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Junior Analyst
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A MACRO MINUTE: Macron and May discuss Brexit, China looses its 2nd place ...

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08/03/2018 | 06:34am EDT

Every day we review the macroeconomic and geopolitical news that are impacting financial markets around the world. For once, Donald Trump isn’t the center of attention. Europe is focused on the upcoming meeting between Emmanuel Macron and Theresa May. In the rest of the world, China’s has lost of its second place while the Zimbabwean election is slowly turning into a conflict. Here are the main events of the day, updated regularly.

Donald Trump. The US President received a letter from his North Korean counterpart yesterday, without revealing its content. Trump took the opportunity to salute the gesture of Kim Jong-Un, who authorized the repatriation of American soldiers' corpses who died during the Korean War. However, a second Trump-Kim summit is not yet on the agenda.

Brexit. Emmanuel Macron is receiving Theresa May in his summer residence in Brégançon today to discuss Brexit, as negotiations are currently at a standstill because of disagreements in Britain between supporters of a "soft" Brexit and those of a "hard" Brexit. The Elysee however, said that this meeting is not intended to replace the negotiation process led by Michel Barnier. The meeting starts at 6:15 pm.

China. A first since 2014: China gave up its 2nd place to Japan in terms of total valuation of its stock exchanges. Because of the strong commercial tensions with the United States, Chinese places are in free fall since the start of the year. On the contrary, the Japanese equity market is doing well thanks to the strong quarterly results of Japanese companies.

The evolution of the valuation of Chinese and Japanese stock exchanges (Source: Bloomberg)

Turkey. The meeting between US Secretary of State Mike Pompeo and his Turkish counterpart has resulted in a tacit agreement: the two countries will continue their efforts to appease and stop the escalation of sanctions following the detention of a US pastor. A good point for Turkey, whose currency hit an all-time low against the dollar yesterday.

Zimbabwe. The presidential elections were supposed to remain trouble-free, but that was then. The ruling President – who has taken over after the departure of Robert Mugabe - has declared himself the winner of the ballot this morning. His opponent challenges the results, in a context of violence during the vote count in several cities in the country.
Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.07% 26089.61 Delayed Quote.11.84%
NASDAQ COMP. -0.52% 7796.658954 Delayed Quote.17.50%
S&P 500 -0.16% 2886.98 Delayed Quote.15.35%

Floriane Rousseaux
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