World Economy - Top 5 news to read before 2020

Before the start of 2020, the world economy is not stable. Concerns about risks and expert's predictions about the same economic scenario in 2008.

In today's article we presented the 5 news you must know at the economic calendar by investing.com:

Trading volumes are expected to remain light due to the New Year’s break in the week ahead, reducing liquidity in the market and increasing the volatility.

Global financial markets will focus on Friday’s minutes of the Federal Reserve’s December policy meeting for further hints on the future path of monetary policy.

On the data front, the U.S. will release reports on manufacturing activity and consumer confidence, as traders look for more clues on the strength of the economy.

Meanwhile, in China, market players will be looking out for data on the country's manufacturing sector, amid lingering concerns over the health of the world's second biggest economy.

Ahead of the coming week, Investing.com has compiled a list of the five biggest events on the economic calendar that are most likely to affect the markets.

1. Global Markets Celebrate New Year’s Day

Stock markets in the U.S., Europe, UK, Switzerland, Canada, Australia, New Zealand and Japan will remain closed on Wednesday in observance of New Year’s Day.

This time of year tends to be beneficial for investors as the so-called Santa Claus rally has historically given stocks on Wall Street a short-term boost.

During the final five trading days of the year and the first two trading days of the new year, the S&P 500 has posted a 1.3% gain on average since 1950, according to the Stock Trader’s Almanac.

2. Federal FOMC Meeting Minutes

The Federal Reserve will release minutes of its December policy meeting on Friday at 2:00PM ET (19:00GMT).

The U.S. central bank held interest rates steady following its meeting on December 11, in a widely expected decision, and signaled that borrowing costs are likely to remain unchanged for some time.

New economic projections showed 13 of 17 Fed policymakers foresee no change in interest rates until at least 2021, hosing down expectations for a rate hike any time soon.

3. U.S. ISM Manufacturing PMI

The U.S. Institute for Supply Management (ISM) will publish its manufacturing survey for December on Friday at 10:00AM ET (15:00GMT), as investors look for more clues on the strength of the sector which has been hit hard by the U.S.-China trade dispute.

The data is forecast to show a slight improvement to a reading of 49.0, up from 48.1 in October.

Anything above 50.0 signals expansion, while readings below 50.0 indicate industry contraction.

The purchasing managers' index (PMI) is seen as a good indicator of economic conditions and it is even preferred by some analysts to gross domestic product, which might be affected by poor seasonal adjustment and is prone to revisions.

4. U.S. CB Consumer Confidence

In addition to the manufacturing data, the Conference Board will release its December update on U.S. consumer confidence at 10:00AM ET (15:00 GMT) Tuesday.

The consensus forecast is for a reading of 128.2, improving from 125.5 in October.

If confirmed it would be the best reading in three months.

5. Chinese Manufacturing Surveys

The China Federation of Logistics and Purchasing is to release data on December manufacturing sector activity at 01:00GMT on Tuesday, amid expectations for a modest downtick to 50.1 from a reading of 50.2 in October.

The Caixin manufacturing index, which focuses more on small and mid-sized firms, is due at 01:45GMT Thursday. The survey is expected to dip by 0.1 points to 51.7.

Under pressure from faltering domestic demand and bruising U.S. tariffs, China's economy cooled to a near three-decade low in the third quarter, pressuring Beijing to roll out more stimulus to avert a sharper slowdown.

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Forex Platforms and New Forex Trading Techniques (fxpro)

Trade Forex with "fxpro mt4"

Trading Forex is not that easy as we know it's the most risky and on the other side it's the most profitable.

Trading strategies and plans are deployed to compute and avoid the risks. 

Our Forex topic today is different as we will discuss a new approach of Forex trading.

Today's topic is about FxPro.

FxPro is the best meta trader in 2019. With the full Meta-Trader suite, including both MT4 and MT5 for both desktop and browser, and multiple account pricing options. Drawbacks to FxPro include a small range of trade-able products and limited market research.

