Weekly News Summary For December 20-26, 2019

Friday, December 20, 2019: US Stocks Up as Confidence on Trade Deal Remains

US stocks posted fresh record highs on Friday, as the market remained confident that Washington and Beijing would seal the phase one trade agreement early in January.

Dow e-mini futures climbed 26 points, while the Nasdaq 100 e-minis rose 5.5 points and the S&P 500, which has gained nearly 28% this year, advanced 0.25 points.

Monday, December 23, 2019: China to Cut Import Tariffs on 850 Products

China’s government has granted tariff reductions on over 850 products from January 1 in a bid to improve growth in the world’s second-largest economy.

Out of a total import bill of $2 trillion, the tariff cuts are expected to affect a wide selection of foreign imports worth almost $400 billion a year.

Tuesday, December 24, 2019: Signing Ceremony to be Held for Interim Trade Deal

US President Donald Trump announced on Tuesday that he and Chinese President Xi Jinping would have a formal ceremony to sign the phase one trade deal established this month.

Trump told reporters that they will ultimately hold a signing ceremony when they get together and it will be a quicker signing as both parties want to get it done.

Wednesday, December 25, 2019: Khafji Oil Field to Supply 320,000 bpd by End-2020

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud said the Khafji oil field, a joint Saudi-Kuwaiti field, would provide 320,000 barrels per day at the end of 2020, a Saudi-owned television channel reported on Wednesday.

The announcement was made a day after the kingdom and Kuwait sealed an agreement that ended their conflict over the so-called Neutral Zone which is shared by the two countries.

Thursday, December 26, 2019: Singapore Industrial Output Sharply Falls in Nov.

Singapore’s manufacturing performance surprisingly weakened in November, marking its sharpest fall since December 2015, and suggesting an unsteady recovery for the country’s economy.

Data from the Economic Development Board showed on Thursday that Singapore’s industrial output dropped 9.3% from 2018, while electronics production declined by 20.9% and pharmaceutical manufacturing stumbled 12.7%.