Wary of the new trade threats from Washington, the Brexit impasse and another poor set of German trade numbers this week, European stock futures were lower before the open here. Mirroring those gains, MSCI’s emerging markets index rose to its highest since August. MSCI’s all-country world index nudged up to another six-month high – with nine straight daily gains marking its longest winning streak since 2017. Commodity-linked currencies were higher on the oil price gains. Brent crude hit a five-month high of $71.34 overnight before slipping back this morning. pressure on Iran, the S&P500 ended up 0.1 percent in its eighth straight daily gain. Helped partly by buoyant oil prices and energy stocks caused by fighting in Libya and fresh U.S. The Brexit show moves to Paris and Berlin, meantime, as UK PM Theresa May– still without a clear idea of how Britain is going to leave the EU – meets German and French leaders before this week’s EU summit to decide on another extension to the Brexit date. trade representative Robert Lighthizer on Monday proposed a list of European Union products from aircraft to cheeses that the United States would impose tariffs on in retaliation for over $11 billion worth of damage from EU subsidies to Airbus that the World Trade Organization found caused “adverse effects” to the U.S. With Boeing ailing after two 737 crashes, U.S. The White House said it’s "still not satisfied yet" with the U.S.-China trade talks and is upping the heat in its trade rows with Europe. Hesitation abounds, but world markets continue to eke out highs as they assess the murky political and policy landscape while betting central banks will once again keep asset prices afloat.Īll the big sagas remain unclear, however.
Both sides have been caught paying billions of dollars of subsidies to try and gain an advantage the United States is due to announce a final product list in a few months after a WTO arbiter evaluates the claims. The EU and the United States have been battling for more than a decade over mutual claims of illegal aid to Boeing and Airbus, with parallel cases at the WTO. Separately, Washington proposed overnight a list of EU products ranging from large commercial aircraft to dairy products and wine on which to impose tariffs as retaliation for European aircraft subsidies. That will be seen when the final joint communique emerges. “China aims to have a feel-good summit, whereas we aim to have a meaningful summit, with a meaningful outcome,” one of the EU’s top trade officials said.
#AUGUST LOCK JAMMED FREE#
Europe's gripe is that China does not reciprocate on the free access it has to European markets and is testing out a tougher stance with Beijing. Today, EU officials lock horns with Chinese Premier Li Keqiang at an annual EU-China summit that's likely to be overshadowed by their differences.
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