’m not so sure that’s realistic but you always have to expect the unexpected with Trump. Watch out for leaks ahead of his announcement.
Closing changes:
  • S&P 500 -6 points to 3029 or -0.2%
  • DJIA -0.6%
  • Nasdaq -0.5%
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