Market Flash: The Spirit Of Compromise Returns

Edmond de Rothschild
By September 17, 2019 16:55

Market Flash: The Spirit Of Compromise Returns

US-China tensions eased further over the week and Beijing exempted US products from import duties only a few days before both sides were due to meet for talks. China might even resume importing US agricultural products like soya. Meanwhile, over in Washington, Donald Trump announced that a 5% additional tax on Chinese imports had been put off for a fortnight and said he was mulling a partial agreement. Elsewhere, central banks opted for growth stimulus measures. In China, the PBoC cut its required reserve ratio for banks. And the ECB unveiled a series of measures including a cut in deposit rates, €20bn in monthly QE for as long as necessary, a move to a two-tiered system to exempt part of surplus bank reserves from negative interest rates and a TLTRO3 extension from 2 to 3 years.

Edmond de Rothschild
By September 17, 2019 16:55

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"The relentless run in #riskassets over the last five months finally faded a bit in early September, as the S&P 500 fell nearly 8% and the tech-heavy #NASDAQ fell 11%. This year’s returns have been heavily influenced by the …" -> https://www.opiniopro.com/2020/09/northern-trust/an-interesting-fall/

"All eyes were on #centralbanks. As expected, the #Fed left its rates unchanged. It even said they would not move until inflation rose above 2% and stayed there for some time, a situation ..." -> https://www.opiniopro.com/2020/09/edmond-de-rothschild/central-banks-strive-to-maintain-visbility/

"Some regions of #Europe are returning to #lockdown – for instance some districts of Madrid badly hit by the second wave of the #pandemic. Yet, for now these lockdowns are ..." -> https://www.opiniopro.com/2020/09/axa/investing-to-pastures-greener/ #ecb

Various central banks met last week and offered markets the comfort of ongoing stimulus. #ChartoftheWeek plots both historic US interest rates and the market’s implied expectations, forecasting no normalisation. Read more in our #FixedIncome roundup: https://bit.ly/3hVWkLB

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