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18.10.2019 14:00

Deal or no deal? – Westpac

Westpac’s weekly market update highlights the key market drivers at the moment, namely the US-China trade developments and Brexit. The report prepared by Sean Callow highlights various catalysts to help foresee near-term market moves.

  • The US and China are still talking about a trade deal, which is a positive outcome.

  • The next key date appears to be the APEC summit in Chile mid- November.

  • The positive tone from both China and the US on trade relations should continue to support risk appetite.

  • There may be more lasting support for the Aussie from a change in market expectations for RBA monetary policy.

  • Pricing for a November cash rate cut was around 45% mid-week but was trimmed to a modest 25% after the unemployment data.

  • Johnson’s government has suffered several big defeats in parliamentary votes in recent months, so his luck will need to change on Saturday.

Market focus

  • Germany's trade surplus rose slightly in October
  • Swiss unemployment rate remained unchanged in November
  • UK economy showed no growth in October
  • Eurozone investor confidence rose sharply in December - Sentix
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