Risk assets pulled back modestly at the start of the trading week. Political turbulence in US, China, UK and Middle East has come at a
time when the global growth outlook appears fragile. Asian equity markets are mixed although skewed slightly to the downside. The positive
Hang Seng open is surprising considering the escalations in Hong Kong protects. Crude prices are lower as Saudi Arabia is restoring oil
productions at a faster rate than anticipated. Stealing the headline form mixed economic data, UK PM Johnson was forced to return to
Parliaments following the Supreme Court ruled Prorogation was illegal. Concern over whistleblower companies against US president
Trump, which trigger the Speaker of the House Nancy Pelosi to launch an impeachments inquiry, has been reduced, isolated to the political
realm. Finally, on a positive note, high ranking diplomat from China indicated the countries wiliness to purchase more US products and
comments that trade talks would yield solid results. Yet, Trump tweet that suggested the US could limit China's companies’ access to US
equity markets has added a bit of confusion. USDCNY drifted around 7.13 area.
By Peter Rosenstreich