One of the advantages of trading with FxPro, is the variety of platforms and account types that we offer. Not only do we provide a range of top-grade trading platforms, like cTrader, Metatrader 4 and Metatrader 5.

How FxPro works?

Step 1: Register. Open your live trading account via FxPro Direct.

Step 2: Verify. Upload your documents to verify your account. Verify your profile.

Step 3: Fund. Login to FxPro Direct and fund your account.

Step 4: Trade. Start trading 

FxPro Commissions & Fees

Execution method: On FxPro MT4, you can choose variable or fixed spreads. For the variable spread pricing, there are two types of execution-based pricing: instant and market.

Commissions: FxPro offers its most competitive spreads on its cTrader platform. Comparing commission-based pricing, FxPro's all-in spreads (total cost of trade) are roughly 1.27 pips (0.37 spread + 0.9 commission) using August 2019 data from FxPro on the EUR/USD as an example.

Spreads: FxPro's floating rate model (variable spread) is available on MT4 and MT5, with EUR/USD spreads of 1.58 for accounts on market execution (1.51pips on MT5) and 1.71 for accounts with instant execution, as per August 2019 data from FxPro.

Fixed pricing: On FxPro MT5, there is no fix spread offering, and only market execution is available. Market execution at FxPro means that orders are executed at the volume-weighted average price (VWAP).

FxPro Mobile Trading

FxPro Direct: While the FxPro Direct app does not support trading, the broker's proprietary app enables account management (e.g., deposits) and access to news and market rates.

cTrader: FxPro's white-labeled version of cTrader is consistent with the web-based platform, offering traders a seamless trading experience with a variety of trading tools. As far as third-party mobile apps go, cTrader is quite versatile.

MetaTrader: The mobile versions of the MT4 and MT5 platforms are also standard from the developer with default features.

What is the minimum deposit for FxPro?

The cTrader has a minimum deposit of $1,000, with a leverage of 1:500. The minimum deposit for FxPro Markets is $500 and leverage of 1:500.

For comparison and information, visit: FXPRO

What's Forex Arbitrage and How it works?

Definition of Forex Arbitrage?

Forex arbitrage is the strategy of exploiting price disparity in the Forex markets. It may be effected in various ways but however it is carried out, the arbitrage seeks to buy currency prices and sell currency prices that are currently divergent but extremely likely to rapidly converge. The expectation is that as prices move back towards a mean, the arbitrage becomes more profitable and can be closed, sometimes even in milliseconds.

How does Forex Arbitrage Work?

Because the Forex markets are decentralized, even in this era of automated algorithmic trading, there can exist moments where a currency traded in one place is somehow being quoted differently from the same currency in another trading location. An arbitrageur able to spot the discrepancy can buy the lower of the two prices and sell the higher of the two prices and likely lock in a profit on the divergence.

Suppose that the EUR/JPY Forex pair was quoted at 122.500 by a bank in London, but was quoted at 122.540 by a bank in Tokyo. A trader with access to both quotes would be able to buy the London price and sell the Tokyo price. When the prices had later converged at say, 122.550, the trader would close both trades. The Tokyo position would lose 1 pip, while the London position would gain 5, so the the trader would have gained 4 pips less transaction costs.

Such an example may appear to imply that a profit so small would hardly be worth the effort, but many arbitrage opportunities in the Forex market are exactly this minute or even more so. Because such discrepancies could be discover-able across many markets many times a day, it was worthwhile for specialized firms spending the time and money to build the necessary systems to capture these inefficiencies. This is a big part of the reason the Forex markets are so heavily computerized and automated nowadays.

Automated algorithmic trading has shortened the time frame for Forex arbitrage trades. Price discrepancies that could last several seconds or even minutes now may remain for only a sub-second time frame before reaching equilibrium. In this way arbitrage strategies have make the Forex markets more efficient than ever. However, volatile markets and price quote errors or staleness can and do still provide arbitrage opportunities.

