Trudeau Says NAFTA Deal is Close; Loonie Strengthens on Strong Manufacturing Report
Published May 16, 2018
North Korea has expressed disappointment with the United States in relation to the June 12 summit in Singapore. Kim Jong Un has described the surrendering of it’s nuclear program as “one-sided.” This rhetoric comes after the abrupt cancellation of talks with South Korea by Kim Jong Un, however, this has not rattled investors in Asia as the recent maneuvers have been largely seen as negotiating tactics.
The International Energy Agency cut forecasts for global oil demand as inventories fell below average for first time since 2014. The IEA has stated that demand growth slows as non-OPEC supply increases as have prices. West Texas Intermediate weakened this morning, trading just above $71.03 following the surprise gain by US crude inventories.
Italian stocks fell on Wednesday after reports that two parties seeking to form Italy’s next government could look for debt forgiveness. The report suggested the 5-Star and League parties, that have attempted to form a government after inconclusive March 4 elections, had written a draft coalition deal asking for debt forgiveness from the European Central Bank, frightening investors in the euro zone’s third-largest economy.
A NAFTA deal is “very close,” stated Canadian Prime Minister Justin Trudeau. “We will continue in the coming days to work hard to try and get there.” Trudeau and President Trump spoke recently regarding the trade agreement and discussed a joint desire to get a deal done quickly.