US Favors the Hong Kong protesters and China responds with warnings
On Wednesday the Chinese Foreign Ministry warned that his country will probably take countermeasures upon the US in answer to a law that supports the Hong Kong protesters. Yesterday in Washington, the US House of Representatives declared the passing of a bill named “Hong Kong Human Rights and Democracy Act.” The bill asks that several administrative offices examine whether the current political developments in Hong Kong need the US to alter the Hong Kong’s special trading status. Hong Kong is a unique administrative area of China, and exports from the mainland traveling through Hong Kong can evade US shipping controls and penalties.
Oil up while OPEC signals more output cuts
On Wednesday, Oil increased registering earnings in stocks, while traders started to question that a possible Brexit agreement between the UK and the European Union will happen. Signs from OPEC that additional supply cuts could be possible also support the oil prices.
However, profits were restricted because of the remaining fears of a global economic retardation. US West Texas Intermediate (WTI) crude rose 16 cents to $52.96 a barrel. Brent crude oil futures gained 21 cents to $58.94, up about 0.3% from its previous conclusion.
English pound stable for now
On Wednesday the famous GBP retraced back from its most important level in nearly five months against the greenback. The reasoning for the erasing was due to evidence that Britain is near to leave the European Union but maybe without an agreement. GBP further drew back from its highest in five months versus the euro while traders decided to collect profits.
Dow went up 200 points
On Tuesday Stocks ended distinctly higher while the corporate earnings season started strong. The S&P 500 increased 1% to end at 2,995.67 while the Nasdaq Composite improved more than 1% to 8,148.70. The Dow Jones Industrial Average surged about 237 points, to end at 27,024.79. Dow closed for the first time since last month above 27,000. The S&P 500 was about 1% away from reaching an all-time high.