Trump referring to phase 1 of the US-China deal
On the face of it this sort of comment makes sense – if one side does not uphold it then the deal is in danger yes. The more applicable interpretation though is that tensions between the US and China are increasing, not only placing the existing deal in peril but making progress on further phases unlikely, or at least slower.
Oh, here we go, more on another source of tension being stoked by the US administration:
- Strong report coming on how the virus developed in China
Oil remarks from US President Trump.
The oil price has plunged at the opening to this week’s trade after weekend news and comments. Trump’s latest in that headline cutting a few cents out of it again.
- if oil price stays the way it is he would do very substantial tariffs
- does not think he will need to use tariffs in oil fight
(On that second remark, note that Trump has said a few times from late last week that expects Russia and Saudi to cut production, he’s mentioned by 10m barrels a day, perhaps 15m. Noter also though that the OPEC+ meeting scheduled for today has been put off to April 9. )
Trump and Chinese officials sign off on deal
We are also waiting for the deal text, which has been kept under wraps.
That’s about it….
The calendar is bare. There will be no economic releases from NY or Canada.
As far as events, the focus will be squarely on the speech by Pres. Trump at the Economic Club of New York. That will be at 12 PM ET. Will it be a rah-rah speech or will he speak more on China? If on China, the evergreen story always has the ability to push stocks higher on increased optimism for a trade deal (or lower on decreased optimism for a trade deal if he is particularly ornery).
There is another speaker… Fed Harker will speak also in New York at a Reuters event. There is no text expected, however, Q&A from audience is likely. The speech will start at 12:55 PM ET/1755 GMT.