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SATURDAY, JULY 6, 2019 12 Jobs data cloud hopes for rate cut ing for more,” he said. weakness in stock prices on Dollar benefitted, OANDA analyst Edward Moya Wall Street on Friday could also • was also certain that a modest be that investors were playing rising against all other cut was still on the cards. catch-up after it was closed for major currencies “For the Fed to consider a the Independence Day celebra- 50-basis-point cut, we will need tions on Thursday, traders said. Oil prices fell as to see the July 26th second quar- Oil prices fell as investors con- investors• continue to ter advance GDP reading deliver tinue to fret over the impact of a sub-2.0 pc reading,” he said. weak global growth on demand, fret over the impact of which has overshadowed this weak global growth Trade uncertainty week’s agreement by OPEC and Uncertainty over the China-US Russia to extend their output London, United Kingdom trade row, which had weighed caps. on market sentiment at the start Even the US-Iran crisis has of the week, has been put aside been unable to perk up the com- tock markets slid yester- for now, traders said, but could modity, with news that Britain day as better-than-expect- come back to the fore later as it had intercepted an Iranian oil Sed non-farm payrolls data weighs on the global economic tanker near Gibraltar -- suspect- in the United States clouded outlook. ed of carrying crude to Syria investors’ hopes for steep cuts Another factor behind the -- providing no support. in interest rates in the world’s biggest economy. Key figures around 1540 GMT Among Europe’s leading blue- New York - Dow: 0.5 pc at 26,841.37 points chip indices, Frankfurt’s DAX, London - FTSE 100: 0.7 pc at 7,553.14 (close) Paris’s CAC 40 and London’s A trader works ahead the opening bell at the New York Stock Exchange (NYSE) FTSE all ended the day over half Paris - CAC 40: 0.5 pc at 5,593.72 (close) a pc lower. However, with the US unem- month, she said. of a 25-basis point cut simulta- Frankfurt - DAX 30: 0.5 pc at 12,568.53 (close) On the other side of the At- ployment rate moving slight- Investors are currently fo - neously rose,” said Forex.com lantic, Wall Street similarly lost ly higher and average earnings cussed on the size of the rate cut analyst Fawad Razaqzada. EURO STOXX 50: 0.5 pc at 3,527.98 around 0.5 pc in midday trading. growth falling short of expecta- the Fed may deem necessary to “Consequently, traders are still Tokyo - Nikkei 225: 0.2 pc at 21,746.38 (close) Normally, financial markets tions, “the jobs data is certainly avert a downturn further down fully expecting a rate cut at the Hong Kong - Hang Seng: 0.1 pc at 28,774.83 (close) should take heart from a strong- a mixed bag,” said FXTM trader the road. end of the month, but they are er US economy, to which the Ariana Demian. Some suggest the strength of now almost certain it won’t be a Shanghai - Composite: 0.2 pc at 3,011.06 (close) latest jobs data testify -- with The data were “likely to com- the jobs data could throw doubt 0.5-pc trim. That helps explain Euro/dollar: at $1.1214 from $1.1285 on Thursday 224,000 new positions being plicate the Federal Reserve’s de- on the magnitude of the antici- the markets’ reaction,” he said. Dollar/yen: at 108.56 yen from 107.82 created last month, well in ex- cision to cut interest rates this pated easing or possibly whether ING economist James Knight- cess of forecasts. month, especially if economic there will be any more cuts at all. ley said he was still pencilling in Pound/dollar: at $1.2508 from $1.2579 And the dollar benefitted, conditions in the US continue to Looking for more a quarter-point reduction by the Brent North Sea crude: 80 cents at $64.10 per barrel rising against all other major stabilise leading up to the Fed “The probability of a 50-basis Fed in both July and September. West Texas Inter: 11 cents at $57.31 per barrel currencies. policy meeting” at the end of this point cut was slashed, while that However, “the market is look- Trump discussed detained Canadians with Xi: Trudeau VW, Ford reach agreement to Montreal, Canada share electric, autonomous tech United States on charges of cir- cumventing sanctions on Iran. electric vehicle platform S President Donald Trump Since then, China has blocked Volkswagens with Ford, the source Uraised the issue of two Ca- imports of Canadian agricul- • said. nadians detained in China with tural products in addition to will share its MEB Volkswagen’s supervisory President Xi Jinping in a recent detaining the two Canadians, electric vehicle board is due to discuss deepen- meeting, Canadian