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OFFON

Romain
Fournier

Journalist
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THE DAILY MACRO BRIEF: Brexit postponed, Trump humiliated, efforts in China...

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03/15/2019 | 08:57am EDT

The risks of a disorderly Brexit are increasing. The Bank of Japan is not very optimistic about economic growth. China continues its efforts to ease trade tensions. Pyongyang could suspend negotiations with Washington. Trump is being humiliated in Congress.



May's motion was adopted. MEPs voted in favor of postponing the Brexit (412 votes in favor and 202 against) until June 30 at the latest if an agreement is adopted by March 20, and an indefinite postponement if the agreement is rejected.

Trump hits a wall. Emergency funding for the wall on the Mexican border was rejected yesterday in the US Congress, thanks to 12 Republican senators who decided to side with the Democrats and vote against it. But the American President directly replied by promising "to veto this democrat-inspired resolution".


New status quo for the BoJ. The Bank of Japan reported a slowdown in the global economy, a weakening of its exports and a weakening of its production. It refers to a "moderate expansion" of growth and has decided to maintain its highly accommodating monetary policy and then to maintain its main interest rate at -0.1%.

New law facilitating foreign investment in China. The Chinese government has decided to introduce a law to protect foreign companies based in the Middle Kingdom. Among other things, it provides for greater transparency and a ban on forced technology transfers. This regulation, which aims to reassure foreign investors, particularly Americans, in this context of trade negotiations, will come into force on January 1, 2020.

Patience will still be needed in the Sino-American trade issue. The Xi/Trump meeting will not take place this month, announced the US Secretary of the Treasury, but more likely in April. Donald Trump then stated that it will be 3 or 4 weeks before it is known whether the United States and China can conclude an agreement, as negotiations are still ongoing.

No more chemistry between Donald Trump and Kim Jong-Un. North Korea has indicated that it does not intend to give in to all Washington's demands for denuclearization of its country and that it is considering suspending negotiations with the United States.



 


Romain Fournier
© MarketScreener.com 2019
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