Category: Market Today

Market Today is the place where visitors can find all of the most important world stock market news. Traders-Paradise’s main goal is to provide valuable information. All are deep researched and fact-checked.

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  • Sterling Weakened But Demands Increased

    Sterling Weakened But Demands Increased

    Sterling Weakened But Demands Increased

    Sterling weakened from five-month highs.
    Stocks in London dropped on Wednesday.
    The UK and the EU close to concluding a draft agreement on Brexit.

    Sterling has experienced decreasing from five-month highs. At the same time stocks in London fell on Wednesday. This disturbing situation came on concerns of talks between the UK and the EU to secure a Brexit deal. At this moment it looks like everything may fall apart.

    This was the second volatile day in the UK markets caused by political uncertainty about the Brexit. At the end of last week talks about Brexit were continued. To the end of last week, sterling has surged about 5%. But on Wednesday the negotiations were paused. The national currency and stocks dropped on that news. The fresh news about Michel Barnier’s optimism about getting a deal couldn’t help.

    Sterling has surged some 5% since late last week when London and Brussels restarted intense Brexit talks.

    Wednesday morning showed a bad result for sterling. Sterling was down 0.3% at $1.2731, off session lows. Also, it a lot below a five-month high of $1.28 hit the day before.

    Sterling weakened 0,3% against the euro too.

    Trading volumes have grown in recent days.  According to Refinitiv data, investors purchased and sold much more pounds than any other day in the past 12 months.
    UK and EU officials renewed talks on Wednesday, but without an agreement before the summit that will be held on Thursday. The companies listed on the London market that operate at home, such as housebuilders or banks, grown last week. For example, JP Morgan’s domestic asset basket has beaten some exporters and the blue-chip FTSE 100.
    Trading in sterling options showed high volatility in the currency.
    British government bonds profited from the restored uncertainty. The10-year yields down 3 basis points at 0.66 %. September inflation data had a limited market influence.
    Britain’s inflation rate slipped to grow as expected in September. The reason should seek in petrol prices. They dropped at the fastest rate in more than three years.

     

    But demand for the British pound has continued Wednesday.

    Investors are focused on the situation concerning Brexit. So, yesterday fresh news appeared. The UK and the EU are close to achieving an agreement on Brexit. The only concerns are will Boris Johnson gets support from Northern Ireland’s Democratic Unionist Party. Investors are waiting for the summit on Thursday. After that, the scenario of Brexit will be more clear. 

    The GBP stabilized after an important rally last week. Optimism toward the agreement of the Brexit process started to decline. EU diplomats want additional concessions from UK PM Boris Johnson. The important economic reports from the UK should come soon.

  • Dow Jones Dropped More Than 300 Points, But Two Stocks Hold Gains

    Dow Jones Dropped More Than 300 Points, But Two Stocks Hold Gains

    3 min read

    Dow Jones Dropped More Than 300 Points

    The Dow Jones dropped more than 300 points after frustrating economic data stopped an early rally in the stock market on Tuesday. The stock market rally experienced a strong reversal. The rally appeared under more pressure as worsening U.S. manufacturing index activity renewed recession fears. JPMorgan Chase (JPM) dropped below a buy point, as Treasury yields declined. 

    The Institute for Supply Management’s manufacturing index declined to its lowest level previously seen in June 2009.

    The Dow Jones Industrial Average (DJINDICES:^DJI) and the S&P 500 (SNPINDEX:^GSPC) both lost more than 1%. All sectors declined, but industrial stocks were damaged the most.
    But some of the Dow Jones Index stocks made the largest gains, Apple (AAPL) and Visa (V). Apple stocks rose for 0,5% and Visa increased by 1,4%. Visa has been consolidating below the 50-day line the past three weeks after pulling back from a 184.17 buy point of a flat base.

    Apple scored a new high early and gained as the market reversed. It regained a 221.47 buy point of a flat base and continues in buy range from the entry. The market uptrend is under pressure, so you must be aware that all trading is riskier now.

    According to investors.com “investment banks, machinery, and telecom stocks led the downside among IBD’s 197 industry groups.” On the other side, long-term medical care, gold miners and food, and beverages were between the several groups resisting the decline.
    Hexcel (HXL) fell 6% to a two-month low, retailer Boot Barn Holdings (BOOT) sank 5% in below-average volume.
    Israeli medical technology company InMode (INMD) and Visa were some of the few IBD 50 stock winners with increases of 1% or more.

