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Trump says Iran asked him to lift sanctions in order to meet, he said no

The Iran side wasn’t bluffing

That’s what they said all along.
All the talk about a meeting was truly much ado about nothing.
What’s surprised me in Trump’s presidency is what world leaders will give up just for a meeting. In the infamous call with Ukraine’s leader, all the back channels were about securing a move on the prosecutor before a call. Then on the call, Trump wanted more in order to meet. What’s so great about meeting the President?

US House Intel publishes whistleblower complaint on Trump’s Ukraine call

Full text is out

It’s just out now. The text is here.
It’s not just about the call, but about the follow-up and potential actions afterwards, including a trip Trump’s lawyer Giuliani made to meet with one of Zelenskyy’s top advisors shortly afterwards. It doesn’t have any information on what may have been discussed.
Overall, I don’t see any kind of fresh smoking gun here but there did appear to be an effort to bury the transcript of the call.

Further reports that majority of US House now backs impeachment proceedings against Trump

US media reporting, get this …. “breaking” news :

  • A majority of the House now backs impeachment proceedings against President Donald Trump: 218 lawmakers
Its not my intention to be the leader of the pack on impeachment reporting, I post whatever is relevant to markets. Maybe I just got lucky this time being so early with this news.
US media reporting, get this …. "breaking" news :

Trump impeachment update – House has enough votes to impeach (no update on Senate)

Its going to be a job keeping up with developments on the impeachment inquiry.

Latest is
  • 218 House Members now support impeachment inquiry
  • Which is enough to impeach Trump in the House
As you’d all know, the numbers are not there in the Senate, where Trump’s party is in the majority).
Its going to be a job keeping up with developments on the impeachment inquiry.

Trump says trade deal with China could happen sooner than you think

Initial Trump comments after the memo was released

  • Call with Ukraine leader was a “nothing call”
  • Says there was no pressure whatsoever against Ukraine in call
This comment from Trump is helping to boost the S&P 500. It’s up 6 points to 2972, just shy of the session high.
Gold is also coming under heavy pressure and is down $16 to $1516, wiping out the past two days of gains.

Pres. Trump pushed Ukraine to work with Giuliani, Barr on Biden’s son

Rough transcript of call with Ukraine released

  • Pres. Trump asked Ukrainian presidents Zelenskiy to examine whether democratic US president candidate Biden stopped investigation of company in which his son was involved
  • Trump told Ukraine Pres. “there’s a lot of talk about Biden’s son”
  • if you can look into it…. It sounds horrible to me
  • US has been very good to Ukraine but did not directly mention foreign aid
  • Justice Department concluded Trump did not violate campaign finance laws
  • US Atty. Gen. Barr has not spoken with Trump about having Ukraine investigate anything according to the Justice Department

Bank of Japan’s Kuroda on the wires

Via Reuters

Kuroda
  • BOJ will ease without hesitation if chance that economy may lose momentum for achieving price goal heightens
  • Economy sustaining momentum for hitting BoJ’s price goal
  • BoJ must pay more attention than before to heightening risks, particular focus in on the output gap
  • If Oil prices continue to fall and clearly push down Japan’s inflation, that could impact inflation expectations
  • No preconception on what policy decision will be made in October
  • Investors risk aversion easing somewhat due to progress in US-China trade negotiations
  • BoJ can combine, enhance tools which are rate cuts increase in asset buying and acceleration of base money
  • Excessive fall in super-long yields could hurt consumer sentiment by lowering returns of pension, insurance funds
  • Our policy is stimulating economy, but increased scrutiny is needed on cost of prolonged ultra low rate environment
  • Overseas economic slowdown yet to affect Japan’s domestic demand
No hints on whether more QE is coming for October, which is what would have weakened JPY further on the current change in sentiment with China waiving some soybean tariffs.
Interesting line about scrutiny on ultra low rate environment. We are starting to see a move away from monetary policy towards fiscal policy. I think it is reasonable expect this to be the next driver in the FX markets now if conditions remain in an ultra low interest environment.

US President Trump says we are getting along well with North Korea

Given North Korea is continuing to get whatever it wants in developing ballistic missiles and nukes, yes, they are easy to get along with.

More:
  • maybe we will be able to make a deal, maybe not.
On North Korea’s missile tests:
  • says a lot of countries do it
So getting played.
Given North Korea is continuing to get whatever it wants in developing ballistic missiles and nukes, yes, they are easy to get along with.
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