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Chinese GDP Growth Slows | WTI Falls on Easing Middle-East Tensions

Published October 18, 2019

  • In the three months leading up to September, China’s gross domestic product rose 6%, which signifies the slowest pace since the early 1990s and is below the consensus forecast. A slowdown in investment was the main driver for the lower-than-expected number. The slowdown comes despite government efforts to support the economy, including measures such as tax cuts.
  • British Prime Minister Johnson will attempt to gather enough votes to get the latest Brexit deal through Parliament. The Democratic Unionist Party refused to support the deal, which has serious implications for the Conservative Party, who lacks major support from opposition members and MP’s.
  • West Texas Intermediate has slipped from weekly highs amid reports of the Syrian ceasefire. The weaker greenback along with upbeat trade news helped the energy benchmark over the past day. West Texas Intermediate is currently trading just above $54.00 a barrel.

To the Clients of EncoreFX:

 

It is with much regret that we inform you that EncoreFX’s (the “Company”) offices are suspending trading effective immediately.

This suspension will give the Company time to consider its restructuring alternatives. The restructuring has become necessary as a number of customers to whom the Company granted credit have defaulted on their obligations to the Company due mainly, we believe, to the rapid changes in the FX market caused by the coronavirus pandemic.

 

In order to provide stakeholders with transparency, the Company has filed an assignment in bankruptcy pursuant to Section 49(1) of the Bankruptcy and Insolvency Act (Canada) (the “BIA”) with respect to its Canadian operations and has assigned its Australian and New Zealand subsidiaries in Voluntary Administration in Australia and New Zealand. 

 

Ernst & Young has been appointed as the licensed insolvency trustee (the “Trustee”) in Canada and as the Administrator in Australia. 

 

Once the Trustee, working with the Company, has determined the best options for the Company and its stakeholders it will share that information with you. Information pertaining to the bankruptcy of EncoreFX will be available, in due course, on the Trustee’s website at: www.ey.com/ca/encorefx.