    The point is that just one strong market session could upgrade the whole picture, but if another large sell-off occurs could freeze the stock market rally. 

    China trade discussions will continue next week, but there are possible risks for the weak stock market rally.  Investors have been hoping for a China trade suspension of hostilities. That was the reason why the market wasn’t down on Monday. 

    The added uncertainty to the markets is the Trump impeachment inquiry. For now, it doesn’t make to much damage to the US stock market but investors may become more nervous because of all of that. 

    Is this a scary start to October?

    Markets are already in bubble territory. Dow, S&P experienced the worst day in more than 5 weeks after gloomy US manufacturing report. Manufacturers quoted the US-China trade war as pressing on demand and making materials more expensive, according to the ISM.

    “The disappointing data is only fanning long-standing fears of slowing global growth,” said Alec Young, managing director of global markets research at FTSE Russell.

    Stocks didn’t like this data pretty much.

    Investors came into Tuesday’s session, with increased emotion around the U.S.- China trade relationships hoping that it will come to an end soon. 

    But stocks dropped after the Institute for Supply Management (ISM) stated U.S. manufacturing activity dropped last month to its lowest level in a decade. The U.S.-China trade concerns caused that. The weak manufacturing data come from Europe too. All of that forced investors to sell equities and bought bonds.
    The market recognized the ISM report as a warning the trade war is taking increasing damage to the economy.

    What is next?

    Yes, Dow Jones dropped but investors are waiting for data from ADP and Moody’s Analytics. They are planned for release on Friday. For investors, it is a kind of preview to the government’s monthly job report. So, we will see.

  • Trade War Spillover In The Stock Markets

    Trade War Spillover In The Stock Markets

    3 min read

    Trade War Spillover In The Stock Markets

    The U.S. Treasury announced in a Saturday statement that the administration “is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time.”  Following this news, Dow Jones futures grew a bit on Sunday evening, the same happened with S&P 500 futures and Nasdaq futures.

    Only one day before, Bloomberg reported the Trump administration is thinking about limiting the exposure of US investment to China. Such a decision would have an impact on public pension funds’ exposure to China’s market and limitation for Chinese companies in main stock indexes.

    The information about delisting Chinese stocks from U.S. exchanges frightened investors. The consequences of the trade war spillover were that Alibaba stock dropped 5.1%, slipping through its 50-day and 200-day moving averages. JD.com stock dropped 6% to a bit over its 200-day.  Two Chinese IPOs, Pinduoduo slipped 4.2% and Huya stock 9.4% due to trade war spillover. New Oriental Education stock, dropped 6.55%, which is under its 50-day line.

    Beijing described possible limitations on U.S. investments in China “the latest attempt at a decoupling,” published in Global Times on Sunday. All reports of Chinese state-owned media stated that the delisting Chinese companies from US stock exchanges would have deep impact on both, Chinese and US economies.

    Don’t miss this: Trading With Success – A FULL guide for beginners

    Monica Crowley’s, U.S. Treasury assistant secretary for public affairs, stated this weekend that US administration is not thinking to block Chinese companies: “We welcome investment in the United States.”

    The trade war between the US and China lasts almost one year. The next round of discussions will be held one week after China’s National Holiday, 70th anniversary of the founding of the People’s Republic of China on October 1.

    The Chinese economy is the second-largest in the world. Its progress in the field of artificial intelligence and chips is notable. Also, robotics, 5G, energy storage could lead China to be the most powerful in advanced technologies.

    What to watch in the stock market in the week ahead?

    The next few days will produce some earnings releases, which could give some individual stocks moving. 

    Costco

    Market Cap $125.758B

     

    Its earnings report appear this week. It looks that Costco had benefit throughout the quarter. The analysts estimated they have earnings of around $2.54 per share. Last year it was $2.36. So, the expectations are a 7.6% increase.

    Costco will reveal its results on Thursday. The investors are expecting to see good news. This warehouse retailing giant has enjoyed a nice increase in customer traffic lately. In the fiscal fourth quarter, it grew 6% in the U.S. market and over its global sales.

    Stitch Fix 

    Market Cap $1.85B

     

    This company’s earnings release will be revealed on October 1.

    Its stock has dropped more than half of its value during the past 12 months. But this online service that gives clothing services has built solid annual income growth in the past 3 years. 

