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LGT Navigator: Trump remains on confrontation course

July 11, 2018

In Asia, the stock markets reacted to the further escalation in the trade dispute between the USA and China with losses, whereas the European and American indices had previously mostly recorded slight gains. Mean-while, US President Trump announced additional tariffs of 10% on addi-tional Chinese goods worth USD 200bn in the trade dispute with China. The list of goods includes clothing, components for televisions and refrig-erators. China will immediately take "retaliatory measures".

 

The ECB's cautious bias toward an interest rate turnaround, despite the announcement to end its billion-dollar bond purchase program probably at the end of this year, weakened the euro significantly. The ECB maintained its key interest rate at a record low and remained extremely cautious in its communication. At the same time, the Bank of Japan also left its key interest rates unchanged and even lowered its inflation expectations.

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