US President Trump is considering a 10 percent reduction in steel and aluminium imports from the European Union, the Wall Street Journal report said, citing EU officials familiar with the talks. It means Brussels’ demand for unlimited exemptions will likely be rejected by the White House.
In the view of analysts at Nomura, the UK consumer prices are seen stagnating in April, despite the recent oil-price rise. The UK CPI report will be released at 0830 GMT. Key Quotes: “Clothing and footwear, alcohol and tobacco, and personal care/insurance each took around 0.1pp off CPI inflation in March. We see inflation remaining at 2.5% despite those moves partly reversing and petrol prices rising. A 0.9pp wedge means a small rise in RPI
Shareholders in Wynn Resorts Ltd. voted overwhelmingly against the company’s executive compensation plan, according to results released Tuesday, a rare public rebuke of the corporation’s leadership in the months since founder Steve Wynn resigned amid sexual-misconduct allegations. Shareholders voted nearly 80% of shares against the company’s compensation plan at an annual shareholders’ meeting last week, in a nonbinding referendum known as a “say on pay” vote. A Wynn Resorts spokesman indicated that the company was
EUR/JPY risk reversals fell to two-month lows. The EUR/JPY one month 25 delta risk reversals (EUJP1MRR) fell to -1.38 on Wednesday – the lowest level since March 23 –  vs. -0.75 seen in April 24. The drop in the risk reversals from -0.75 to -1.38 represents a rise in the implied volatility premium for EUR/JPY puts (or JPY calls), i.e. the bearish bets are in demand. EUJP1MRR
Kiwi fumbles following negative rate comments from RBNZ’s McDermott. Morgan Stanley hedges their long call with medium-term short warnings. The NZD/USD tumbled into the 0.6900 handle today following dovish statements from the Reserve Bank of New Zealand’s (RBNZ) McDermott. The Kiwi dumped from 0.6944 to below the 0.6900 level following comments from the RBNZ’s McDermott that mentioned the potential for negative cash rates. Kiwi traders recoiled following statements from the RBNZ that failed to rule out
Stacey Abrams won Georgia’s Democratic primary for governor Tuesday, setting her up for a general election in which she is bidding to become the nation’s first black woman elected governor. The Associated Press declared Abrams, a former minority leader of the Georgia state House, the winner in the intraparty contest against Stacey Evans, a former state representative. She is the first black woman to win a major party nomination for governor anywhere, according to the Center
TOKYO — SoftBank Group Corp. said Wednesday it has agreed to sell its entire stake in India’s Flipkart Group to Walmart Inc. The operator of the world’s largest technology fund — which holds a 21% stake in Flipkart — had delayed a decision to participate in Walmart’s $16 billion deal to take control of India’s largest e-commerce company. It was weighing tax considerations, the impact of Walmart’s plan to list Flipkart within four years, and a
GOLD & CRUDE OIL TALKING POINTS: Gold prices edged lower, echoing a rebound in the US Dollar that undermined the appeal of anti-fiat assets. A drop in the benchmark EUR/USD exchange rate translated into broader strength for the benchmark currency as the leaders of Italy’s emerging populist coalition government selected EU critic Paolo Savona as Economy Minister. US President Trump also talked down trade talks with China, cooling earlier optimism that helped drive the greenback
Analysts at National Australia Bank (NAB) outline what the Reserve Bank of Australia (RBA) Governor Lowe will comment in his speech about China’s economy, financial system, and the implications for Australia due today at 0805 GMT in Sydney. Key Quotes: “Will be carefully listened to, given the global focus on US-trade relations and Australia’s high economic dependence on Chinese economic growth and access to Chinese markets.  Of course, it will also present an opportunity for
Asian stocks report losses as investors take note of risks from Turkey and North Korea. Risk aversion put a bid under the Japanese Yen. Asian stocks dropped on Wednesday as investors took note of the renewed geopolitical tensions. Scorecard Japan’s Nikkei index is down 1.24 percent Stocks in Australia and New Zealand are reporting 0.24 percent and 0.44 percent, respectively. Shanghai Composite has lost 0.80 percent. Hong Kong’s Hang Seng has shed 1.13 percent. US