Circle that one on your calendar There’s so much talk that it will be defeated but I think the votes ultimately show up, even if it takes some support from a few Labour MPs.
Some life in crude? A dip below $50 early today may have signaled a capitulation in crude, or this might just be some short covering. In any case, WTI is now up $1.81 to $52.12, a session high. Even with the gains, that doesn’t clear yesterday’s $52.56 high. Keep an eye on that level heading…
Italy’s Salvini once again hints at possible changes It was once written in stone but now it’s written in sand on a windy day. Salvini earlier today said the deficit won’t be cut below 2.2%.
The ups and downs continue The GBPUSD has backed up after a test of the 100 hour MA stalled the rally. The price action remains up and down with the 100 and 200 hour MAs (at 1.27922 and 1.28097) in between a wider range (between 1.2772 and 1.2896). The corrective price reached 1.27966 ()..
Trio of meetings cancelled Trump cancelled his meeting with Putin earlier and tweeted about it. Now a reporter aboard Air Force One says meetings with Turkey and South Korea have been cancelled.
Edward Burke worked for Trump on tax deals since 2006 The Trump news just keeps on coming. This story isn’t yet getting much attention but it could end up being the big Trump story of the day.
The market waffles between the 100 and 200 hour MA The USDJPY moved up to test the 100 hour MA, and sellers leaned (blue line). The MA comes in at 113.469 currently. Honestly, the price is just off that level at 113.42. So it could still be under assault, but the first look did find…
Major indices are now positive The major stock indices have turned positive after the FOMC meeting minutes. The next target is the 38.2% retracement of the move down from the October 3 high. That comes in at 7318.49. The swing high from November 13 comes in) comes in near that level as well.
10 year yields lower The European shares are seeing mixed results but mostly higher. Provisional closings show: In the benchmark 10 Year Note sector, the yields are lower.
How bad could car tariffs hit? Tariffs could come as soon as next week on all auto imports to the US, excluding Canada and Mexico. Europe would be particularly hard hit, especially German auto makers who wilted on the news. In the bigger picture, Barlcays estimates that US tariffs would cut EU growth to 1.2-1.3%…