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Copper Tip Energy Services
Copper Tip Energy
Vista Projects

Five Things to Know in World Business Today

These translations are done via Google Translate

June 27, 2018, by Lorcan Roche Kelly


Softly, softly

Following the intervention from White House trade adviser Peter Navarro on Monday, President Donald Trump added his voice to those trying to defuse concerns over the administration’s plans to hit Chinese investment in U.S. tech. Trump signaled he may take a less confrontational approach, and that any measures would not just target China. The Senate, meanwhile, is considering options to limit the president’s authority to unilaterally impose tariffs on national security grounds.

Oil rise 

OPEC agreed to increase production, and oil prices keep rising. A barrel of West Texas Intermediate for August delivery was trading at $71.09 by 5:50 a.m. Eastern Time spurred by concerns over supply. The latest worry involves Iran, as some of the world’s biggest buyers are considering acquiescing to Trump’s demands that they stop buying from the country. The promised output boost from Saudi Arabia will reduce spare capacity, which is also pushing futures pricing higher because it’s depleting the world’s emergency supplies.

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No, you fix it

In its financial stability report, the Bank of England has stepped up pressure on the European Union to do more to help solve the issue of how international contracts from derivatives to insurance polices could be serviced after Brexit. The comments come ahead of this week’s summit of EU leaders, which is expected to show little progress on the substantive issues around the U.K.’s exit from the bloc. Former Prime Minister Tony Blair has added his voice to those calling for an extension to the March 2019 deadline.

Markets drop

Overnight, the MSCI Asia Pacific Index fell 0.7 percent while Japan’s Topix index closed little changed as investors tried to dissect the latest trade back-and-forth. In Europe, the Stoxx 600 Index was 0.3 percent lower at 5:50 a.m., with banks leading the losses as the risk-off mood re-emerged in markets. S&P 500 futures pointed to a lower open, the 10-year Treasury yield was at 2.851 percent and gold continued its recent fall.

Another bear

Following the plunge in the mainland’s benchmark gauge into bear market territory yesterday, Hang Seng China Enterprises Index has now dropped more than 20 percent from last month’s peak. The slump in the yuan is igniting fears over China’s economy, as policy makers seem less willing to halt the currency’s decline amid the trade battle with the U.S.

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