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EU Retail Sales Down Sharply | China Urges Tariff Reduction as Deadline Looms

Published December 5, 2019

  • EU October Retail Sales dropped 0.6% in October, which is double the expected amount and its sharpest monthly decline of the year.  EU GDP was only up a modest 0.2% in Q3, confirming that black clouds from Brexit and trade tensions continue to hover over the European economy.  Despite the news, the euro is still stronger against the struggling US dollar today.
  • With 10 days left until the next round of scheduled tariffs are imposed, China is urging the US for proportional reductions in tariffs as part of a phase one trade deal.  The Trump administration has not made it clear yet whether they will go through with tariffs and have continued to convey mixed messages to markets as a negotiating tactic.  Market sentiment is expected to become more volatile the closer we move towards the December 15 deadline without any US concessions.
  • US Jobless Claims came in slightly better than expected, and markets are hoping it is a sign of things to come ahead of tomorrow’s Non-Farm Payrolls report.  The US dollar has been battered to start the month, and tomorrow’s NFP will have major say in the direction of the dollar over the coming days.