Here are a number of key stories from the weekend press:
- Mnuchin Says Trade Talks Near Final Round
- Brexit talks between Labour and Tories hit another stalemate
- Tories face 60 seat loss amid Brexit backlash as 'Corbyn bound for No 10'
- Equities have had the best start to the year since 1987 - could we be looking at another crash?
- Finance ministers say global growth will ‘firm up’
- At the IMF, Germany Comes Under Pressure to Stimulate Growth
- US-China Trade Pact Takes Aim At Currency Manipulation – WSJ
- US Treasury Sec Mnuchin: Trade Talks Near Final Round – WSJ
- President Trump Backs Third Summit With Kim, Says Relations Very Good – BBG
- China To Play Vital Role In Third North Korean-US Summit – GlobalTimes
- Global Finance Chiefs Prepared To ‘Act Promptly’ On Growth – BBG
- ECB's Draghi Worried About Fed's Independence – RTRS
- ECB Officials Give Tentative Welcome To Negative Rate Review – BBG
- SNB's Jordan Sees Room For More Intervention If Needed – RTRS
- EU Leaders Pin Hopes On British Europhile Candidates Trying To Cancel Brexit – Telegraph
- EU’s Moscovici: Euro Zone Budget Likely To Play Stabilising Role – RTRS
- UK Chancellor Hammond: Brexit Chaos ‘Putting Off Best People For Bank Job’ – Times
- Spain's Sanchez Hardens Position On Catalonia Ahead Of Election – RTRS
- Russian FinMin: Russia, OPEC May Ditch Oil Deal To Fight For Market Share – RTRS
- Apple Spends Hundreds Of Millions On Arcade Video Game Service – FT
- American Airlines Extends Boeing 737 MAX Cancellations Through August 19 – RTRS
- Lloyds Hit By New Row On Pensions Over Deal For Juan Colombas – Times
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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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