Morning Notes

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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17/01/2019 - Argonaut Morning Note

US stocks gained overnight as concerns about rising U.S.-China trade tensions were countered by a better-than-expected start to the earnings season. The S&P 500 added 0.2% to 2,616 and the Dow Jones gained 0.6% to 24,207; Theresa May survived her vote of no confidence and opened talks with rival political parties to in attempt to break the Brexit deadlock; Copper gained 0.9% overnight on the LME to US$5,938/t on bets China’s latest stimulus measures could assist in combating an economic slowdown and boost demand for raw materials; Gold climbed 0.3% amidst turmoil surrounding the terms of the UK’s Brexit deal.

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16/01/2019 - Argonaut Morning Note

US equity markets were up overnight as technology stocks rallied after China ratcheted up stimulus to combat slowing global economic growth. The S&P 500 gained 1.1% to 2,610 and the Dow Jones increased 0.7% 24,066; Prime Minister May’s Brexit deal was rejected in a landslide defeat. The House of Commons voted 432 versus 202 against the deal that May’s government brokered with the European Union; The Trump administration has ordered thousands of furloughed federal employees back to work without pay in attempt to limit the impact of the partial government shut down

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