Morning Notes

24/01/2019 - Argonaut Morning Note

US stocks closed higher overnight as investor concern eased over the outlook for global growth. The Dow Jones rose 0.7% to 24,576, while the S&P 500 climbed a modest 0.2% to 2,639;  The feud between Nancy Pelosi and Donald Trump has escalated as the speaker claimed she won’t let the President give his State of the Union address in her chamber unless government agencies have been reopened; Japan’s exports fell for the second time in four months in December as softening demand from China and trade-war risks cloud the outlook. According to the finance ministry, the value of exports declined 3.8% from the previous year

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23/01/2019 - Argonaut Morning Note

US stocks fell overnight to a three-week low as rising pessimism that trade tensions with China will persist had caused technology and multinational companies to tumble. The Dow Jones fell 1.2% to 24,404 and the S&P 500 slipped 1.4% to 2,633; Senate leaders have agreed to vote on rival proposals for reopening the US government since the shutdown last month. Lawmakers are considering a Democratic proposal including $5.7bn for border wall funding and would keep agencies open until February 8;Oil plunged by the most in almost a month following concerns over US - China trade talks and the US housing market. Brent crude fell 2.0% to US$61.50/bbl

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22/01/2019 - Argonaut Morning Note

The International Monetary Fund downgraded its outlook for the world economy, predicting it will grow at its slowest pace in three years. It expects global growth of 3.5% for 2019, below the 3.7% predicted in October of last year; Donald Trump and senior Democrats took their first steps toward a possible deal on immigration and border security over the weekend as the government shutdown enters its fifth week; U.K. Prime Minister Theresa May refuses to rule out delaying Britain’s departure from the EU as Parliament moves to take over the process to avoid a damaging no-deal Brexit

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21/01/2019 - Argonaut Morning Note

President Donald Trump put forward a proposal that includes $5.7 billion in funds for the border wall as he seeks to reopen negotiations with the Democrats in the midst of the almost month-long partial government shutdown;  Theresa May briefed her Cabinet on Sunday evening that there was little prospect of cross-party Brexit talks yielding a reasonable alternative plan to the one that Parliament resoundingly rejected last week;  Global oil demand remains on course to be stronger this year than 2018 as a boost from lower fuel prices counters slowing economic activity

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18/01/2019 - Argonaut Morning Note

U.S. stocks rose overnight following a report that the Trump’s administration officials are pushing for an easing of trade tensions with China. The S&P 500 climbed 0.8% to 2,636 and the Dow Jones gained 0.7% to 24,370;  The government shutdown is exacerbating concerns for U.S. companies already paying tariffs for steel and aluminium. Key producers warned that President Donald Trump’s tariffs on steel and aluminium will force them to continue cutting workers; Brent crude fell 0.2% to US$ 61.19/bbl. overnight; Palladium maintained gains after rocketing through $1,400 an ounce, extending its rally despite signs of softening global vehicle sales

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