rss

Global Times editor: China considering to put drafters of HK bill on no-entry list

A tweet by Global Times’ editor-in-chief, Hu Xijin

“Based what I know, out of respect for President Trump, the US and its people, China is considering to put the drafters of the Hong Kong Human Rights and Democracy Act on the no-entry list, barring them from entering Chinese mainland, Hong Kong and Macao.”

I reckon that is probably one part of possible retaliatory measures but in any case, it should be viewed as a rather soft one – but the spin on the response above is that it is done “out of respect for Trump and the US”.
As such, this leads me to believe that the signing of the HK bill isn’t quite putting the “Phase One” deal in jeopardy just yet.

OPEC expects the oil market to be balanced in 2020 if it maintains current production levels

This according to data presented in Vienna to the bloc’s Economic Commission Board this week

OPEC

According to delegates, it shows that an oil supply surplus in 1H 2020 will be mostly offset by a deficit in 2H 2020. As such, the bloc sees that the oil market will be balanced next year and that puts them on course to stick with the current set of output cuts.

Do be reminded that OPEC will be meeting next week to finalise their decision but the expectation is for them to maintain the existing output cuts (due to expiry in March 2020) into the latter stages of next year.
The report by Bloomberg above only serves to reaffirm that notion with a mention that the bloc’s secretariat did not examine the prospect of deeper cuts.

USD/JPY matches the best level since May

USD/JPY up 42 pips on the day

USD/JPY up 42 pips on the day
Better economic sentiment and a lower chance the Fed will cut rates are driving a rally in USD/JPY today and breaking technical resistance.
The next headline on the pair that you’re likely to see is it hitting the highest since May. It’s matched that level so far as it sits at 109.48.
Watch out for a run on buy stops if the pair breaks higher. Stocks are certainly poised for a strong close.

Bitcoin rises 6% in bounce-back day

Bitcoin up $500

Bitcoin up $500
Bitcoin hit a six-month low to start the week but is bouncing back today in a nearly $500 rally to $7600.
One catalyst appears to be a report saying the Swiss government is working on laws that are more positive for blockchain.
Another theory is that recent selling was driven by the sale of Bitcoin from a theft in China and that’s dried up now so the dip-buyers are stepping in.
Technically, it’s undoubtedly oversold in the short-term but the break below the October lows is concerning. We could get a rebound to $8000 or $8500 before the selling kicks back in.