A "European-American" confrontation at the G7 summit

2018/06/09 00:40

(Encyclopedia of this day to the news of Iraq ) - From - Ahmed Shawki: -

The 7 G7 meeting in Canada dominated global markets by Friday, and emerging market currencies had a share of events around the world.

Summit of the Group of Seven

The summit of the Group of Seven (G7) industrialized nations in Canada kicked off the scene as investors awaited the trade situation as the meeting began, especially as it was the first confrontation of US President Donald Trump with countries affected by steel and aluminum tariffs.

For his part, the US president called for Russia to return to the meeting of the seven industrial countries after being excluded in 2014, which was supported by the new Prime Minister of Italy, "Giuseppe Conte."

The report also said that French President Emmanuel Macaron had "very cordial" talks with Trump, who said he did not mind the United States leaving the G-7 meetings and becoming the Group of 6.

In another context, the White House announced that the US President will leave the G7 summit early to head to Singapore before meeting with his North Korean counterpart Kim Jong-un.

Emerging Markets Currencies Drop

The decline in the performance of emerging markets currencies during the day, with the decline of the currency of Argentina, Turkey, as well as the currency of South Africa, which fell about 0.8% against the green card.

Despite the recovery of the Turkish lira against the US dollar yesterday after raising the rate of interest, but it reverted again during the day as the political developments in Turkey before the early elections.

The Argentinean currency was worse off than its Turkish counterpart, with Argentine bourse falling 2.6% against the dollar during trading.

Meanwhile, Argentina reached an agreement with the International Monetary Fund (IMF) for a $ 50 billion loan over three years with hopes that it would help resolve the country's economic crisis.

While the Brazilian riyal was the biggest gainer among emerging-market currencies against the US currency after rising by about 5% to record the domestic currency the biggest daily gain since 2015.

Official data in Brazil showed inflation accelerated at its most monthly pace since last December.

The decline of goods

Nymex recorded weekly losses after falling as the day's session settled, as US production increased and demand for crude fell in China.

Baker Hughes data released today increased the US oil drilling platforms by one platform during the week ending today, and the natural gas platforms increased by one platform as well.

For his part, criticized Iran's delegate to OPEC, the US demand for Saudi Arabia to increase oil production, pointing out that the Organization of Petroleum Exporting Countries will not respond to Washington's demands.

Gold, though retreating at the end of the session as the greenback rallied, gained weekly gains of 0.3%.

Stock Indices

The Dow Jones Industrial Average posted its biggest weekly gain in three months at the end of the day, as US stocks closed higher as trade conditions awaited the G7 summit.

Apple fell in trading after expectations of a drop in demand for iPhone phones by about 20%.

While European bourses closed today's session in the red range, recording weekly losses as global trade tensions await.

In Germany, trade balance surplus fell more than expected in April as exports fell.

The Tokyo Stock Exchange closed at the end of trading, but Nikkei posted its biggest gain in 11 weeks.

Economic data showed Japan's economic growth slowed in the first quarter of this year.

In China, the trade balance surplus fell in May as imports increased.



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