    Client numbers rose 16.6%  in the fiscal third quarter. This is, of course, assuming Stitch Fix keeps its pricing in check. The analysts estimate is calling for $0.04 per share this week. Good news for shareholders.

    Constellation Brands 

    Market Cap $39.511B

     

    The company’s earnings release will be public on October 3.

    The company has succeeded to keep a very constant sales trend within an alcohol industry. In the last 5 years, Constellation Brands has grown its earnings from sales. Its investment in Canopy Growth was a weak move since the Canopy didn’t show some good results this year. But the company’s beer segment may show better condition. For now, that is the best part of Constellation Brands’ business.

     

  • Chinese Stocks May Get Delisted From the US Market

    Chinese Stocks May Get Delisted From the US Market

    2 min read

    Chinese Stocks May Get Delisted From the US Market

    By Guy Avtalyon

    Bloomberg published Friday that the Trump administration is analyzing to severely limit U.S. financial flows to China. They are considering to restrict the ability of federal pension funds to invest in Chinese companies. Also, severer requirements that could cause Chinese companies to delist from U.S. stock exchanges are on the table.

    According to the U.S.-China Economic and Security Review Commission, 156 Chinese companies are listed on the US stock exchanges. Their entire market capitalization is above than $1 trillion.

    U.S. stock markets are burning on this news. 

    Among Chinese companies that might be delisted are Alibaba Group, Baidu, Nio, JD.com, Tencent Holdings.

    Last market reports show that Alibaba and other Chinese stocks fell on reports White House. Even though it isn’t clear what particular actions the administration considers. The Times states that White House wants to block “longstanding loopholes that have allowed Chinese companies with links to its government to take advantage of America’s financial rules to solicit funds from American investors without proper disclosure.”

    Shares of Alibaba and other Chinese companies fell Friday after reports the White House is studying plans to restrict U.S. investments in China.

    The stocks traded on the Nasdaq, Alibaba fell more than 5% in the last trading day last week, Baidu and JD.com  fell 3.6% and 6%, NIO 13%, Huya had fallen 12%, Baidu fell 4%.

    The iShares China Large-Cap ETF, fore example, China Construction Bank, and Tencent Holdings are members among others, also dropped by 1.2%.

    Chinese Stocks

     

    This is actually disturbing

    Capital Hill hawks want to limit US investors’ portfolio flows into China. That would have huge consequences for billions of dollars in investment in major indexes.

    The options in considerations are: delisting Chinese companies from US stock exchanges and restricting Americans’ exposure to the Chinese market. Precise methods are still unknown and the plan has to be approved by President Trump. But he gave the green light to the study, as an unofficial source said.

    The other step of Trump administration could be to restrict the Chinese companies included in stock indexes. Even if managed by US companies. Many Chinese companies were added to major indexes over past years and a lot of investors have access to them.

    For example, Chinese companies have been added into the MSCI Inc.’s indexes since last year. Bloomberg Barclays started adding Chinese bonds to its leading Global Aggregate Bond Index in April this year.

    In reply to the news, Nasdaq stated, “One critical quality of our capital markets is that we provide non-discriminatory and fair access to all eligible companies. The statutory obligation of all U.S. equity exchanges to do so creates a vibrant market that provides diverse investment opportunities for U.S. investors.”

    Bottom line

    The US administration is doing everything to untangle the US economically from China. Many analysts thought this move would be one that might be taken by China as part of negotiations to put more advantages on their side in this Trade War.
    The decision to delist China stock from the US markets is an unusual shift. It might be too dangerous for investors to be in Chinese stocks now.

  • Oil Stocks Rose After The Attack on Saudi Arabia’s Oil Facilities

    Oil Stocks Rose After The Attack on Saudi Arabia’s Oil Facilities

    2 min read

    Oil Stocks Rose After The Attack on Saudi Arabia’s Oil Facilities

    Oil stocks rose and all energy stocks rose but Wall Street fell on Monday after weekend attacks on Saudi Arabia’s oil facilities. Investors’ are concerned about this geopolitical risk and its influence on the global economy.

    The attack carried oil prices up more than 20%. But easing came after many countries stated they would use crisis reserves to ensure stable supplies.

    The Dow Jones Industrial Average dropped 0.52% to end at 27,076.82 points. At the same time, the S&P 500 fell 0.31% to 2,997.96. The Nasdaq Composite fell 0.28% to 8,153.54. Eight of the 11 main S&P sectors moved lower.

