{"id":142731,"date":"2019-02-28T11:55:15","date_gmt":"2019-02-28T16:55:15","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=142731"},"modified":"2019-02-28T10:10:03","modified_gmt":"2019-02-28T15:10:03","slug":"trump-kim-summit-ends-without-deal-but-further-talks-likely","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/02\/trump-kim-summit-ends-without-deal-but-further-talks-likely\/","title":{"rendered":"Trump\/Kim Summit Ends Without Deal But Further Talks Likely"},"content":{"rendered":"
February 28, 2019<\/div>
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By Orbex<\/a><\/strong><\/p>\n

Risk assets began the European trading session today with a more dampened tone. The meeting between President Trump and North Korean Leader Kim Jong-Un failed to produce any results.<\/p>\n

The summit, which took place on the neutral ground of Hanoi, Vietnam, had been keenly anticipated following the first historic meeting between the two leaders in Singapore last year.<\/p>\n

Trump faced criticism after the first meeting for being too soft on Kim and failing\u00a0to deliver any results. In light of this, there was an expectation this time that Trump would be keen to push the US agenda. After all, the aim is to achieve something concrete and to eventually\u00a0secure\u00a0denuclearisation.<\/p>\n

Talks Stumble On Sanctions<\/strong><\/h2>\n

However, the meeting was cut short. Speaking at a press conference after the meeting, Trump told reporters that ultimately the pair were unable to reach an agreement.<\/p>\n

Trump explained:<\/p>

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\u00a0\u201cIt was about the sanctions\u2026They wanted the sanctions lifted in their entirety, and we couldn\u2019t do that\u201d.<\/p><\/blockquote>\n

In his usual, casual manner, Trump added:<\/p>\n

\u201cSometimes you have to walk and this was one of those times.\u201d<\/p><\/blockquote>\n

However, the talks didn\u2019t end on bad terms. Trump revealed that Kim outlined his willingness to dismantle the Yongbyon development and testing complex. This is something which sits at the core of the North Korean nuclear programme. However, in exchange, he wanted all US sanctions dropped, which Trump, of course, refused.<\/p>\n

Trump Remains Optimistic<\/strong><\/h2>\n

The abrupt ending to the proceeding saw the cancellation of a working lunch and a joint agreement signing ceremony. Despite this, Trump said he feels \u201coptimistic\u201d regarding\u00a0future talks<\/a>\u00a0saying the meeting had put the two sides \u201cin position to have a really good outcome.\u201d<\/p>\n

On Kim personally, Trump showed some level of admiration saying \u201che\u2019s quite a guy and quite a character.\u201d Indeed, as with the previous meeting, the pair seemed to share an amicable relationship. Many now hope that Trump can convert this amiability into a solid denuclearisation agreement.<\/p>\n

Trump Under Pressure From Cohen Testimony<\/strong><\/h2>\n

Delivering an agreement this time around would have been greatly welcomed by Trump\u2019s PR team given the heat he is under at home.<\/p>\n

The president\u2019s former attorney Michael Cohen publically testified before Congress, accusing Trump of a number of felonies. In addition to the \u201chush money\u201d to silence the former adult film actress claiming she had an affair with Trump, Cohen spoke of Trump having had advance knowledge of his campaign\u2019s links with Russia.<\/p>\n

Cohen also incriminated Trump for having knowledge that his long-term adviser Roger Stone was working with WikiLeaks to access leaked Democrat party emails during his election campaign in 2016.<\/p>\n

Cohen\u2019s testimony has now once again fueled the fires for those calling for the impeachment of the President. Given his central role in\u00a0Trump\u2019s political business<\/a>\u00a0as the president\u2019s \u201cfixer\u201d for over a decade, this statement bears considerable weight. It also marks a\u00a0turning point in the push to see Trump impeached.<\/p>\n

Cohen accused Trump of being a \u201cracist,\u201d a \u201cconman,\u201d and a \u201ccheat.\u201d He ended his statement by addressing the President personally, urging him to \u201ctake responsibility for [his]\u00a0own dirty deeds.\u201d<\/p>\n

Market Reaction & Technical Perspective<\/strong><\/h2>\n

While traders have shown some disappointment with the outcome of the Trump\/Kim meeting, it seems that optimism regarding the likelihood of future talks is keeping the market buoyed.<\/p>\n

\"S&P\"<\/a><\/p>\n

The S&P has currently stalled at a test of the 2801.65 structural level (early 2018 swing high). This also holds the 78.6% of the decline from last year\u2019s highs just above. If we see any retracement lower from here, we could see some interim support at the 2627.98 (retest of the broken 50% retracement) ahead of deeper structural support at the 2601.74 level.<\/p>\n

By Orbex<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex Risk assets began the European trading session today with a more dampened tone. The meeting between President Trump and North Korean Leader Kim Jong-Un failed to produce any results. The summit, which took place on the neutral ground of Hanoi, Vietnam, had been keenly anticipated following the first historic meeting between the two […]<\/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-142731","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/142731","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=142731"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/142731\/revisions"}],"predecessor-version":[{"id":142736,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/142731\/revisions\/142736"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=142731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=142731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=142731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}