Other Forex arbitrage includes:

Currency arbitrage involves the exploitation of the differences in quotes rather than movements in the exchange rates of the currencies in the currency pair.

A cross-currency transaction is one that consists of a pair of currencies traded in Forex that does not include the U.S. dollar. Ordinary cross currency rates involve the Japanese yen.

Arbitrage seeks to exploit pricing between the currency pairs, or the cross rates of different currency pairs. 

In covered interest rate arbitrages the practice of using favorable interest rate differentials to invest in a higher-yielding currency, and hedging the exchange risk through a forward currency contract.

An uncovered interest rate arbitrage involves changing a domestic currency which carries a lower interest rate to a foreign currency that offers a higher rate of interest on deposits.

Spot-future arbitrage involves taking positions in the same currency in the spot and futures markets. 

For example, a trader would buy currency on the spot market and sell the same currency in the futures market if there is a beneficial pricing discrepancy.

Forex Arbitrage Challenges

Some circumstances can hinder or prevent arbitrage. A discount or premium may result from currency market liquidity differences, which is not a price anomaly or arbitrage opportunity, making it more challenging to execute trades to close a position. 

Arbitrage demands rapid execution, so a slow trading platform or trade entry delays can limit opportunity. Time sensitivity and complex trading calculations require real-time management solutions to control operations and performance. 

This need has resulted in the use of automated trading software to scan the markets for price differences to execute Forex arbitrage.

Forex arbitrage often requires lending or borrowing at near to risk-free rates, which generally are available only at large financial institutions. 

The cost of funds may limit traders at smaller banks or brokerages. Spreads, as well as trading and margin cost overhead, are additional risk factors.

Stock "NMC Health's Bluster" Fails to Convince

Report of Investing.com 

Wednesday's bounce in NMC Health (LON:NMC) looks to have been of the 'dead cat' variety.

Shares in the UAE-focused FTSE 100 member fell 9.6% in early trading in London on Thursday, back to the three-year low that they hit on Tuesday in response to an explosive new report by short-seller Muddy Waters Research.

The movement illustrates the limitations of NMC’s first response to the report, which seemed guided by the principle that enough long words taken from a quick look at a thesaurus will make the problem go away.

NMC had said on Wednesday it “will review the assertions, insinuations and accusations made in the report, which appear principally unfounded, baseless and misleading, containing many errors of fact, and will respond in detail in due course.”

It said it "understands its regulatory disclosure obligations and has nothing to add to disclosures already made. It has already responded to many of the allegations made in the report over the past 12 months."

The shares had fallen over 32% on Tuesday as Muddy Waters, owned by Carson Block, said it had “serious doubts about the company’s financial statements, including its asset values, cash balance, reported profits, and reported debt levels.”

Block drew attention to – among other things - what he considered to be serious over-payment for contractors ultimately controlled by parties related to NMC, and to a financing facility arranged by another related party, details of which the company has now removed from its website.

“We are unsure how deep the rot at NMC goes, but we do not believe that its insiders or financials can be trusted,” Block said.

NMC had had a terrific run from 2015 to 2018, capitalizing on booming demand for healthcare in a region where pockets of affluence are expanding. However, its shares had already peaked in the middle of last year, like many emerging-market stocks that ultimately depend on a benign global backdrop.

Already in August there had been suggestions that all was not as it seemed. When it was rumored that Muddy Waters would soon announce a new short position, many guessed it would be NMC, only for the blow to fall on litigation funder Burford Capital (LON:BURF). Burford is still down 50% from its previous levels, suggesting that when Block hits you, you stay hit.

Nor was Block the first to raise questions about NMC. Jefferies analyst James Vane-Tempest has had an underweight recommendation for months. A Reuters report citing unnamed sources in August about potential Chinese interest in buying a stake held by two long-term shareholders has come to nothing, also prompting doubts as to the reliability of information coming out of the company.

As noted above, NMC’s position is that it has already answered these questions once. However, the market reaction shows that those answers clearly haven’t convinced everyone. NMC has a hard slog ahead of it.

