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9/10/18
Thomas Thornton
Top Overnight News

  • S&P futures up 0.4%, near best levels. Comes amid broadly higher European markets and mostly weaker levels in Asia. Dollar down against the euro but better on the yen cross. Gold down 0.1%. Oil higher, with WTI up 0.7% after three consecutive daily declines.
  • A fairly quiet weekend of trade headlines. Reports that China's trade surplus with US hit a record in August despite slowing export growth. Some focus still on last week's Trump threat to impose tariffs on another $267B in Chinese goods (on top of existing $50B and planned $200B). Apple said late Friday some of its products could be hit in next round of tariffs, and Trump suggested they move production back to the US. Trump also encouraged Ford to bring some auto production back home as well, though they said the move would not be profitable.
  • On Brexit front, the FT reports the EU is preparing to give Brexit negotiator Barnier new instructions to help close deal. Swedish general election has left two main political blocs almost tied, with the anti-immigration party making gains on previous results. Japan PM Abe vowed to proceed with planned sales tax hike in October 2019 while also promising to soften its economic blow. UK economy grew at fastest pace in almost a year in May.
  • Elsewhere, CBS CEO Moonves to step down. BABA announced Jack Ma succession plan. North Korea left out ICBMs in military parade (which Trump praised). Syria said to be readying gas attack, potentially inviting US military response

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