Politics is at the forefront of global markets this year, with a build up towards the elections taking place around the world, with most eyes on Trump’s newly appointed position to the presidency of the United States and the EU project. It is crucial to pay attention to developments, if not just for pure entertainment’s sake, but price action is subsequent to each word spoken by key and influential global politicians and world leaders.
In last week’s Weekend news wrap-up, (Weekend news wrap up: Trump and politics from around the world) we covered UK PM May and Trump, Abe arranging to meet Trump on 10th Feb, how Russian and US relationships were blossoming over ISIS and France’s Hollande warning of U.S. ‘populism’ to Europe and globalisation.
Tensions in the China sea, US immigration ban suspended:
This weekend was a little quieter, although there could be some concerns in respect to the relations between Iran and Trump with Iran continuing to be on the defensive to Trump’s recent travel ban (that was suspended first by federal judge, James Robart, on Friday, before the US federal appeals court rejected the Trump administration’s request to reinstate the travel ban on Saturday) where the Iranian government responded by banning US wrestlers from the championships taking place there, but more dramatically, announcing that they will discontinue doing oil business in US dollars. Over the weekend, Iran continued to display discontent to America by announcing that they will use missiles if its security is under threat after Iran’s Revolutionary Guards conducted military exercises in the Semnan province on Saturday to test missile and their radar systems – this follows the confusion when the White House put Iran “on notice” last Wednesday for test-firing a ballistic missile and said it was reviewing how to respond.
Elsewhere around the world, with the tensions mounting between China and the US, it seems Trump is gathering up his alliances in the Pacific in preparation for a war by sending his U.S. Defense Secretary, Jim Mattis, to Japan and reaffirming the US’s commitment to its defense treaty with the Japanese while announcing their commitment to defend disputed East China Sea islands where China has been building up its military presence – Rival countries have wrangled over territory in the South China Sea for centuries, but tension has steadily increased in recent years.There are major concerns that the area is becoming a flash point, with potentially serious global consequences and it is something to be aware of.
Elsewhere, and over to Europe, with the French elections taking place towards the end of April, the president of the National Front, Marine Le Pen, started her anti-globalisation presidential campaign on Saturday.
All in all, nothing too dramatic to weigh on opening prices today, although the yen seems to be taking up some bids on immediate risk-off, despite a positive close on Wall Street in response to the strong nonfarm payrolls headline.
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