06Jun
The Manner expantiated yesterday of the three big developments that have taken place over the past several days. Among them, the breakdown of the deal behind the U.S./China 90-day tariff reduction, and the resulting Potential for a return to an effective embargo Trade with China. Mr.Trump and Mr.Xi shook the Waves with "TRADE DEAL" Communication.
Mr.Trump described the call as "resulting in a very positive conclusion for both countries." The Chinese report of the call says the Geneva agreement last month was very successful and produced a good deal -- and said both the U.S. and China would execute on the deal.
With this call today, the risk that an imminent return to peak tariffs seems to have been averted;Good Datum. Still, the risks have risen in recent days on the Ukraine/Russia war, and on the U.S. Budget front (more infighting, which raises the risk to getting the Mr.Trump Tax cut extension across the finish line). With those bubbling risks, the S&P 500 put in the tightest range of the year -- and today;is initially a technical reversal signal (an outside day).
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