    Also, oil futures rose10% Monday morning as a consequence of the attack. Saudi Arabia suspended 5.7 million barrels of daily production, which is more than 5% of the total production in the whole world.

    Brent crude, the international benchmark, rose 10% to $66.27 in first-day trading. For example, West Texas futures increased by 10.2% to $60.44.

    Oil companies and industrial stocks will benefit from new higher prices. Industrial companies that sell substances, pumps, and vehicles, processors, and sellers or auto parts companies. 

    As energy prices increase, investors may need to evaluate some of these energy stocks.

    Oil Stocks Are Rising Which Ones to Buy

    Some oil companies hit much larger gains as investors hurried to close their positions and avoid losses. For example, Carrizo Oil & Gas CRZO stock rose 19.53%, it had 39% of shares open for trading sold-short, reported FactSet. The shares climbed up 19.5% and close at $10.22. But, it is lower 62% from the 52-week intraday high of $26.67 placed in September last year.

    MarketWatch published a list of energy companies in the S&P 1500 favorable to invest in now. 

    THE LIST IS HERE

    How to determine the good one 

    Investors have to estimate the company’s balance sheet to reveal is it in stable financial status. Does the company have the money to satisfy its business obligations, if market conditions worsen? This is important data. Secondly, investors have to check companies leverage ratio. But the most important factor for oil investors when choosing the oil stock has to be its debt to EBITDA ratio and net debt to capital ratio.

    If a company produces or uses crude oil a debt-to-EBITDA ratio should be below 2.0 times and net debt to capital ratio should be less than 30%. Although, if the company has fee-based cash flow net debt to capital ratio can be 50%.

    Majority of oil companies will issue their current leverage metrics on their website so it is easy to check. 

    Investors should take care of the company’s liquidity. 

    That is money to which a company has immediate access to satisfy its financial obligations. The company must have enough cash for that purposes, a fund for several months, for example. How will you know that? Just divide a company’s declared capital budget by its cash on accounts. 

    An oil stock that is enough protected against a big fall in oil prices owns a stable credit rating, low leverage ratio, and much liquidity. Such companies are good investments, despite the oil prices droppings.

  • Gold In India Is High But Tracking Global Signals

    Gold In India Is High But Tracking Global Signals

    2 min read

    Gold In India Is High But Tracking Global Signals

    The gold in the Indian market continued its rise with an over 1% surge today, September 16.

    October gold futures values on the MCX were trading higher by Rs 491.00 or 1.31% at Rs. 38015.00 per 10gm. The silver also climbed in price by 2.4% or Rs. 1100 to Rs. 46,856 per kg. 

    The notable increases in domestic gold price is a consequence of dropping of the rupee. It is to 71.62 per US dollar today. India imports most of its gold demand, and decrease in the price of rupee caused gold to be so expensive in the Indian markets. 

    The additional value of gold comes from the unstable geopolitical situation in the Middle-East. 

    Gold was trading higher at 1.6% ($1,512) in Singapore and silver was trading higher at 3.2%  ($17.9938) per ounce. Earlier this month, gold prices hit a 6-year high of over $ 1550 per ounce in the global market. 

    Gold could go up in the next week because some traders are buying it feeling uncertainty because of the attack on Saudi Arabian oil facilities during the last weekend. It is the so-called “safe-haven” buying. Gold traders are also interested in Wednesday’s Fed interest rate and further monetary policy. 

    Anyway, the gold price is higher than ever and precious in India which is phenomena per se. So, it deserves some explanation.

    Why is gold so valuable in India?

    Gold is valuable as a store of value and as a raw material for jewelry and electronic industry. Did you know that a lot of Indian nationals like to hold gold more than money in the banks?

    That habit has its opposing side too. Indian banks have fewer funds to lend. That’s why the credits are more expensive and companies are not so enthusiastic to invest, therefore. And there is that tricky situation, a classical Catch 22.

    When there are not enough investments and economic activity, the value of deposits and savings will be low. In turn, the borrowing, which is supposed to fund new investments and economic activity will be low, thus they will stay low. Because of these conditions wages, GDP and employment will stagnate. And also, there is a great possibility for domestic currency to go lower and become weaker. It can be, at the same time, a great possibility to grow export. But gold is our subject now.

