Wednesday, 26 September, 2018

Trump accuses China, EU of currency manipulation

Trump accuses China, EU of currency manipulation Trump accuses China, EU of currency manipulation
Lindsey Cook | 23 July, 2018, 12:41

Companies including Microsoft and Honeywell rose as investors were pleased with their quarterly reports, but General Electric stumbled. Losses over the past three months have reached almost 8% amid a global trade spat and concerns over an economic slowdown in China.

He said: "China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day - taking away our big competitive edge". Additionally, policymakers might become more tolerant to renminbi depreciation, although they are unlikely to weaponize the currency.

He said the American Federal Reserve's course of tightening monetary policy "now hurts all that we have done". But it's something investors will have to think about.

"I'm doing this to do this right thing for our country, we have been ripped off by China for a long time and I told that to President Xi", explained President Trump.

The S&P 500 Index slipped less than 0.1 percent to 2,801.83 as of 4:08 p.m.in NY. The Dow Jones Industrial Average dropped less than 0.1 percent to 25,058.12. The S&P 500 is up less than 0.1 percent for the week, while the Russell, which is made up of more domestically-oriented companies that could hold up better in a prolonged trade dispute, is up 0.7 percent.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.1 percent and the MSCI all-country world index declined just 0.02 percent.

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Benchmark 10-year USA notes last fell 12/32 in price to yield 2.8894 percent, from 2.847 percent late on Thursday.

The US dollar extended its losses yesterday, easing to 112.35 yen from 112.46 yen. May retail sales saw a rise of 2%, well above expectations of a 1% rise while June inflation jumped from 2.2% to 2.5%, raising the prospect that we might see another rate rise from the Bank of Canada by year end? The U.K.'s FTSE 100 Index was little changed. They said, 'Now you're more than complaining. The British pound strengthened 0.9 percent to $1.3136.

US President Donald Trump said on Friday that he was ready to impose tariffs on every dollar of imports from China, which exceeded $505 billion in 2017.

Earlier this month, the United States imposed tariffs on $34 billion of Chinese imports. return, China levied taxes on the same value of U S products. And last week, the administration announced plans for yet more tariffs on $200 billion worth of additional Chinese imports. "I may not look like much, but I'm very important", says the animated character in a video posted on Friday on the website of China Global Television Network (CGTN), the overseas news network of state-owned China Central Television. China, conversely, has always been faulted for keeping its currency low, though it has not been officially labeled a manipulator by the U.S. Treasury Department.

Benchmark U.S. crude added 1.4 percent to $70.46 a barrel in NY and Brent crude, used to price global oils, gained 0.7 percent to $73.07 a barrel in London.

In Taipei, the TAIEX on Friday closed up 96.73 points, or 0.89 percent, at 10,932.11 on turnover of NT$164.46 billion (US$5.35 billion). Natural gas lost 0.4 percent to $2.76 per 1,000 cubic feet.

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