Market movers today
Financial markets will be awaiting new developments in the trade war between China and the US after China over the weekend officially cancelled the potential trade talks between the two countries this week (and likely until after the US mid-term elections in early November) after the US announced new tariffs against China. Today, the new US tariffs on Chinese goods worth USD200bn will be implemented.
In light of the recent relatively hawkish signals from ECB board members, ECB President Draghi’s appearance at the European Parliament today will be scrutinised.
Italy will also remain a key focus today and during this week in the run-up to the government’s presentation of its budget for 2019 on Thursday. There are likely to be contrasting signals from the various government members as Thursday approaches.
Otherwise, the week will be much about the Fed meeting on Wednesday (where we expect another interest rate hike) and the US PCE core inflation numbers on Friday.
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