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OFFON

Romain
Fournier

Journalist
By the same author
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THE DAILY MACRO BRIEF: Boris Johnson wins in court, China reduces its reserves, Fed speech…

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09/06/2019 | 07:42am EDT

On Friday, the London High Court dismissed a request to overturn Prime Minister Boris Johnson's suspension of Parliament for five weeks until 14 October. China is reducing the amount of funds that banks must keep in reserve to further stimulate its economy.



Boris Johnson has won a battle. On Friday, the London High Court dismissed a request to overturn Prime Minister Boris Johnson's suspension of Parliament for five weeks until 14 October. The lawsuit was initiated by businesswoman Gina Miller, and supported by former Prime Minister John Major, who saw the suspension as an attempt to impose a no-deal Brexit. The plaintiffs announced their intention to appeal at a hearing on September 17 at the British Supreme Court. Boris Johnson also saw the resignation of his younger brother from the government. On Twitter, Jo Johnson said he was "torn between family loyalty and the national interest.”

The People's Bank of China (PBOC) announced today that it is reducing the amount of funds that banks must keep in reserve to further stimulate its economy. Its reserve requirement ratio will be reduced by 50 basis points, and up to 100 basis points for some qualified banks. The move is effective from September 16. This would mean that 900 billion yuan ($126.4 billion) of liquidity would be freed.

Jerome Powell will give his latest take on the economic outlook and monetary policy in a speech in Zurich today at 12:30 p.m. ET, which is the last day before the Fed's blackout period ahead of the next FOMC meeting.

Germany under threat of recession. German industrial production fell by a further 0.6% in July, representing a year-on-year decline of 4.2%. The outlook for the coming months is pretty dire and fuels a national debate on the need for a stimulus package.

Romain Fournier
© MarketScreener.com 2019
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