Market Recap - China Slaps Another $16bln Worth Of Tariffs On The US

Published date: 09/08/2018
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Markets traded flat on Wall St. yesterday and in the Asia Pacific area trade was mixed. The Nikkei 225 was the only one in the red down -0.12%, the ASX traded higher by half a per cent and the Shanghai Comp. closed 1.81% higher. Yesterday China introduced $16bln worth of new tariffs and interestingly oil was left off the list.

Overnight commodities had a pretty good session, base metals performed the best with copper trading higher by 1%. Aluminium zinc and tin also performed well and if copper continues to rise -look out for the consolidation high of $2.84/lb for resistance.

Gold trades just above flat this morning even as tensions rise across the globe. New sanctions have been issued in Russia, the US vs Iran feud is still in the background and there are still trade wars. This morning we trade at $1215/oz and price action at present looks subdued.

Oil markets took a fall yesterday as rising global production levels are hitting the sector. DoE inventories produced a smaller draw than expected and Iran says they are looking to hold an extraordinary OPEC meeting.

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