The ongoing US-China trade conflict took an ugly turn in May after the United States imposed sanctions on the world’s biggest supplier of telecom equipment and smartphones, China’s Huawei Technologies, cutting the company off from all of its trading partners in the US and barring US companies from supplying components without government approval.
Spot gold rallied to more than a 10-month high in January after oscillating in a broad $1,180-1,235 range for a major portion of the second half of 2018.
China’s factory orders fell for the second month in a row, with the Caixin/Markit Purchasing Managers Index (PMI) indicating further contraction in the country’s manufacturing activity in January.
Japan’s international-trade balance jumped to a whopping ¥139.56-billion surplus in September, after registering two successive months of deficits. The trade numbers came in better than Street expectations of a ¥50-billion deficit but narrowed considerably from the ¥654-billion surplus
The mid-term polls in the United States are expected to be held on November 6 of this year, with the Republicans currently controlling both chambers of the Congress: the Senate and the House of Representatives.
In the United States, commercial crude-oil, gasoline and distillate-fuel inventories fell more than expected in the week ending August 24, according to the US Energy Information Administration’s (EIA’s) weekly inventory report.