Comments by US commerce secretary, Wilbur Ross
- There is a very high probability that a deal will be reached
- Chinese agricultural purchases and execution of those are an issue
- Huawei not an appropriate player in the US 5G space
- US will have deal with China or keep tariffs
Rinse and repeat, rinse and repeat. Yet, markets continue to lap it all up. USD/JPY touches a new day high of 108.78 and looks to challenge the 100-hour moving average now.
Looks like risk trades just got a shot in the arm ahead of US trading.
The record slaughter of shippers continues as the BDIY posts the largest overnight drop of 4.5% in the most recent 34-consecutive day trounce in dry bulk shipping rates. Short term Capsize and Panamax charters for Pacific delivery have hit $29k and $19k, respectively, both approximately 30% lower than comparable Atlantic delivery rates as the Chinese transit corridor is now massively oversupplied. At this point it is not a question of if but when the bulk of shipping companies, especially levered ones, start going bankrupt and flood the seas with yet more anchored rusting dry bulk hulls.