Market Recap: US Confirm The Addition Tariffs On China
After the US market closed the US president Donald Trump announced another $200bln worth of tariffs on Chinese goods. The market had been trading in a subdued fashion with the Nasdaq trading lower by 1.43%. Over in the Asia Pac area, The Nikkei 225 rose 1.44%, Shanghai Comp. +1.32% and the ASX was the main laggard down 0.38%.
Commodities markets were generally subdued after the announcement of tariffs but then there was a bounce back after some reports that the Chinese Gov. are still willing to meet US officials to discuss trade. Copper is now trading at $2.63/lb after hitting a low of $2.56/lb.
There was general weakness in the oil markets yesterday, after comments from Russian energy minister Novak who stated that Russia may increase production by 1mln bpd. Elsewhere today we have the API inventory levels to look forward to at around 9.30pm London time.
Gold is establishing a range on the daily chart between $1214 and $1160/oz. The precious metal is struggling to recover from lows and continues to oscillate around $1200/oz....