{"id":122776,"date":"2018-03-07T06:51:50","date_gmt":"2018-03-07T11:51:50","guid":{"rendered":"http:\/\/countingpips.com\/?p=122776"},"modified":"2018-06-01T15:42:16","modified_gmt":"2018-06-01T15:42:16","slug":"us-futures-tumble-on-cohn-resignation-news","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/03\/us-futures-tumble-on-cohn-resignation-news\/","title":{"rendered":"US futures tumble on Cohn resignation news"},"content":{"rendered":"
March 7, 2018<\/div>
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By IFCMarkets<\/a><\/p>\n

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US stocks rebound as trade war fears ease<\/h2>\n<\/div>\n<\/div>\n

US stock indices\u00a0<\/b>extended gains Tuesday as initial concerns Trump\u2019s tariff proposals could cause trade wars appeared to have calmed. The\u00a0S&P 500\u00a0<\/em>rose 0.3% to 2728.12.\u00a0Dow Jones\u00a0<\/em>industrial average added 9.36 points to 24884.12. The\u00a0Nasdaq\u00a0<\/a>composite index gained 0.6% to 7372.01. The dollar resumed weakening: the\u00a0live dollar index<\/a>data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, fell 0.6% to 89.456. Stock indices futures indicate lower openings today.<\/p>\n

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Political developments around President Trump\u2019s plan to impose tariffs on steel and aluminum are the main drivers of markets in recent days. Concerns about possible trade war receded after President Trump tweeted that Canada and Mexico could avoid tariffs \u201cif new & fair Nafta agreement is signed.\u201d However they came to fore again after late Tuesday news that National Economic Council Director Gary Cohn is resigning from President Donald Trump’s administration as he failed to convince Trump not to impose the tariffs. In monetary policy front Fed Governor Lael Brainard suggested forces are lifting the economy and could push up the path of interest rates. And Dallas Fed President Rob Kaplan, not a voting member of Fed policy committee in 2018, said he still expects three interest rate increases this year, and that he wants to get started soon.<\/p>\n

\"DJI\"<\/p>\n<\/div>\n<\/div>\n

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European stocks edge higher<\/h2>\n<\/div>\n<\/div>\n

European stocks\u00a0<\/b>advanced on Tuesday on rising optimism as concerns over Italian election results and fears of a global trade war abated. Both\u00a0euro\u00a0<\/em>and\u00a0British Pound\u00a0<\/em>extended gains against the dollar. The Stoxx Europe 600 rose 0.1%. The German\u00a0DAX 30\u00a0<\/a>closed 0.2% higher at 12113.87. France\u2019s\u00a0CAC 40<\/em>\u00a0added 0.1% and UK\u2019s\u00a0FTSE 100\u00a0<\/em>climbed 0.4% to 7146.75. Indices opened 0.4% – 0.5% lower today.<\/p>\n

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Fears about possible trade war subsided after reports top US lawmakers were worried about the consequences of a trade war and were calling the White House to reconsider the tariff plan. The European Union has threatened to impose a 25% tariff on some US goods if the tariffs come into effect.<\/p>\n<\/div>\n<\/div>\n

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Asian markets fall<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are falling after news Gary Cohn would resign as President Donald Trump\u2019s top economic adviser after he lost a fight over tariffs.\u00a0Nikkei\u00a0<\/em>lost 0.7% to 21261 as yen turned higher against the dollar. Chinese stocks are falling: the\u00a0Shanghai Composite Index\u00a0<\/em>is down 0.6% and Hong Kong\u2019s\u00a0Hang Seng Index\u00a0<\/em>is 1% lower. Australia\u2019s All Ordinaries Index is down 1% with Australian dollar stable against the greenback.<\/p>\n

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Brent\u00a0<\/a>slides on rising US inventories forecast<\/h2>\n<\/div>\n<\/div>\n

Brent futures prices\u00a0<\/b>are retreating today on rising US inventories expectations. Prices rose yesterday on the back of weaker dollar. The American Petroleum Institute late Tuesday report indicated US crude inventories rose by 5.66 million barrels to 426.88 million last week. Prices rose yesterday: May Brent added 0.4% to $65.79 a barrel Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.<\/p>\n

\nMarket Analysis provided by IFCMarkets<\/a><\/p>

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Note:
\nThis overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or \u0430 recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.<\/p>\n","protected":false},"excerpt":{"rendered":"

By IFCMarkets US stocks rebound as trade war fears ease US stock indices\u00a0extended gains Tuesday as initial concerns Trump\u2019s tariff proposals could cause trade wars appeared to have calmed. The\u00a0S&P 500\u00a0rose 0.3% to 2728.12.\u00a0Dow Jones\u00a0industrial average added 9.36 points to 24884.12. The\u00a0Nasdaq\u00a0composite index gained 0.6% to 7372.01. The dollar resumed weakening: the\u00a0live dollar indexdata show […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-122776","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/122776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=122776"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/122776\/revisions"}],"predecessor-version":[{"id":127213,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/122776\/revisions\/127213"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=122776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=122776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=122776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}