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Trump Reiterates Bipartisanship | Oil Rally Halts

Published February 6, 2019
  • Giving his second State of the Union address, President Donald Trump reiterated his view on border security and illegal immigration. Trump also told the US Congress a trade deal with China would require structural changes to end unfair trade practices and pushed for additional legislation that could expand his power to impose tariffs.
  • Oil slipped after a report from American Petroleum Institute showed a rise in US crude inventories, while concerns about tightening market in 2019 due to OPEC-led supply cuts and the impact on global supplies of US sanctions on Venezuela faded. WTI crude prices have hit a low of $52.86.
  • US Treasury Secretary Steven Mnuchin expressed confidence that the US and China can iron out their trade differences. Mnuchin further stated that the recent meeting with Chinese Vice Premier Liu He was very productive and US delegation will visit China next week for trade talks.  
  • Dallas Fed President Robert Kaplan said the Federal Reserve can be patient by watching the economy without changing monetary policy for the next several months until there is greater clarity regarding several uncertainties relating to the economic outlook and development of financial conditions.
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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.