US President Trump tariff move "dangerous" — European Central Bank

Ivan Schwartz
March 11, 2018

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In the meantime, the Japanese yen has been on a tear against a sinking dollar recently, despite expectations for several Fed rate rises this year. But he said such disputes should be worked out among trade partners, not decided by measures initiated from one side. Ten-year Treasury yields fell to 2.87 percent. Crude oil traded near $60 a barrel and gold slipped as a Bloomberg gauge of commodities slid for a second day.

Fears of a transatlantic trade war and political deadlock in Italy did not deter policymakers from the strong hint that the end of their support for the 19-nation single currency area is drawing closer. "It depends who says what over night, and what is hitting Twitter", Paul Powers, head of US and European sales trading at Raymond James, said by phone. "If they do that, you would see that strengthen the euro a bit".

Late in the session, President Trump imposed import tariffs on steel and aluminum, while softening his stance by announcing exemptions for Canada and Mexico, and leaving open the chance for other countries to obtain their own.

After initially surging yesterday as the European Central Bank dropped its easing bias from its policy statement, the Euro suffered a sharp drop in the wake of Draghi's press conference shortly afterwards.

Unusually vocal on global trade, Draghi said disputes must be discussed and solved in a multilateral framework, adding the warning that unilateral decisions were unsafe.

European and USA stocks rose on Thursday as traders took a break from worrying about a global trade war and focused instead on the ECB's plans to end its €2.5-trillion stimulus programme.

BOJ monetary policy decision and briefing on Friday.

Oil prices fell and were setting up for a second consecutive weekly drop as the dollar strengthened and concerns over rising USA crude production continued to mount on signs of an inventory build at a key US storage hub.

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The Stoxx Europe 600 Index increased 1.1 percent to the highest in a week. U.S. gold futures for April delivery settled down US$5.90, or 0.4 per cent, at US$1,321.70 per ounce.

The MSCI Emerging Market Index gained 0.4 percent to the highest in more than a week.

In Asia on Thursday, the Japanese Nikkei 225 index closed up 0.5%.

Projections for next year and 2020 were kept unchanged at 1.9 percent and 1.7 percent, respectively.

The British pound declined 0.6 percent to $1.3814, the first retreat in more than a week.

Benchmark U.S. 10-year notes last rose 7/32 in price to yield 2.8571 percent, from 2.883 percent late on Wednesday.

Germany's 10-year yield dropped two basis points to 0.628 percent. This year's forecast was not changed at 1.4 percent, but next year's headline CPI was lowered to 1.4 percent from 1.5 percent. US crude futures fell $1.03, or 1.7 percent, to settle at $60.12 per barrel.

Eurozone stocks got a boost from the European Central Bank, with Frankfurt's DAX 30 adding 0.9% at 12,355.57 points and the Paris CAC 40 climbing 1.3% at 5,254.10 points.

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