Oil for the first time since November 2014 jumped above $ 75 a barrel before falling to $ 73. Saudi Arabia, Russia, UAE and Kuwait are increasing production, and the US continues its sanctions targeting Iran.
The S&P500 went below 200 SMA, the Nasdaq 100 declined by more than 1%. Goods went up after the metals recovered after losses that saw platinum decline to the lowest of nine years.
Relations between the US and other large economies continue to deteriorate due to the continued imposition of Trump sanctions.
Trump takes steps to prevent China Mobile Ltd from entering the US market. Relations between the two countries are becoming more and more strained. It is expected Friday that US tariffs for Chinese goods will come into force. That same Friday, Beijing plans to respond the same way: with tariffs on American goods.
Donald Trump’s threat that he will impose tariffs on EU car imports may trigger Brussels. Trump’s commercial policy has already caused tensions in steel and aluminum. In their first written statement, the European Commission warned that the EU would respond to all imposed US tariffs on European production. The document also states that a possible trade war between the EU and the United States will lead to broken political relations, to trade, growth and jobs in the United States.
The dollar is losing momentum, it is possible to change the short-term trend in the main currency pairs. The Turkish pound fell after the inflation figures, and the Swedish krona rose after the country’s central bank confirmed its intention to raise interest rates.
Chart: Used with permission of Bloomberg Finance L.P.