GLOBAL NEWS-
U.S. President Donald Trump told Democratic leaders on Tuesday to pass the United States-Mexico-Canada trade pact before working on an infrastructure bill, a sign that crumbling roads and bridges are unlikely to get significant federal funding for repairs this year.The dollar hovered near a four-week high on Wednesday, supported by higher U.S. yields after the United States eased trade restrictions on Chinese telecommunications equipment maker Huawei Technologies.
US-China trade woes on the fresh reports that the US is considering blacklisting up to 5 Chinese surveillance companies. The news overshadowed the optimism fuelled by Huawei’s reprieve.
Members of the parliament (MPs) reacted negatively to the Prime Minister Theresa May’s incentive to vote for her Brexit proposal. Those included promise to have a right to conduct another referendum and also have a say on the customs union issue.PM May will present statement providing details of her 10-point Brexit proposal during the Wednesday’s parliament session.
Japan’s exports fell 2.4% in April from a year earlier, down for a fifth straight month and imports rose 6.4%, leading to a surplus of ¥60.4 billion.Japanese exports contracted for the fifth month in April due to a slump in shipments of chip-making equipment to China, underlining the growing threat to the world’s third-biggest economy from a bruising Sino-U.S. trade war.Data also showed Japan’s trade surplus with the United States rose for a second month as auto exports accelerated, which could draw U.S. President Donald Trump’s ire before U.S.-Japan trade negotiations begin this week followed by a leaders’ summit a few days later.
Yemen’s Iran-aligned Houthi movement launched a drone attack on Saudi Arabia’s Najran airport.It said it targeted hangars containing war planes. There were no immediate reports of damage or casualties. There was also no immediate comment from Saudi Arabia or the Saudi-led coalition.
Asian stocks were on shaky ground on Wednesday, as earlier relief over Washington’s temporary relaxation of curbs against China’s Huawei Technologies failed to offset deeper worries about trade frictions between the world’s two largest economies.
Gold edged lower on Wednesday to hover near a two-week low, as a stronger dollar and signs of easing Sino-U.S. friction dented demand for bullion ahead of the minutes from U.S. Federal Reserve’s latest meeting.Spot gold edged 0.1% lower to $1,273.70 per ounce at 0239 GMT. In the previous session, the metal fell to $1,268.97, its lowest since May 3.U.S. gold futures were unchanged at $1,273.30 an ounce.
Oil prices fell on Wednesday after industry data showed an increase in U.S. crude inventories and as Saudi Arabia pledged to keep markets balanced.Brent crude futures were down 38 cents, or 0.5 percent, at $71.80 at barrel by 0219 GMT, having risen 21 cents on Tuesday.U.S. West Texas Intermediate (WTI) crude futures for July delivery were down 58 cents, or 0.9 percent, at $62.55. The June contract expired on Tuesday, settling at $62.99 a barrel, down 11 cents.