S&P: Yesterday’s sell-off has done a lot to correct the overbought situation. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

Trump touts new trade tariffs
Argentina, Brazil and France the targets

As he was flying into London for a 70th NATO summit and a reception with the Queen at Buckingham Palace today, President Trump announced new tariffs on US imports of Argentine and Brazilian aluminium and steel. This was because their currencies are at their weakest ever against the US dollar, giving their exporters an unfair advantage. In parallel US trade representative Robert Lighthizer was considering slapping tariffs of up to 100 per cent on French luxury goods, including champagne, cheese and handbags. Then on Fox Business commerce secretary Wilbur Ross warned China that if a trade deal wasn’t signed by the 15th of this month tariffs would be ramped up again.

One of Italy’s biggest banks, Milan-based UniCredit SpA, announced a new 4- year strategic review aimed at eking out profits and returning money to shareholders, reports Bloomberg. CEO Jean Pierre Mustier plans €2 billion in share buy-backs, closing 500 branches and shedding 8000 (over 9 per cent of the workforce) jobs.

Financial Markets and Political Commentary

 

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