    India is the biggest gold importer in the world. But the Indian government set limitations to importing gold. That caused another problem. There is great consumer demand but less supply. Hence, the price of gold goes up.

    The weaker currency has many consequences. 

    The inflation could be higher and the capacity for repayment foreign debt could be lower.

    The rupee has proceeded to decrease due to different circumstances. Besides the gold demand, the reduced growth expectations have led to a fall in the equities markets. Foreign investors had to buy rupee to be able to invest in the market and now they are selling the rupee to cash out. This is extremely strong pressure on the rupee. It looks like the fundamental changes needed in the Indian economy.

    You would like to know Who are the most successful investors in India?

  • China Will Take Your Money

    China Will Take Your Money

    2 min read

    foreign investments in China

    No, China will not take your money away but will accept it after having removed quotas for foreign institutional investments and consequently limits for their clients.

    Almost 20 years after first opening its capital markets to foreign investments, on Tuesday, September 10 Chinese State Administration for Foreign Exchange (SAFE) has announced the removal of $300 billion caps on foreign investments under its Qualified Foreign Institutional Investment (QFII) scheme. 

    Foreign investments in China

    Similar cap for renminbi-denominated RQFII scheme has also been removed. Combined with last week’s lowering of reserve requirement ratios by China’s central bank, this move is aimed at increasing the liquidity of Chinese financial markets. Changes to QFII and RQFII schemes will greatly simplify the investment procedures for foreign companies by removing the application for quotas process. “[F]oreign institutional investors with corresponding qualifications will only need to go through registration procedure” according to the SAFE statement.

    This move is being lauded as a great improvement to the convenience of foreign investors’ participation in Chinese financial markets, and effort to make China’s bond and stock markets more widely accepted by international markets. 

    Analysts cautions

    Many analysts are cautioning that this move will not cause a flood of off-shore investments, pointing out to the fact that only $111 billions of QFII cap was used to date. The figure which stayed, for all intents and purposes, unchanged since the cap was increased from $150 billion. According to Adrian Zuercher, head of the asset allocation for the Asia Pacific at UBS Wealth Management, “cap was an important roadblock for institutional investors which has now been removed.”

    It must be said that this move is a continuation of efforts to remove red tape and ease foreign investments in financial markets. The process which started last year by removing the lock-in periods under QFII and RQFII schemes, and allowing investors to repatriate their funds at any time. Previously, funds which could be repatriated in one go were subject to very severe limits, which was a considerable obstacle for many institutional investors. With cases of repatriation approval process taking up to four months.

    Positive or negative

    This development comes in the atmosphere of uncertainty surrounding the US-China trade negotiations and trade war. Some analysts see it as a positive which underscores the fact that trade war has positive effects on China by accelerating its reform agenda more than was expected. Reforms geared toward giving overseas investors the same access to markets as to local players. Part of it was last January’s license approval to rating agency S&P Global for operating in China, the first such license granted to a foreign agency.

    Separately, the Chinese government is allowing foreign banks and insurers to take a controlling stake in their joint ventures. Till today, JP Morgan, UBS Group, and Nomura Holdings have won approval, while Goldman Sachs and DBS Group are currently waiting on it. Also last week Deutsche Bank and BNP Paribas were given regulatory approval for underwriting debt in China.

    Stabilizing effect on the Chinese economy

    These moves serve the purpose of opening China’s financial markets to foreign investment. But, most likely, will also have a stabilizing effect on the Chinese economy in the state of the trade war with the US. Having in mind global trade tensions and the US imposed tariffs having a draining effect on China’s foreign currency reserves, this move could strengthen China’s balance of payment by providing an inflow of foreign currency.

    You might be interested: Asian Stock Markets Perform Careful Increases

  • We Have Reasons To Believe That Bitcoin Is Back On Top

    We Have Reasons To Believe That Bitcoin Is Back On Top

    2 min read

    Bitcoin Trend Indicator Shows the Same Pattern As In Mid-2016

    Bitcoin trend indicator shows almost the same pattern as in the middle of 2016. It was just before Bitcoin started its bull run and led BTC into the spotlight. Only a year and a half later, Bitcoin hit its highest price at the end of 2017.

    This Bitcoin trend indicator is noticed by one of the most respectable analysts known as PlanB. 

    PlanB pointed out the Bitcoin trend indicator shows that the current price performance almost exactly matches a pattern from the mentioned period.

