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Check out the news of the past 24 hours:
1Top level still deadlock on Brexit - Difficulties piling up for GBP
Talks between UK Prime Minister Boris Johnson and European Commission President Ursula von der Leyen at the end of Wednesday ended without a breakout, confirming that there is still a huge gap in the issues. topics from fishing to dispute settlement.
- The two sides have given themselves a deadline until the end of the week to sign a new trade agreement, with about $ 1 trillion in annual trade at risk of tariffs and quotas if a deal cannot be reached. prior to the conversion deadline ends later this year.
Difficulties for the UK do not stop there, the National Bureau of Statistics said that the country's gross domestic product increased only 0.4% in October, after rising 1.1% in the previous month, which is the the weakest increase since the economic recession since April.
- A Covid-19 vaccination has begun this week in the UK, offering hope for a recovery in consumer spending by 2021. However, many businesses will have to face off. face with new hurdles from trade restrictions with the European Union (if no deal is available) expected to go into effect January 1.
2?? The market quickly turned its attention to the ECB
Although the lack of a deal might disappoint some investors, attention was quickly turned to the European Central Bank's (ECB) new policy-setting meeting at the end of Thursday.
- The ECB is expected to extend the duration and size of its Pandemic Emergency Asset Purchase (PEPP) program.
- ING analyst Carsten Brzeski said: “The reason for the ECB's new action is clear: the second blockade, and the forecasts for September have become too outdated and too optimistic. At that time, the ECB is forecasting a 3.1% growth in Q4, and this number will have to be significantly reduced today.
3?? US - China tensions continue to escalate?
- China will punish more American officials and impose new travel restrictions on US diplomats in retaliation for the Trump administration's move toward Hong Kong.
The specific names of those sanctioned were not given, but China said they include people from the executive branch, the legislature and their families, as well as non-governmental organizations.
4?? US CPI in November increased 0.2% MoM and 0.1% higher than expected
- Steven Mnuchin said the stimulus package deal is making progress
Steven Mnuchin said he had "very fruitful" conversations about the stimulus yesterday and is expecting more discussion today.
"I expect we can reach an agreement," he said in an interview.
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