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US Government Shutdown Ends; Trump Stokes Anti-Trade Fears
Published January 23, 2018
The US government shutdown ended yesterday after a deal brokered in the US Senate gave way to a bipartisan effort to resume funding until at least February 8; the US dollar is broadly higher against major peers this morning
Global stock indices reached new all-time highs yesterday as the end of the US government shutdown buoyed positive market sentiment; Asian and European markets earned solid gains while the Dow and S&P 500 are set to top record highs at open this morning
The penultimate round of NAFTA talks commenced in Montreal on a positive note as Canadian Finance Minister Morneau stated that constructive progress is being made; Foreign Affairs Minister Chrystia Freeland also offered to bring “creative” new proposals to counter US inflexibility
US President Donald Trump however is stoking anti-trade sentiments after the White House imposed 30 percent tariffs on imported solar panels and 50 percent duties on foreign made washing machines; investors will look for further insights as Trump speaks on Friday at the World Economic Forum in Davos, Switzerland
Oil prices moved higher this morning as investors look towards weekly data from the American Petroleum Institute on US oil stockpiles; week-on-week declines in US oil stockpiles and production outages in Venezuela have helped support the commodity’s staggering rise in the past 6 months