Export Data From China showed that exports increased last month, and this unexpected development provided a boost to global markets.
Exports
Trade War – China’s New Tariff Waivers Boost Risk, GBP Awaits UK Supreme Court Ruling
Trade War – The market mood improved on fresh US-Sino trade optimism, after the US Treasury Sec. Mnuchin said trade talks with China will resume in two weeks. Further, China’s announcing new waivers to buy US soybeans offered a fresh boost to risk. Upbeat US PMI report also buoyed the sentiment.
Crude Oil Continues Big Slide Despite Saudi Talk of Supply Cuts
Gold Silver Reports (GSR) – Futures in New York as 0.4% Monday, extending a record decline. Oil was pulled 2.5% lower after the close amid a slide in equities, with President Donald Trump adding pressure with a tweet criticising the Saudi plan.
Crude Oil Imports may be Cut as Price Forecast Put at $100 a Barrel
With Brent crude already jumping to an almost four-year high on Monday, that’s exactly the kind of price surge President Donald Trump has been seeking to prevent by pressuring the Organization of Petroleum Exporting Countries to raise production. Yet the cartel and its allies gave mixed signals at a meeting in Algiers on Sunday, ultimately showing little sign they would heed U.S. demands to rapidly push down crude prices.
Exports of Petroleum Products Saved the Day in May
Gold Silver Reports (GSR) – It would be best to be cautious about the 20% year-on-year growth in exports in May. The growth is mainly on account of a spurt in the export of petroleum products, which are up 104% from a year ago. As a note by Edelweiss Securities Pvt. Ltd points out, perhaps the bunching up of oil exports in May led to this extraordinary rise.