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Yen, franc firm as trade tensions fester; pound sinks

The Japanese yen and the Swiss franc firmed on Wednesday as risk appetite remained weak in the backdrop of festering trade tensions between the United States and China. While risky assets heaved a sigh of relief overnight after the United States eased trade restrictions on Chinese telecommunications equipment maker Huawei Technologies, the lack of a significant breakthrough has kept investors on edge. “We are still skeptical over a long-lasting recovery,” said Charalambos Pissouros, a senior markets analyst at JFD group. “Before we get confident on that front, we would like ...

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Who pays Trump’s tariffs, China or U.S. customers and companies?

U.S. President Donald Trump says China pays the tariffs he has imposed on $250 billion (£197 billion) of Chinese exports to the United States. But that is not how tariffs work. China’s government and companies in China do not pay tariffs directly. Tariffs are a tax on imports. They are paid by U.S.-registered firms to U.S. customs for the goods they import into the United States. Importers often pass the costs of tariffs on to customers – manufacturers and consumers in the United States – by raising their prices. U.S. ...

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US-China trade war sets tone for global outlook

The US-China trade war will continue to dominate the world economy’s headlines next week as President Donald Trump and President Xi Jinping go toe to toe. Their clash is casting a pall over the world economy as investors, businesses and consumers risk retrenching until the outlook is clearer. “Darkening trade war clouds loom over the financial landscape,” said Bloomberg Economics’ Carl Riccadonna, Yelena Shulyatyeva and Eliza Winger. “Auto tariffs have been delayed, at least for now, suggesting that the Trump administration is aiming to avoid escalating a multi-front trade conflict.” ...

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US-China trade war: here are Beijing’s options – and not one looks any good

From the volume of bellicose rhetoric in China’s state media, you might think Beijing is digging in for a bloody fight to the finish in its trade conflict with the United States. But after the US administration this month jacked up import tariffs on US$200 billion of Chinese goods to 25 per cent, and threatened equal tariffs on another US$340 billion, the Chinese government faces a problem. The policy responses it is considering are all either impossible, impractical, ineffective or expensive. This leaves Beijing in an unenviable position. The usual ...

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Tanker Market Rates 22/05/2019

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

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Global dividends hit record in first quarter as companies shake off macro worries

Companies around the world paid out a record amount of dividends in the first quarter, data showed on Monday, as they shrugged off worries about slowing economic and earnings growth. Global dividends rose 7.8% in the first quarter to $263.3 billion(206.90 billion pounds), matching last year’s growth and pushing the Janus Henderson global dividend index to an all-time high, according to a report by the asset manager on Monday. The data shows the growing optimism of companies and helps explain equities’ continued appeal in the face of global trade tensions ...

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EUROPE MARKETS: European Markets Stage Rebound After Monday Malaise

Europe markets bounced after Monday’s selloff but for the most part, they didn’t erase the day’s losses. How did markets perform? The Stoxx 600 moved up 0.4% to 378.9, retracing some of Monday’s 1.1% loss. The U.K.’s FTSE 100 is higher at 7,767.2, rising 0.8% to more than wipe out Monday’s 0.5% decline. The pound was hit harder, shrinking 0.3% to $1.2685, a four-month low. Italy’s FTSE MIB recaptured part of its 2.7% plunge Monday, increasing 0.7% to 20,680.7 on Tuesday. In Germany, the DAX (DAX) edged up 0.2% to ...

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U.S. unlikely to suffer big damages from China trade dispute: Fed

Trade tensions with China need to linger for an extended period to cause real damage to the United States economy, St. Louis Fed President James Bullard said in remarks published. Engaged in a lengthy trade standoff, the United States and China have raised tariffs on a range of goods, raising fears that their conflict would develop into a trade war, damaging the global economy and worsening its recent growth wobble. “I think the U.S. is such a big and diversified economy that the impact compared to the size of the ...

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Chinese export growth may see short-term boost as trade war restarts

While markets worldwide have been rattled by this week’s rapid escalation of tensions between the US and China, Chinese export growth is likely to move to the upside in the short term as businesses rush to get orders out before the next round of tariffs hit, according to an IHS Markit analyst. This week, the office of the US trade representative (USTR) formally outlined a potential duty of 25% on an additional US$300bn-worth of Chinese goods. This came after China said it would raise tariffs on US$60bn ofn US goods ...

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U.S., China bicker over ‘extravagant expectations’ on trade deal

China accused the United States on Monday of harboring “extravagant expectations” for a trade deal, underlining the gulf between the two sides as U.S. action against China’s technology giant Huawei began hitting the global tech sector. Adding to bilateral tension, the U.S. military said one of its warships sailed near the disputed Scarborough Shoal claimed by China in the South China Sea on Sunday, the latest in a series of “freedom of navigation operations” to anger Beijing. Alphabet Inc’s Google has also suspended business with China’s Huawei Technologies Co Ltd ...

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Companies Slow to Adopt Libor Replacement

Companies are dawdling in their adoption of the Federal Reserve’s preferred replacement for the interest-rate benchmark underpinning trillions of dollars in financial contracts. Borrowers led by Fannie Mae, the federal mortgage finance agency, have sold $105 billion of floating-rate securities linked to SOFR, the secured overnight financing rate, since it made its debut almost a year ago, according to CME Group Inc. In that period, according to Wells Fargo & Co., companies have sold more than $900 billion of debt tied to the London interbank offered rate, the old benchmark ...

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Trade war serves no purpose, leading to lose-lose result: expert

A trade war will solve no problems, only to result in losses for both sides, an economic researcher said in an interview with Xinhua. “From an economic perspective, Washington’s argument that tariff hikes bring benefits is nothing but false,” said Liu Shijin, deputy director of the economic committee of the National Committee of the Chinese People’s Political Consultative Conference and former deputy head of the Development Research Center of the State Council. Noting China and the United States account for about 40 percent of the world economy, Liu said that ...

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MMi Daily Iron Ore Index Report May 21 2019

Eighty-four vessels carrying 11.97 million mt of iron ore arrived at major Chinese ports during May 12-18,

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MEPC Agrees On Scrubber Guidance

The Marine Environmental Protection Committee (MEPC) agreed on guidance for a malfunctioning scrubber at a meeting in London last week. If the Exhaust Gas Cleaning System (EGCS) fails, and the ship is no longer in compliance with the sulphur-rules, the ship should change over to compliant fuel oil, if the EGCS cannot be put back into a compliant condition within one hour. The failure should also be properly reported in the EGCS Record Book. The reason for a failure could be either a system error or a failure of a ...

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MABUX: Bunker market this morning, May 21

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and irregular on May 20: 380 HSFO – 442.49(-0.03) 180 HSFO – USD/MT – 477.51(+0.14) MGO – USD/MT – 705.18(-2.97) Meantime, world oil indexes also changed irregular on May 20 after OPEC indicated it would probably maintain production cuts that have helped support prices this year. Brent for July settlement decreased by $0.24 to $71.97 a barrel on the London-based ICE Futures Europe exchange. West ...

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