European Close: Trump In UK; Gold; Oil; Stocks Turn On U.S. Tariffs

Stocks Turn On U.S. Tariffs

Stock markets have turned red on Monday after Donald Trump unexpectedly announced that tariffs on steel and aluminum would be reimposed on Argentina and Brazil.

The announcement came as the President accused both countries of manipulating their currencies to the detriment of US farmers, once again employing the one-size-fits-all approach to trade matters.

I’m not sure many would agree that the movements in those currencies is a case of manipulation but then, Trump has never been particularly concerned about that. Whether his reasoning is justified has always come a distant second to his desire to level the playing field. If anything, the debate simply amplifies his message that he’s fighting for farmers. Win, win!

Conservatives hoping for no Trump NHS gaffes

Trump heads to the UK this week at a very sensitive time for politicians as the public prepares to head to the polls. Trump has never been one to hide his feelings about Brexit and his desire for the UK to have a clean break from the EU, not to mention his opposition to Labour leader Jeremy Corbyn or London Mayor Sadiq Khan. These visits don’t always go to plan though, as per the infamous “everything on the table” response when asked about the NHS while stood next to Theresa May. He may choose to be more careful this week.

Gold pares losses as risk appetite wanes

has enjoyed a nice rebound as the day has progressed, although even now it’s struggling to break back into positive territory for the session. It’s found some support around $1,440-1,450 over the last few weeks but even this continues to look vulnerable. It would take a move back above $1,480 to change the view on this and even that may be met with some scepticism.

Oil pares losses but not convincing

Oil has pared its earlier gains as the mood has soured but continues to trade higher on the day. The trend has been rising gradually, although the sell-off on Friday was potentially another warning that we may be in…

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