European stocks went higher in pre-holiday trading

    (Reuters - London)

European shares edged higher on Thursday, with a pre-holiday lull making for a quiet trading session aside from a handful of corporate updates.

The pan-European STOXX 600 (STOXX) rose 0.2% by 0821 GMT, with media, healthcare and utilities sectors leading gains.

All eyes will turn to the Bank of England's monetary policy decision, due at 1200 GMT, one of the last big central bank meetings this year.

While the BoE policymakers are not expected to move the needle on rates, Swedish central bank is seen coming out with a 25 basis point rate hike, making it the first in Europe to pull borrowing costs from sub-zero territory.

Investors have largely shrugged off a vote by the U.S. House of Representatives to impeach President Donald Trump as a Republican-controlled Senate is widely expected not to vote to remove Trump from office.

Swiss specialty chemicals Clariant (S:CLN) rose 2.9% after saying it was selling a unit to U.S.-based PolyOne Corp (N:POL) for $1.6 billion.

European chipmakers Infineon Technologies (DE:IFXGn) and STMicroelectronics (BN:STM) rose about 0.3% after U.S. rival Micron Technology (O:MU) said it expected a recovery in 2020 after a "cyclical bottom" in the second quarter.

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What are the Forex Mechanical Systems?

We have four mechanical Forex strategies that must be learned as they are important to build a good Forex strategy plan.

The four Forex Mechanical Systems are:

1-HLHB Trend-Catcher System

2-SMA Crossover Pullback

3-Short-Term Bollinger Reversion Strategy 2.0

4-Inside Bar Momentum Strategy 2.0

We’ve got a table for their performance report, but keep in mind that the time periods, trading assumptions and type may result in a variation of performance.

Now we are going to illustrate each system strategy.

HLHB Trend-Catcher System

The Huck Loves Her Bucks mechanical system uses a simple EMA cross method, combined with the RSI and ADX indicators, to catch short-term trends on the 1-hour charts of EUR/USD, GBP/USD, and USD/JPY.

In this week’s update, Huck is celebrating a 268-pip win (+0.89%) even as she’s closely monitoring fresh trades that could very well be fakeouts for next week’s trends.

SMA Crossover Pullback

Robopip’s newbie-friendly SMA Crossover Pullback trading system is as simple as its name suggests. This strategy features an SMA crossover method to gauge the trend and a stochastic pullback entry signal on the 1-hour charts of EUR/USD, GBP/USD, and EUR/JPY.

For the past week, this trend-following system had another rough run with early exits on new crossovers. All in all, it wound up with a 93-pip or 0.62% loss.

Short-Term Bollinger Reversion Strategy 2.0

This Short-Term Bollinger Reversion Strategy 2.0 is one of Robopip’s newest creations and is currently being tested on range-bound pairs like CAD/CHF and USD/CAD.

Only CAD/CHF was able to catch valid signals for the week, even though USD/CAD did make a few bounces off the bands. Still, the system was able to chalk up a gain of 16 pips or 0.32% for the week.

Inside Bar Momentum Strategy 2.0

Another tried-and-tested system is Robopip’s Inside Bar Momentum Strategy 2.0 which monitors purely candlestick price action, free of any technical indicators, on the 4-hour charts of GBP/JPY and USD/JPY.

Both USD/JPY and GBP/JPY caught two losses and one win each, ending up with a loss of 46 pips for the week.

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➤Six Actions Needed for Every Successful Forex Traders

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Six Actions Needed for Every Successful Forex Traders in 2020

 Forex is one of the most profitable businesses. Also, it's the most risky business.

Many technical knowledge, information and experience needed to reach your goal.

 Your goal is to be rich and make a good amount of money. Isn't it? Okay, now we have to answer the next question.

 Can you get rich trading Forex?

  The answer is yes! 

But you have to focus on the process and forget about trying to strike it rich. Focus on the process and the profits will follow.

What about successful Forex traders and what makes them different from the others?

In the Forex world about 80% of Forex traders do not succeed, especially at their start.

