News 

Locking China out of the dollar system could backfire on America

“Today, some 80% of global trade is invoiced and settled in dollars, and most international transactions are ultimately cleared through the U.S. financial system” writes Paola Subacchi for marketwatch.com. Beyond fragmenting the trade and financial system that has underpinned the global economy for decades, the stage would be set for a devastating conflict.In fact, the Trump administration is already moving to launch another, closely related war with China, this time over financial flows.Cross-border trade transactions depend on a well-functioning international payments system and a robust network of financial institutions that…

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News Oil 

Oil rises on optimism about prospects for a U.S.-China deal

“Goldman Sachs has wound back its forecast for growth in U.S. shale oil output in 2020, and slightly reduced its outlook for 2020 global oil demand growth” reports cnbc.com. Russian Energy Minister Alexander Novak said U.S. oil production is likely to peak in the next few years as current oil prices are capping the pace of expansion.Brent crude oil was up 24 cents at $59.20 a barrel, while U.S. West Texas Intermediate crude was 26 cents higher at $53.57 per barrel.Oil prices however were pressured by forecasts of a buildup…

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News Stocks 

Stocks edge higher at open as investors focus on busy week for corporate earnings

“The S&P 500 index SPX, +0.16% picked up 5 points, or 0.1%, to 3,011” writes Mark Decambre for marketwatch.com. UTX, +0.90%  rose at the opening bell after the company beat earnings’ expectations, and raised its earnings outlook for 2019.The S&P 500 index rose 20.52 points, or 0.7%, to end at 3,006.72, leaving it 0.6% away from its record closing high of 3,025.86 set on July 26.United Parcel Service Inc. stock UPS, -4.90% slipped despite the package-shipping company delivering third-quarter results that outperformed analysts’ consensus estimates. Source: marketwatch.com

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Futures News Stocks 

Stock futures drift higher as one of the busiest weeks for U.S. corporate earnings unfolds

“Global stock-markets were also trading higher at the start of the week” writes Mark Decambre for marketwatch.com. The Stoxx Europe 600 SXXP, +0.00%  was trading less than 0.1% higher.United Parcel Service Inc.’s stock UPS, +1.00% gained after the package-shipping company delivered third-quarter results that outperformed analysts’ consensus estimates. Source: marketwatch.com

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Futures GBP News 

Gold hovers as traders watch Brexit, U.S.-China trade talks

“Gold futures struggled for direction Tuesday as investors kept an eye on developments surrounding Brexit and U.S.-China trade talks” writes Deputy Markets Editor for marketwatch.com. A firmer tone for U.S. equities helped rob gold of its haven appeal on Monday, noted Carsten Fritsch, analyst at Commerzbank, in a note.Gold for December delivery GCZ19, +0.14% on Comex were up $1.10, or 0.1%, at $1,489.20 an ounce, while December silver SIZ19, -0.24%  was off 3.7 cents, or 0.2%, at $17.565 an ounce. Source: marketwatch.com

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GBP News 

What happens next if Boris Johnson’s Brexit deal passes through the necessary legislative hurdles?

“A Brexit deal is great, but it means nothing without establishing a future trade relationship down the road” reports forexlive.com. That means another full year of uncertainty, unless the UK can agree on a future trade relationship with the EU .The terms of the agreement sets out that the transition period for Brexit will run all the way until the end of 2020.And if by the end of the transition period, there is no trade relationship negotiated or agreed upon, we essentially just get a no-deal Brexit – just fourteen…

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Futures News Oil 

Oil steady on weak demand concerns despite U.S.-China trade optimism

“Brent crude oil futures were down 6 cents, or 0.1% to $58.90 a barrel by 0309 GMT, while U.S. West Texas Intermediate (WTI) crude futures were flat at $53.31 per barrel” writes Midwest Communications Inc for 95kqds.com. “Crude oil prices remained in the doldrums, with ongoing economic weakness weighing on sentiment,” it added.SEOUL (Reuters) – Oil prices were little changed Tuesday as lingering worries over a global economic slowdown that could hurt oil demand offset some signs of progress in U.S.-China trade talks.”Commodity markets were cautiously optimistic amid signs that…

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News Stocks 

Lt. Gov. Jon Husted to lead Ohio trade mission to London

“Jon Husted and other Ohio officials will spend this coming weekend in London, England as part of a trade mission” writes Tobias Atobias Cleveland for cleveland.com. While in London, Husted will be a keynote speaker at an economic development conference organized by the London Stock Exchange Group, which runs the United Kingdom’s largest stock exchange of the same name.Mike DeWine led a trade mission to Japan. Source: cleveland.com

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Markets News 

‘Privileged access to nonpublic information’…

“The Chicago Mercantile Exchange, which monitors S&P futures contract trading, dismissed the story as “patently false.”” reports yahoo.com. The issue surfaced after Vanity Fair published an article Thursday highlighting “fishy” electronic trading — sometimes in the closing minutes of a session — in S&P 500 futures contracts. The profits enjoyed by those trades were so quick and stunning as to raise questions about whether people behind the trades had inside information about what Trump might say or do, Vanity Fair reported.In several incidents in recent months, the magazine said, someone…

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News 

Ross says Democrats ‘better get going’ on USMCA trade deal

“Commerce Secretary Wilbur Ross indicated Monday that the administration was losing patience with Congressional Democrats over the slow pace of efforts to get the U.S. Mexico-Canada Agreement on trade passed” reports washingtonexaminer.com. The White House has been in talks with Democrats for months to set up a floor vote on the deal, but lawmakers say that further tweaks are needed.Last week, Mexican President Andrés Manuel López Obrador vowed in writing to fund the labor reforms that House Democrats say are crucial if they are to support USMCA, addressing the key…

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