Markets in Details: 19 June 2019

19 June, 2019

Speaking at a forum in Portugal, ECB President Draghi said if the economic situation worsen, the central bank would introduce further stimulus with a rate-hike unlikely to happen until at least mid-2020. This weakened the euro against the dollar, pushing gold, bonds and equities higher, and even invited response from U.S. President Trump who thought the ECB is purposely devaluing the euro to benefit trade.

Rory Stewart who is a long shot outsider saw his momentum improved to present a notable challenge to Boris Johnson for the UK’s Conservative party leadership which enters its second round of voting today. Stewart who holds similar educational background as Johnson (Eton College and Oxford) could solidify his position by surviving the current round. With a reputation as a truth-teller, Stewart is in the camp that believes a no-deal brexit must be stopped.

The U.S. is expanding military footprint in the Middle East by sending an additional 1,000 troops with the Pentagon citing air, naval and ground-based threats as basis for increased deployment. China’s top diplomat Wang Yi aired Beijing’s concern that the U.S. should not risk creating a greater crisis with moves such as that. After the White House accuse Tehran of engaging in a « nuclear blackmail », Iran’s President Rouhani said it would not wage a war with another country (because Iran would prevail).

Investors are also largely waiting for the FOMC meeting to conclude tomorrow which is not expected to move rates but provide strong signals about what they would do  in the latter half of 2019, especially after Draghi’s dovish comments in Portugal which basically supplied evidence of strains in the eurozone economy.


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