Market Comment | Expectations of a trade deal between the U.S. and China remain

Summary

U.S. Treasury Secretary Mnuchin reiterated a deal between the U.S. and China was 90% complete ahead of the G20 summit, increasing hopes for an eventual agreement. Meanwhile, Powell warned yesterday the downside risk of the US economy but failed to reinforce the dovish guidance delivered in the last FOMC.

Key points

• Key points:
• U.S. Treasury Secretary Mnuchin reiterated a deal between the U.S. and China was 90% complete
• Powell warned the downside risk of the US economy but failed to reinforce the dovish guidance
• Crude oil prices extended sharply its gains after data showed a drop in U.S. crude stockpiles

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