US threatens EU cars with new tariffs; US bank stress tests succeed

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Here’s our summary of key events overnight that affect New Zealand, with news the US is still treating its key public policy decisions like a cheap TV reality show.

President Trump has threatened 20% tariffs on cars made in the EU. The basis for the move is that they pose a national security threat (!)

In the adult world, America’s largest banks – global systemically important banks (GSIBs) – have all passed the first phase of the US Fed’s annual stress tests. They could survive a severe economic downturn, the Fed found. The stress test was if the US economy had to deal with a combination of a global recession (Wall Street drops -60%), diving of housing prices (by -30%), unemployment jumps (to 10%), and fast-rising interest rates.

Passing that test will embolden them to call to further relax financial regulations. Given the current Administrations mood on regulation, that might well get their support, turning a purposeful blind eye to the fact that is current regulation itself that has built the resilience.

The first ‘flash’ readings of some key PMIs are in and in the US private sector growth remained strong best investment platform despite some signs of a slowdown in their factory sector.

In Japan, there is an improvement recorded in their factory sector.

In Europe, an uptick in manufacturing brought a higher overall expansion even if it was just a small binary options game increase.

Canadian retail sales came in unexpectedly weaker in April than markets expected. Slow car sales were the main reason.

Canadian CPI also surprised on the low side. Markets were expecting prices to rise +2.6% in May, but they stayed rising at 2.2% pa, the same level as for April. Along with the retai sales data, this casts doubt on the Bank of Canada’s next moves higher.

Greece has seen its first offer of debt relief. About €100 bln of debt that was needed to support it as it neared collapse has had its maturity pushed back 10 years.

The UST 10yr yield is softer t the market close at 2.90% and down – bps in New York today. The Chinese 10yr is at 3.60% (unchanged) while the New Zealand equivalent is now at 2.97%, alsounchanged.

American corporate bond spreads are widening and are at a 16 month high. Foreign investors are shying away from US issues on the no deposit binary options consequences of the escalating trade disputes, and that is raising the cost of money for US companies.And part of that changed direction is because hedging costs have risen sharply. Foreign investors are putting America last.

The VIX is slightly elevated today, just above it normal range, and now at 13.7. The average index level over the past year is 12. The Fear & Greed index

Gold is marginally firmer in New York but now a ;just US$1,269/oz in New York which is a US$10 drop for the week.

Oil prices have surged dramatically today, up more than +US$3/bbl and the US price is now just over US$69/bbl. The Brent benchmark is now just over US$75.50/bbl. The US rig count has slipped a few this week. OPEC said it will increase oil production in a move its main proponent, Saudi Arabia, said will lower global binary options affilaite prices. But the level of increase was far lower than markets were expecting, hence the jump in prices.

The Kiwi dollar is ending the week up nearly ½ at 69. USc. On the cross rates we are at 93 AUc and at 59.3 euro cents. That puts the TWI-5 at 72.5 and almost exactly where it was at this time last week.

Bitcoin is now at US$6.227, down -3.3% and and that is its lowest level since late October 2017. Japan’s largest bitcoin exchange has shut its doors to new business.

The easiest place to stay up with event risk today is by following our Economic Calendar here ».

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