Weekly Market Reviews
Hello traders, here's the weekly market reviews for September 6-12, 2019. Check out on the latest updates in the market only at financebrokerage.com. Happy weekends everyone!#USJob #August #China #Exports #Imports #BritishPound #Pound #GBP #Trade #USConsumer #inflationdataPosted by Finance Brokerage on Friday, September 13, 2019
Weekly News Summary for September 6-12, 2019
Friday, September 6: US Job Growth Slowed More than Expected in August
US job improved at a much slower pace than anticipated in August, reinforcing signs that the country’s trade war with China is taking its toll on the economy, and further supporting expectations for a Federal Reserve rate reduction this month.
Data from the Labor Department showed on Friday that non-farm payrolls grew to 130,000 in August, which was about 28,000 lower than analysts’ forecast, and falling by 29,000 from July, while average hourly earnings rose slightly and the unemployment rate remained steady.
Monday, September 9: China Exports Register 1% Drop
China saw the impact of the imposition of US tariffs on Monday, as the exports of the world’s second-largest economy weakened last month.
Latest figures overnight showed the country’s exports dropped 1% year-on-year in August, missing forecasts for a 2% growth, while imports were down by 5.6%, and trade surplus declined by almost a quarter to $34.8 billion from $45 billion registered in July.
Tuesday, September 10: Pound Consolidates on Johnson’s Election Defeat
The British pound recovered on Tuesday, finding support on UK Prime Minister Boris Johnson’s defeat to conduct a general election before the country’s scheduled departure from the EU on October 31.
Johnson’s latest failed attempt further supports the possibility of the UK exiting the EU in an orderly fashion, but popular restlessness at the arcane maneuvering in parliament could still mean victory for the British Prime Minister once an election has been held.
Wednesday, September 11: US, China Devises Trade Compromise
US President Donald Trump on Wednesday has accepted China’s decision to exempt a number of US anti-cancer drugs as well as other products from its tariffs and announcing the delay of raising tariffs on $250 billion worth of Chinese imports from October 1 to October 15.
Beijing’s first batch of tariff exemptions included 16 types of US products, including anti-cancer drugs, lubricant base oils, whey, and fish meal, while soybeans, pork, or corn were not included on the list.
Thursday, September 12: US Consumer Inflation Data in Focus
US consumer inflation data is due to be released later in the day, with economists expecting CPI to have slowed by 0.1% in August from July’s 0.3%, while core CPI is estimated to decelerate by 0.2% from 0.3% the prior month.
The slow pace of inflation was one of the primary concerns highlighted during the Federal Reserve’s July meeting when it reduced its benchmark rate, and the central bank is widely expected to make the same move again at its upcoming meeting on September 17 and 18.
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