Here is what you need to know Wednesday, October 9th:
- Plenty of headlines related to the US-China trade relationship kept investors on their toes, with safe-havens making the most out of it.
- During London trading hours, Trump’s administration announced it would blacklist 28 Chinese companies, while there were news indicating that the US government is looking to limit Chinese stocks’ holding within government pensions funds. By the end of the day, news made the rounds indicating that the US has imposed visa restrictions on Chinese officials for the treatment of Muslims in Xinjiang.
- Brexit negotiations collapsed after UK PM Boris Johnson and German Chancellor Angela Merkel had a phone call and were unable to find common ground about a possible solution to the Irish border issue. GBP/USD fell to 1.2200.
- Fed’s head Powell spoke late in the American afternoon and said there is no reason why the economic expansion can’t continue, repeating that the US economy is facing some risks, but overall it is in a “good place.”
- Majors seesawed between gains and losses, but remained within familiar levels, ahead of FOMC Meeting’s Minutes this Wednesday.
- Cryptocurrencies remained within recent lows. Action limited.
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