GLOBAL NEWS
China expressed confidence on Wednesday that it can reach a trade deal with the United States, despite fresh warnings from President Donald Trump that he would revert to more tariffs if the two sides cannot resolve their differences.China would try to work quickly to implement specific issues already agreed upon, as both sides actively promote the work of negotiations within 90 days in accordance with a clear timetable and road map.
Australia’s economy slowed more than expected last quarter as consumers reacted to tepid wage growth by shutting their wallets, a disappointing outcome that sent the local dollar sliding as investors pushed out the chance of any rate hike. Wednesday’s report on gross domestic product (GDP) showed the economy expanded 0.3 percent in the third quarter, half of what economists had expected. Second-quarter growth was unrevised at 0.9 percent.
The rupee will weaken over the six next months as uncertainty builds heading into national elections due in May, a Reuters poll showed.While a sharp drop in oil prices should help the slowing economy and the rupee, concerns will also persist over sluggish domestic demand which weighed more heavily on July-September growth than expected.
Prime Minister Theresa May suffered embarrassing defeats on Tuesday at the start of five days of debate over her plans to leave the European Union that could determine the future of Brexit and the fate of her government.May wants to secure parliament’s approval for her deal to keep close ties with the EU after leaving in March, but opposition is fierce, with Brexit supporters and opponents alike wanting to thwart or derail her plan.
France’s prime minister on Tuesday suspended planned increases to fuel taxes for at least six months in response to weeks of sometimes violent protests, the first major U-turn by President Emmanuel Macron’s administration in 18 months in office.
Asian stocks slid across the board on Wednesday, dragged down by Wall Street’s tumble as sharp declines in long-term U.S. Treasury yields and resurgent trade concerns stoked investor worries about global economic growth.
Russia’s service sector expanded in November at the second-highest rate since February thanks to a robust increase in new business, the Markit purchasing managers index (PMI) showed on Wednesday.
Philippine annual inflation slowed to a four-month low in November, easing pressure on the central bank to raise interest rates further with some analysts predicting a rate cut as early as next year if the inflationary pressures continue to ease.
U.S. President Donald Trump threatened on Tuesday to place “major tariffs” on Chinese goods imported into the United States if his administration is unable to reach an effective trade deal with Beijing.Trump said,We are either going to have a REAL DEAL with China, or no deal at all - at which point we will be charging major Tariffs against Chinese product being shipped into the United States. Ultimately, I believe, we will be making a deal - either now or into the future.
Gold prices dipped on Wednesday, retreating from a more than five-week top hit in the previous session, as the dollar crawled higher. Spot gold was down 0.3 percent at $1,234.71 per ounce as of 0422 GMT, after hitting its highest since Oct. 26 at $1,241.86 an ounce in the previous session. U.S. gold futures were down 0.5 percent at $1,240.2 per ounce.
Italian Prime Minister Giuseppe Conte was quoted as saying on Wednesday he was ready to amend slightly some of the measures included in the country’s 2019 budget in a bid to overcome a rejection by the European Commission. “If I have the chance to reduce the economic impact of some measures I’m here,” Conte told la Repubblica daily.
Oil prices fell on Wednesday, pulled down by swelling U.S. inventories and a plunge in global stock markets as China’s government warned of increasing economic headwinds.International Brent crude oil futures were at $60.87 per barrel at 0508 GMT, down $1.21, or 2 percent, from their last close.