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Weekly News Summary For September 20-26, 2019

Friday, September 20: British Pound Climbs on Juncker’s Comments

The British pound registered a two-month high against the US dollar and a four-month high against the euro on Friday after outgoing European Commission President Jean-Claude Juncker said an agreement between the EU and the UK can be reached.

Still, the UK is not expected to put forward any legally binding proposals to end the deadlock until after the Conservative Party conference due to take place at the end of this month.

Monday, September 23: PMIs Suggest Global Slowdown to Continue

The latest set of monthly business surveys across the globe suggested that the worldwide slowdown in the manufacturing sector will keep ongoing.

The euro zone’s composite PMI declined to its fastest rate since 2013 to 50.4, while manufacturing activity in Germany dropped at a rapid rate since the Great Recession in 2009, whereas Australia’s manufacturing PMI was also down below 50, the level which separates growth from contraction.

Tuesday, September 24: China Exempts More Soy Buyers from Import Tariffs

China has reportedly granted some major agricultural buyers to purchase US soybeans without being subject to import tariffs.

Two sources familiar with the matter stated on Tuesday that the new waivers, which was offered in two batches, added up to about 5 million to 6 million tons, although the additional sales of US soybeans are unlikely to encourage progress in discussions concerning the trade deal.

Wednesday, September 25: WeWork Founder Adam Neumann Ousted as CEO

WeWork founder Adam Neumann has been ousted as CEO of the US office space provider, as outside shareholders and directors try to resume the company’s IPO, which have been put on ice last week.

WeWork’s CFO Artie Minson and Vice-Chairman Sebastian Gunningham will be working as co-CEOs of the firm, while Neumann will remain as chairman of the board.

Thursday, September 26: Asian Stocks Up on US-China Trade Deal Optimism

Asian stock markets traded in green territory on Thursday, after US President Donald said a deal to end the year-long trade war with China could happen sooner, while concerns over a US presidential impeachment weakened.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.13%, whereas the Nikkei gained 0.40%, and China’s blue-chip shares climbed 0.20%



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