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US-China Trade Talks Optimism Lift Sentiments | WTO Cuts Economic Outlook

Published April 3, 2019
  • Global markets edge higher as US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are due to resume negotiations with Chinese Vice Premier Liu He in Washington today, shortly after both sides reported progress from talks in Beijing last week. The focus is now on whether both the countries can agree on lifting hefty US tariffs on Chinese exports.
  • The World Trade Organization lowered its forecast for trade growth this year by more than a percentage point to 2.6 percent, down from 3.7 percent due to an economic slowdown and amid a trade conflict between the US and China.
  • The UK services sector activity witnessed an unexpected downturn and entered the contraction territory for the first time in almost three years in March as the economy was brought to a standstill by the Brexit paralysis. The headline seasonally adjusted IHS Markit/CIPS UK Services PMI Index slipped to 48.9 in March vs. 51.3.
  • UK Prime Minister Theresa May is expected to meet opposition leader Jeremy Corbyn in a bid to break the Brexit deadlock. Earlier European Commission President Jean-Claude Juncker said that if the UK cannot agree on a Brexit position by April 12, no short-term extension will be possible.

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.