European update – Trade war, Fed, gold, oil

Oct 08 09:10 2019 Print This Article

Caution Ahead of Trade Talks

European markets are edging lower and US futures eyeing a similar open, as traders display caution ahead of US-China trade talks later in the week.

Source – Thomson Reuters Eikon

I wouldn’t say there’s much optimism ahead of the talks, we’re very much getting the usual rhetoric from the Trump camp and China seems intent on an agreement around areas that are easily resolvable, something the US President does not yet seem particularly receptive to, although that could change.

But they’re still of crucial importance and in this environment, investors seem more comfortable waiting to see how things pan out. The Fed minutes on Wednesday add an additional layer of interest, with the central bank seen as having done just about enough so far to sustain markets.

Of course, Powell will make two more appearances ahead of the meeting which could steal the show if he’s seen to be yielding to market demands for more rate cuts, as many as two this year. That would be out of character for the Fed Chair though who will likely stick to the party line.

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