    Bitcoin trend indicator

     

    Bitcoin’s relative strength index is similar to its last bull run

    Does the current setback really mean a big uptrend?

    PlanB is very important and one of the most respected crypto analysts. He has made comprehensive research into Bitcoin price. Moreover, he stands behind the Bitcoin stock-to-flow model. A frequently quoted by extremely honored people from the financial sector.

    PlanB had a great influence and still has, on crypto-skeptics. It was like a miracle watching how he turned skeptics into fans. For example CNBC’s  Squawk Box hostJoe Kernen. 

    PlanB’s fresh analysis, the chart of Bitcoin’s Relative Strength Index (take a look again) shows a forceful indicator.

     

     

    Can you see an extraordinary similarity? Just compare the year 2016 and nowadays action.

    After a decline in RSI from the high 60s to low 60s, BTC RSI then climbs higher to approximately 75, stands there for a while to take a breath, then proceeds to rise over, crossing out just a bit below 90 on the RSI scale.

    The point of this similarity is the strength of Bitcoin to stay on this level long enough to take a new breath and start a true bull run to the highest high.

    The history should replicate itself.

    Bitcoin is recognized as a safe asset. BTC does not connect to any single country’s policy determinations. Bitcoin is indeed a great advantage in these times of economic uncertainty.

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    Check your knowledge about crypto

  • Traders are Worried Due Economic Recession

    Traders are Worried Due Economic Recession

    3 min read

    Economic Recession is Here

    Gorica Gligorijevic

    Investors are worried due to the economic recession. Traders have invested a huge capital into bonds over the past 3 months. Actually, they invested a record $155 billion into bond funds during the past three months.

    So, what’s going on? This activity shows that traders and investors are looking for safe assets and the global crisis is on the door. Traders are purchasing sovereign debts. If they continue as it seems they will, we can be pretty sure we will have a huge recession. This trend isn’t good.

    Investors prefer bonds as increased global economic difficulty induces a need for safety.

    According to data collected by Bank of America Merrill Lynch, investors put a record $155 billion into bonds during the last three months. And we all know what is the safest investment when crisis knocks on the door. The government bonds are the safest assets.

    Worries expressed in money

    In just one week, the week behind, the bonds lured $7.1 billion. For one week only. By the way, it was one of the biggest inflows ever.

    Investors have a risk aversion. They don’t like to see their capital is at risk. And as they recognized the symptoms of this financial illness called the economic recession they started to invest in safer bonds. But their action caused another problem. Everyone in the markets feels anxiety, the trade tensions are rising along with worries the global economy is worsening. 

    The markets are volatile and everyone would like to put money in assets that perform better during the crisis.

    “What we’re seeing from a risk standpoint at this point in the market is really investors that are seeking haven in longer duration US treasuries,” Charlie Ripley, a senior investment strategist for Allianz Investment Management, said Markets Insider in the interview. 

    What does stand behind this traders’ action? 

    Fear! Fear of a coming economic recession. Fear is a powerful force. And that fear is caused by an inverted yield curve. It appears for the first time since 2007, and traders and economists noticed it several days ago. 

    View this too

    That’s important because such an inversion has happened before every economic recession since 1950.

    The yield curve is inverted again. Meanwhile, China ramped up its trade war with the US. The previous developments in trade war have pushed companies of an economic slowdown. The new situation added more stress to investors.

    Trump’s “Sorry”?

    President Donald Trump, at a press conference at the Group of Seven summit in Biarritz, France, said he was not concerned that his more volatile attitude toward China would threaten stability in the global economy. 

    “Sorry! It’s the way I negotiate,” he told reporters. “It’s done very well for me over the years. It’s doing very well for the country.”

    This comment occurred after a woozy week of economic announcements from the White House. These reports have caused uncertainty among businesses and investors. 

    Trump said that China asked the US to restart consultations and negotiations. He also said about President Xi Jinping that he is “a great leader who happens to be a brilliant man”. Yes, only a few days before, he called him “enemy”.

    The Global Times, an organ of the Chinese Communist Party, also disputed Trump’s enthusiasm.

    “Based on what I know, Chinese and US top negotiators didn’t hold phone talks in recent days,” the Global Times editor Hu Xijin wrote in a tweet. “The two sides have been keeping contact at the technical level, it doesn’t have significance that President Trump suggested. China didn’t change its position. China won’t cave to US pressure.”

    All of this caused great uncertainty among investors. We will follow what is next.