Market Update & Important Indicators
Stocks slipped on growing concerns over trade tensions (S&P down 0.4%, Dow off 0.7%, Stoxx Europe 600 down 0.6%); China calls off planned tariff discussions with US officials; Oil rallied as OPEC and Non-OPEC failed to confirm output hikes; WTI approaching a 4-year high; The Fed meets later this week to discuss interest rates (another 25bp rise expected); The US 10 year yield was 3.09% and the greenback was flat ahead of this meeting; Barrick to acquire Randgold in scrip deal, making the biggest gold company in the world with an estimated cash pile of $2.7bn, ABX CN +6%, RRS LN +6%
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