Here is what you need to know.
China releases a fresh set of terrible data. China’s 2018 trade surplus with the world fell to $351.76 billion, its lowest since 2013, according to data released Monday by China’s General Administration of Customs. However, its 2018 trade surplus with the US swelled to a record $323.32 billion, the data showed.
Global markets are under pressure. Hong Kong’s Hang Seng (-1.38%) led the losses in Asia and Britain’s FTSE (-1.03%) trails in Europe. The S&P 500 was set to open down 1% near 2,570.
The government shutdown is now the longest on record. The shutdown reached a 24th day Monday and Bank of America Merrill Lynch says, “Every two weeks of a shutdown trims 0.1pp from growth; additional drag is likely due to delays in spending and investment.”
The EU sends letter of reassurance to Theresa May in last ditch attempt to prevent Brexit deal defeat. The letter falls short of making the “legally binding assurances” May had hoped to receive on the Northern Ireland backstop, which would keep Britain tied to EU custom and trade rules indefinitely if no deal is reached by the end of the Brexit transition period.
Gold is nearing $1,300. The precious metal is trading up 0.3% at $1,295 an ounce and is flirting with its first print above $1,300 since June.
The bond market is flashing a scary parallel to the financial crisis. Weakening demand at US Treasury auctions is the latest worry that investors need to pay attention to.
PG&E’s CEO quits as company is reportedly prepping for bankruptcy. CEO Geisha Williams has left PG&E, California’s largest utility, amid reports the company is prepping to file for bankruptcy later this month amid the fallout from the state’s wildfires.
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Source:: Business Insider