Published: Tue, November 12, 2019
Markets | By Otis Pena

Former Chinese trade negotiator explains why Trump re-election is best for China

Former Chinese trade negotiator explains why Trump re-election is best for China

Turkey's lira fell to its lowest in 2-1/2 weeks to 5.77 to the dollar, extending losses this month on looming threats of U.S. sanctions over its offensive into Syria. CBOT's most active wheat contract fell 3-1/4 cents to $5.07 a bushel. Shipments tumbled, though, after Beijing in 2018 imposed steep tariffs on imports of US soy and other agricultural goods.

The S&P 500 index has posted gains for five straight weeks.

A report released Wednesday by a trade group opposed to the duties found that Americans paid $7.1 billion in tariffs in September, a record high for a single month.

The Dow Jones Industrial Average was an outlier and eked out another record, in large part because of a big gain for Boeing.

Underlining the impact of the trade war, data over the weekend showed that China's producer prices fell the most in more than three years in October.

The Chinese economy grew at a 6 percent pace in the third quarter, its slowest since record-keeping began in 1993, as the trade war, which has seen the USA slap tariffs on more than $350 billion of the country's goods, has helped contribute to the slowdown.

Last week, China hinted at "phase one" of the trade deal nearing completion, saying a plan was in place to begin rolling back tariffs in the ongoing trade war, which Trump later denied. The Nasdaq Composite dropped 44.05 points, or 0.52 per cent, to 8,431.26 at the opening bell.

Noah Centineo Accepted His People's Choice Award While on Crutches!
You know, you're moving too fast, you're doing too much sometimes you can't see the things you're meant to see". Accepting his award, Hart thanked God for helping get through the vehicle crash alive.


The dollar index .DXY fell 0.14%, with the euro EUR= up 0.14% to $1.1032.

WEEK AHEAD: Investors will be closely watching for any developments in U.S. He pointed to the Federal Reserve's interest-rate cuts, third-quarter earnings' topping low expectations, and signs of a bottoming of economic data.

Later this week, the Labor Department will also give updates on inflation at both the consumer and wholesale levels.

Data on October US industrial production and retail sales, along with the National Federation of Independent Business's monthly small business survey, are scheduled for release this week.

DEAL CHATTER: Walgreens Boots Alliance rose 4.6% after Bloomberg reported that private equity giant KKR is interested in buying the drugstore chain. -China trade talks and worsening violence in Hong Kong damped sentiment across financial markets. The incident risked further political unrest in the city, which has been marred by protests for months. South Korea's Kospi dropped 0.6 per cent to 2,124.09 while the Sensex in India lost 0.1 per cent to 40,287.29.

European markets were mixed. Britain's FTSE 100 index shed 1.2% after the pound struck a one-week high of $1.2880.

Hopes for progress in defusing trade tensions have driven global stocks higher this month, since an agreement would remove a major source of uncertainty in the world economy that is undercutting growth.

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