Friday, 18 October, 2019

Jay Powell disagrees with Donald Trump on almost everything

Jerome Powell Federal Reserve chairman signals cut in US interest rates
Russell Knight | 12 July, 2019, 05:28

USA stock index futures pared gains.

Around 6 a.m. ET, Dow Jones futures indicated a positive open of more than 70 points.

The Consumer Price Index, which tracks costs for household goods and services, rose 0.1 percent compared to May, a notch above analyst forecasts, the Labor Department reported.

"Since then, based on incoming data and other developments, it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the USA economic outlook", Powell said in testimony before the House Financial Services Committee. Economists had expected jobless claims to inch up to 223,000.

Delta Air Lines will be reporting earnings before the bell.

U.S. stocks surged to record highs after the chairman of the Federal Reserve gave his strongest hint yet that interest rates will be reduced.

The pan-European Stoxx 600 was up 0.3 percent by mid-morning.

On the trade front, President Donald Trump earlier tweeted that China is "letting us down in that they have not been buying the agricultural products from our great farmers that they said they would". Trump wanted to examine how far that will scale up as an unfair trade practice. Energy traders now have to price reduction output as operators have shut down 32% of the gulf's oil output and 18% of its natural gas production. Brent crude oil, the global standard, added 24 cents to $67.25 per barrel.

"Since then, based on incoming data and other developments, it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the USA economic outlook", Powell testified.

Asia cautious as everything rides on dovish Powell
The greenback was down 0.5 per cent at 107.960 yen, forced off a six-week high of 108.990 scaled the previous day. Two-year yields dropped two basis points to 1.81% in Asian trading after sliding eight basis points on Wednesday.

‘Unprecedented emergency’: S. Korean president warns of prolonged export row with Japan
Japan has announced new restrictions on the export of three materials used in semiconductors and smartphones to South Korea . The remarks followed urging Monday by South Korean President Moon Jae-in for the restrictions to be withdrawn.

Taylor Swift & Kylie Jenner Top Forbes List of 100 Highest-Paid Celebs
And closes the three leaders of rapper and husband of Kim Kardashian is Kanye West with $ 150 million . Keeping Up With The Kardashians star and make-up mogul Jenner was hot on her heels with £136 million.

TOKYO, July 11 (Reuters) - Asian stocks rose and the dollar sagged on Thursday after Federal Reserve Chair Jerome Powell reinforced prospects of a US interest rate cut later this month. He is often quoted in leading print and online publications such as the Wall Street Journal and the Washington Post.

In Asia, Hong Kong's Hang Seng jumped 0.8% to 28,431.80, while the Shanghai Composite index edged 0.1% higher to 2,917.76.

Japan's Nikkei 225 rose 0.51 percent while the Topix gained 0.47 percent. That is down from 1.8 percent in May and the second straight drop.

The U.S. went off the gold standard 48 years ago, and most modern economists agree that the idea would wreak havoc on the economy.

Last year, the Federal Reserve increased interest rates to prevent inflation, a move Trump has claimed has hurt the USA economy.

The Russell 2000 index of smaller company stocks rebounded from a brief slide, gaining 0.2% to 1,565.05.

To the downside, gold will find support at 1,385 and then 1,345.

President Trump has lambasted Powell - whom he appointed as Fed chair in late 2017 - for rate hikes, arguing that they've slowed economic and stock market gains.

With more than 20 years' trading experience, Ed Moya is a market analyst with OANDA, producing up-to-the-minute fundamental analysis of geo-political events and monetary policies in the US, Europe, the Middle East and North Africa.

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