GLOBAL FX-
Making a case to take India US relations to the next level, US Secretary of State Mike Pompeo has said the Trump and Modi governments have a "unique opportunity" to seize the chance to make this happen.The United States is open to dialogue to resolve trade differences with India by allowing American companies more access to Indian markets, U.S. Secretary of State Mike Pompeo said on Wednesday ahead of a visit to New Delhi later this month.Pompeo’s remarks at the U.S.-India Business Council refer to a decision by U.S. President Donald Trump to end preferential trade treatment for India from June 5 over the trade barriers.
U.S. President Donald Trump declined to set a deadline on Wednesday for levying tariffs on another $325 billion of Chinese goods and called the relationship with Beijing good but “testy” after China walked back commitments for a trade deal.The president, who said he still plans to meet with Chinese President Xi Jinping later this month, has repeatedly threatened to escalate an already months-long trade war by putting tariffs on nearly all of the remaining Chinese imports that are not already affected by U.S. levies, which include products such as cell phones, computers and clothing.
Washington posted a $208 billion budget deficit in May as a modest increase in revenues failed to make up for higher spending on the military and social welfare programs like Medicare, according to data released on Wednesday by the Treasury Department.The deficit was the highest ever for the month of May and wider than the average forecast of $185.5 billion. Government spending rose to $440 billion, up 21% from May of 2018. Receipts increased to $232 billion, up 7% from the same month last year.
Mexican business leaders will sign a pact with President Andres Manuel Lopez Obrador on Thursday to foster investment, Mexico’s top business association said, potentially heralding an improvement in sometimes tense relations between the two sides.The Business Coordinating Council (CCE) said in a statement the accord to promote “investment and inclusive development” would be inked in Mexico City in the presence of cabinet ministers and business leaders.
The yen gained broadly on Thursday as risk appetite ebbed in the broader markets and lifted the safe-haven Japanese currency, while the dollar held the bulk of its gains against other major currencies after rebounding from 11-week lows.Equities in Asia slipped as risk sentiment deteriorated amid uncertainty towards the United States and China clinching a deal on the sidelines of the June 28-29 Group of 20 summit meeting in Japan.The mood in the region’s stock markets was also subdued as Hong Kong shares plunged for second day following massive street protests.The yen rose 0.2% to 108.270 yen per dollar, pulling back from an 11-day low of 108.800 brushed at the week’s start.
Britain’s Brexit-battered housing market steadied in May and a measure of prices improved as the delay in the country’s European Union exit gave some encouragement to buyers, a survey showed on Thursday.The Royal Institution of Chartered Surveyors (RICS) house price measure - the difference between members reporting price rises and falls - improved to -10 from -22 in April.
President Vladimir Putin said in an interview published on Thursday that relations between Moscow and Washington were getting worse and worse, noting that the current U.S administration had imposed dozens of sanctions on Russia.“They (relations) are deteriorating, getting worse and worse,” Putin told.Putin made his comments ahead of a G20 summit in Japan later this month at which he might meet U.S. President Donald Trump.
Gold prices advanced on Thursday as demand for the safe-haven metal rose on expectations of an interest rate cut by the U.S. Federal Reserve following soft inflation data, and on escalating trade tensions between the world’s top two economies.Spot gold was up 0.3% at $1,336.48 per ounce, as of 0542 GMT. U.S. gold futures were 0.2% higher at $1,339.80 an ounce
Oil prices tumbled 4% on Wednesday to their lowest settlements in nearly five months, weakened by another unexpected rise in U.S. crude stockpiles and by a dimming outlook for global oil demand.Brent crude futures fell $2.32, or 3.7%, to settle at $59.97 a barrel, the international benchmark’s lowest close since Jan. 28.U.S. West Texas Intermediate crude futures ended $2.13, or 4.0%, lower at $51.14 a barrel, its lowest settlement since Jan. 14.