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Relief rally continues after a muted Trump response and encouraging China PMIs
Market sentiment has begun the new week of a new month with the glass half full once more. The anticipation of Donald Trump announcing punitive measures on China and Hong Kong was worse than the reality. Trump could have gone much further than just revoking Hong Kong’s special status and although he continues to talk about potential further sanctions, he has not announced additional tariffs on China as a retaliation. This allowed a relief rally into the close on Friday and markets are still playing out this more risk positive, dollar negative bias today. The official and unofficial PMIs out of China for May have ... (full story)