@realDonaldTrump Negative China Comments
China is doing very badly, worst year in 27 – was supposed to start buying our agricultural product now – no signs that they are doing so. That is the problem with China; they just do not come through. Our Economy has become MUCH larger than the Chinese Economy is last 3 years…My team is negotiating with them now, but they always change the deal in the end to their benefit. They should probably wait out our Election to see if we get one of the Democrat stiffs like Sleepy Joe. Then they could make a GREAT deal, like in past 30 years, and continue…to ripoff the USA, even bigger and better than ever before. The problem with them waiting, however, is that if & when I win, the deal that they get will be much tougher than what we are negotiating now…or no deal at all. We have all the cards, our past leaders never got it!
(Bloomberg) — Chinese trade data show weaker diesel demand, a slowdown in LNG import growth and a drop in refined copper imports, all pointing to slowing industrial activity and softer macro demand for commodities, Citigroup analysts including Judy Su said in a July 29 note.
Disappointing French Data
- -French Q2 GDP: 0.2% q/q vs 0.3% cons & 1.3% y/y vs 1.4% cons
- -French Jun Cons Spending: -0.1% vs 0.2% cons
- -French Jun YTD Budget Bal: -77.3b vs -83.9b prev
-@JenniferMerode: EU source on Boris Johnson’s refusal to meet EU leaders unless they scrap the backstop: “This choice puts us on the path towards no deal, which is the worst possible way to manage the consequences of Brexit.” Second EU source suggests Johnson is playing politics for a domestic audience: “I can’t believe this is meant seriously.” EU leaders, the source thinks, should try to meet Johnson to assess whether he means it.
Markets =Risk Off theme
. Ugly French data, Disappointing earnings from Bayer Stock -4.5% in Germany, Trump tweets, Lower German CPI an GBP lower again but off session lows -.5% vs Dollar as hard Brexit worries continue to grow, European banks and Autos leading Bourses lower both down >2.2%m, Spoos Down 11 handles, Nasdaq -50 Grains a bit soft after trump tweet. Copper -3 handles, LME -1%, Cotton -1.7% Gilts steady as are bunds treasuries with a small bid. WSJ article reiterating 25 Bps cut is what Fed will deliver, it appears that the Fed has a new Mouth piece at the fed Nick timiraos the New Hilsenrath