Markets News 

Gold prices fall as easing trade worries lead to riskier bets

“Spot gold was down 0.1% at $1,473.88 per ounce, as of 0050 GMT. U.S. gold futures were down 0.2% at $1,478.60” reports cnbc.com. Gold prices inched lower on Monday as investors moved to riskier assets following the announcement of an interim deal between the United States and China that cooled a 17-month-old trade dispute. Elsewhere, palladium rose 0.6% to $1,941.09 an ounce, silver shed 0.1% to $16.92 per ounce, while platinum fell 0.2% to $926.08.People mining gold in a traditional way at a river dam in Sausi, Parigi Moutong in…

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Markets News 

Chinese yuan and Aussie dollar off four-month high, sterling ticks up

“The offshore yuan traded at 7.0026 yuan per dollar, slipping back from a four-month high of 6.9247 per dollar hit last week” reports cnbc.com. U.S. one-hundred dollar banknotes and Chinese one-hundred yuan banknotes are arranged for a photograph in Hong Kong on April 15, 2019.The Chinese yuan and the Australian dollar hovered below four-month highs touched last week in early Monday trade as investors pored over the U.S.-China trade deal, while sterling stayed strong after a decisive UK general election.The trade-sensitive Australian dollar fetched $0.6876, easing from Friday’s four-month high…

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News Oil Stocks 

Major Asia stocks mixed despite optimism with phase one US-China deal ‘totally done’

“Apple led Friday’s slight gains, rising 1.4% to a record after news of the trade agreement was announced” writes Weizhen Tan for cnbc.com. Markets in Asia were mixed in early trade on Monday, as trade optimism soared with China and the U.S. announcing they are finally set to sign off on a phase one trade agreement.U.S. Trade Representative Robert Lighthizer said on Sunday that the phase one U.S.-China trade deal reached on Friday is “totally done,” and it will nearly double U.S. exports to China over the next two years.U.S.…

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News 

Sherrod Brown throws support behind trade deal

“Despite originally opposing the revamped North American trade agreement, Sen” reports politico.com. Sherrod Brown has thrown his support behind the USMCA now that it has better protections for workers. “I have never — as you point out, never — voted for a trade agreement because every trade agreement presented to Congress is all about corporate interest and investor protections and corporate special interest protections and never about workers,” Brown (D-Ohio) said on CNN’s “State of the Union” on Sunday morning. “When President [Donald] Trump put out his NAFTA revision, it…

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GBP News 

Bid still on, insists Chinese firm Jingye

“Liberty House, the metals business owned by UK-based steel magnate Sanjeev Gupta, has long been interested in buying British Steel but has struggled to persuade the government of the wisdom of its plans” writes Rob Davies for theguardian.com. The deal has yet to be completed nearly seven months after British Steel collapsed into liquidation and more than a month after a sale was agreed in principle with Jingye.The Chinese firm poised to buy British Steel has denied the deal is in danger of collapse, amid concern that any further delay…

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News 

Trump said China would more than double its agricultural purchases from the US. Farmers are skeptical.

“In 2017, China imported roughly $24 billion worth of American agricultural products” writes Gina Heeb for businessinsider.com. As part of a so-called phase-one deal, the White House has said China would purchase a steep $50 billion worth of agricultural products from the US annually.American farmers welcomed the announcement of an interim trade agreement between the US and China on Friday. Source: businessinsider.com

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News 

Lighthizer says phase-one trade deal is ‘totally done’ and will double exports to China in two years

“Liu He, China’s vice premier, right stands with Robert Lighthizer, U.S. trade representative, while arriving for a meeting at the Office of the U.S. Trade Representative in Washington, D.C., U.S., on Thursday, Oct. 10, 2019” writes Emma Newburger for cnbc.com. U.S. Trade Representative Robert Lighthizer said on Sunday that the phase one U.S.-China trade deal reached on Friday is “totally done,” and it will nearly double U.S. exports to China over the next two years.Keep in mind, by the second year, we will just about double exports of goods to…

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News 

US-China phase-one trade deal reached, increasing Chinese exports from US

“The United States and China announced on Friday that they reached a phase-one trade deal” writes Mohamed Samir for dailynewssegypt.com. Robert Lighthizer, the United States trade representative, said that according to the new deal, the US will half its 15% tariff on about $120bn in Chinese goods. North Dakota, for example, sent about 70% of its soybeans to the Pacific Northwest, bound for Asian markets and primarily China, prior to the trade war.Ahead of the trade war, China imported just around $190bn of goods and services in 2017, consequently, if…

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News 

California utility scrambles to renegotiate wildfire deal

“If that were to happen, it would automatically void a separate $11 billion settlement deal PG&E has reached with insurers who say they are owed $20 billion for the fire insurance claims they expect to pay their policyholders in the wildfires blamed on the utility” writes The Associated Press for seattletimes.com. The San Francisco-based company needs to pull a deal off to meet a June 30 deadline to emerge from bankruptcy protection and regain its financial footing.One, a California state trial to be held in January, will determine whether PG&E…

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