Market Update: Sterling Falls as Parliament Suspended
Monday 2nd of September 2019.
LAST WEEK – KEY TAKEAWAYS
UK: Boris suspends Parliament
• Sterling fell against the US dollar as the Prime Minister Boris Johnson announced Parliament would be suspended for five weeks from the 10th September until 14th October;
• Known as proroguing, this type of suspension is common after a new government is formed, but the timing and the length is controversial on this occasion;
• Boris claimed he needs the time to set out his domestic agenda, while MPs who oppose a ‘no deal’ Brexit worry he is circumventing Parliament to ensure the UK leaves the EU on 31st October.
• Omnis view: The suspension of Parliament means MPs have a shorter window and fewer options to prevent what they fear could be a ‘no deal’ Brexit, although it may also put pressure on the EU to make concessions that would secure support for the existing withdrawal deal.
Trade: Tensions ease between US and China
• US shares rose on Monday after US President Donald Trump claimed China wanted to restart talks and agree a trade deal to bring an end to tensions between the two countries;
• Meanwhile, Chinese vice-premier Liu He said his government opposes any escalation of trade tensions.
• Omnis view: The markets welcomed the softening of rhetoric by both sides, but President Trump’s confrontational style of negotiation and his unpredictability suggest a resolution may still be some way off.
LOOKING AHEAD - TALKING POINTS
Economic data
• Wednesday- US imports, exports and balance of trade in July;
• Friday- US non-farm payrolls (job creation) and wage growth in August;
• Sunday- Chinese imports, exports and balance of trade in August;
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