Modest gains to end an up week The major indices in the US were able to eek out small gains for the day. For the week, the gains were not bad with the Dow leading the way.
I don’t know if it replaces the formal comminique, but headlines are not calling it a communique The draft summit commitment says:
G7 leaders are meeting in Canada Juncker says: And EU’s Tusk commented earlier:
Weighing in on Trump’s recommendation They add: Russia was expelled from the G8 as a result of Russia’s annexation of Crimea in 2014. At the time the G7 statement read:
Wholesale trade sales for April 0.8% vs 0.3% prior The April final read for wholesale inventories for April comes in at 0.1% versus 0.0% expected. The wholesale trade sales for April rose by 0.8%. The prior reading was revised higher to 0.4% from 0.3%
Spokesperson for UK PM May The GBPUSD has been chopping after Barnier comments sent the price of the GBPUSD through technical levels. The 100 hour MA was retested on the correction off the lows at 1.3391. The holding makes that level a risk level for shorts looking for more downside. Stay below keeps the sellers/shorts…
If anything, expect disappointment because it won’t live up to the hype Let’s face it. We’re not going to get anywhere from talks at the summit. There’s a lot of heightened tensions, but in truth there isn’t going to be anything concrete to come out of it.
Worries in emerging markets are coming back into the picture First, we had Argentina. Then, there was Turkey – followed by to a lesser extent Indonesia and potentially India. And now, you can add into the mix as well.
Comments by Iran OPEC governor, Hossein Kazempour Interesting comment there. Feels like one which is more out of anger and rage than anything else though. The request by the US he is referring to is the one from earlier in the week .
Comments by Italy’s European affairs minister, Paolo Savona Savona was initially slated to be the finance/economic minister in the initial government proposal which was rejected by Italian president Sergio Mattarella. He’s a euroskeptic by nature, but some conciliatory comments are much expected for now as the new government settles in.