This Evening’s Log Entry

Stocks completely gave up what was an impressive move further above what had been stiff resistance. The selloff was in response to news that Chinese trade negotiators were backing away from what had been pre-commitments on issues around intellectual property. Followup articles reported that China’s threatened reversal is inspired by the U.S. not committing to the rolling back of tariffs introduced by the Trump administration.

Per our current base case, a deal that doesn’t include a complete rolling back of tariffs will likely be a sell-the-news event for equity markets. So, if China’s pushback assures a tariff rollback, today’s news is ultimately good news.

Asian markets are off across the board this evening, the Australian dollar is weaker (although housing data came in soft today, exacerbating the China-inspired selling), and U.S. equity futures are down roughly a quarter-point on average.

While the latest on trade will remain prominent in tomorrow’s news, the Fed meeting will be the headliner. Overall soft (but not scarily so) general conditions, general angst and financial market risk virtually demands that the Fed echo, if not enhance, its recent dovish tone. Thus, trade angst notwithstanding, markets should welcome tomorrow’s Fed announcement. My only hesitation is that the consensus is entirely on that (the dovish) side of the boat. I.e., any hint of hawkishness could see stocks notably lower.


Recieve Between the Lines Posts to your Inbox

Sign up for lorem ipsum delores sin.

We care about the protection of your data. Read our Privacy Policy.
vulkan vegas, vulkan casino, vulkan vegas casino, vulkan vegas login, vulkan vegas deutschland, vulkan vegas bonus code, vulkan vegas promo code, vulkan vegas österreich, vulkan vegas erfahrung, vulkan vegas bonus code 50 freispiele, 1win, 1 win, 1win az, 1win giriş, 1win aviator, 1 win az, 1win azerbaycan, 1win yukle, pin up, pinup, pin up casino, pin-up, pinup az, pin-up casino giriş, pin-up casino, pin-up kazino, pin up azerbaycan, pin up az, mostbet, mostbet uz, mostbet skachat, mostbet apk, mostbet uz kirish, mostbet online, mostbet casino, mostbet o'ynash, mostbet uz online, most bet, mostbet, mostbet az, mostbet giriş, mostbet yukle, mostbet indir, mostbet aviator, mostbet casino, mostbet azerbaycan, mostbet yükle, mostbet qeydiyyat