Prime Min- moves Beijing says are unrelat- platform with Ford ing the alliance at a meeting on ister Justin Trudeau confirmed ed to the Huawei issue. July 11, 2019, a second source on Thursday. During a meeting at the White Reuters | Frankfurt/Detroit told Reuters. Trudeau had earlier said he House before the G20 summit, A VW spokesman declined was “confident” that Trump dis- Justin Trudeau, Canada’s prime minister, attends a working lunch at the G20 Trudeau asked Trump to raise to comment on the details of a cussed with Xi the detention summit in Osaka the issue of the detained men ord and Volkswagen have potential alliance but said that of ex-diplomat Michael Kovrig a concern for our allies around Canada. The type of behavior with the Chinese leader when Freached an outline agree- talks with Ford are progressing and consultant Michael Spavor, the world,” Trudeau told a press that could affect other countries they met at the summit. Trump ment to share electric and au- well. who are being held in China on conference in Montreal. as well,” he added. reportedly said that he would do tonomous car technologies, A Ford spokeswoman said, suspicion of espionage. “I think that what we’re Relations with China soured what he could. extending their alliance be- “Our talks with Volkswagen “I can confirm that Mr. seeing is that so many allies in December after Canadian Meanwhile China earlier this yond a cooperation on com- continue. Discussions have Trump did speak to his Chinese are concerned about the fate authorities took into custody week warned Canada not to be merical vehicles, a source been productive across a num- counterpart about the detained of these Canadians and that Meng Wanzhou, a top execu- “naive” and think that US pres- familiar with the matter said ber of areas. We’ll share up- Canadians. This is a concern they’re concerned about the tive at Chinese telecom giant sure could help it resolve the yesterday. dates as details become more for us in Canada, but it is also behavior of China in relation to Huawei, who is wanted by the spat. VW will share its MEB firm.” Hollywood producer charged in Malaysia over 1MDB scandal Kuala Lumpur, Malaysia “Dumb and Dumber To” and US, had first accused Red Gran- he Malaysian producer of “Daddy’s Home”. ite of being funded with stolen THollywood film “The Wolf Billions of dollars were loot- money. of Wall Street” and stepson of ed from 1MDB, allegedly by ex- In 2017 the company agreed to the country’s disgraced ex-lead- prime minister Najib Razak settle a US civil lawsuit against it er was yesterday charged with and his cronies, who spent it on for $60 million, and in May the illegally receiving almost $250 everything from a yacht to pricey DOJ returned most of that money million from state fund 1MDB. artwork, in a globe-spanning to Malaysia. Riza Aziz pleaded not guilty fraud. Najib was ejected from pow- to five charges of money laun- Prosecutor Gopal Sri Ram told er at elections last year that dering when he appeared in a reporters that the “money re- ushered in the first change of Kuala Lumpur court. ceived by Riza came from 1MDB”, government in Malaysia for six He is accused of receiving and was channelled through two decades, in large part due to the $248.17 million in 2011 and 2012 investment companies that have 1MDB scandal. in illegal proceeds that originat- previously been linked to the Malaysia’s new government ed from the scandal-hit Malay- scandal. has re-opened probes into 1MDB. sian fund. Riza -- Najib’s stepson, and Najib has been hit with scores The money was sent to bank the son of the country’s former of charges over the controversy, accounts of Hollywood produc- first lady Rosmah Mansor -- was and went on trial in April. tion company Red Granite Pic- released after posting bail of one Riza’s mother Rosmah -- tures, which Riza co-founded, million ringgit ($240,000). widely reviled in Malaysia due according to the charges. Anti-corruption investigators to her vast collection of hand- As well as “The Wolf of Wall arrested him Thursday in Ma- bags and penchant for overseas Street”, a 2013 film starring laysia after questioning. shopping trips -- has also been Leonardo DiCaprio about a The US Department of Justice, arrested and charged over 1MDB. huge financial scam, Red Granite US producers Riza Aziz (L) with US actor Leonardo DiCaprio (R) arrive on the red carpet for the BAFTA British Academy Film which is seeking to seize assets Both Najib and Rosmah deny produced the Jim Carrey movie Awards at the Royal Opera House in London bought with 1MDB money in the wrongdoing..

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