Why this big percentage?

Successful Forex traders think differently from the rest. They aren’t concerned with needing a high win rate or trying to trade every day regardless of market conditions.

So Who Are the World's Best Forex Traders?

1-Stanley Druckenmiller:

Stanley Druckenmiller has long considered George Soros his mentor. In fact, the two worked together at the Quantum Fund for more than a decade.

He was even there during Soros’ famous Black Wednesday trade in which they “broke the Bank of England” when they shorted the British pound in 1992.

The duo reputedly made more than $1 billion in profits from the single trade.

Stanley Druckenmiller left the Quantum Fund to start his own fund, Duquesne Capital. Duquesne Capital Management is famous for posting an average annual return of 30 percent without a losing year.

2-Bill Lipschutz:

He’s known for turning $12,000 of inheritance money into $250,000 while still in college.

Shortly after turning $12,000 into $250,000, he made one bad investment decision that nearly cost him the entire account. He was back to square one.

Lipschutz joined Salomon Brothers in 1984 as part of the newly formed Foreign Exchange Department.

One year later he was making $300 million per year for the firm.

Six Actions you need to have, in order to follow the steps of the successful Forex traders:

1-Use Price Action

Every successful Forex trader I’ve met uses price action in some way, shape or form.

This doesn’t mean they’re using price action in the same way I use it, but they are using some form of price action as part of their trading strategy.

Whether a trader is using raw price action or simply using it to identify key levels in the market, price action plays a major role in any strategy.

That’s because it serves as a representation of the psychology within a market. It gives us some insight into the minds of other traders.

Having some idea of where buy and sell orders are located in the market is critical to becoming the best Forex trader you can be. It can strengthen any trading strategy by providing areas to watch for potential entries as well as profit targets.

2-Have a Defined Trading Edge

An edge is everything about the way you trade that can help put the odds in your favor.

It’s a combination of the time frame you trade, the price action strategies you use, the key levels you’ve identified, your risk to reward ratio, and other factors. It even includes your pre- and post-trading routine.

How do you handle losses? What do you do when you win? These are all things that make up your trading edge.

Although there are dozens of factors that make up your edge, you don’t have to master all of them at once. Nor do you have to master all of them to start putting the odds in your favor.

It’s better to master one set of factors and then slowly expand to others to further define your edge. Not only is this a natural progression, it’s the preferred way to learn.

3-Successful Forex Traders Don't Try Too Hard

This is different from studying hard. As a new trader to Forex, studying the market is highly recommended.

For instance, you can’t spend too much time learning the ins and outs of the various currency pairs, or how to draw key levels. The harder you try to learn those particular topics, the better.

However, trying to make a trading strategy work will only lead to destructive behavior, such as emotional trading. Similarly, trying too hard to find trading opportunities is a good way to lose money on sub-par setups.

4-Think in Terms of Risk

As we said before, Forex is the most risky business and 80% of traders failed to achieve any success.

You may think that’s an obvious statement, but a surprising number of traders don’t think about how much money is at risk before opening a trade.

This is because they’re using an arbitrary percentage to calculate risk, such as one or two percent of their trading account balance.

Think about your last trade for a moment. Did you define the exact dollar amount at risk before putting on the trade? Or were you more focused on the number of pips and the percentage of your account at risk?

The convenience of Forex position size calculators has made it so that we never have to consider the dollar amount being risked. This convenience has caused a huge oversight.

5- Successful Forex Traders Know When to Walk Away

All successful Forex traders know when to walk away and take a break. Those who are truly passionate about trading Forex know how hard it can be sometimes to walk away from the market. Still, it’s necessary in order to become a successful trader.

Walking away can be especially difficult following a trade. This is because our emotions are running high and often get the best of us. But that’s exactly what makes walking away at this time so beneficial.

After a profitable trade

After a win, we’re feeling good about ourselves and our trading strategy. It feels like things are finally starting to click.

After a losing trade

What do you do immediately following a loss?

I can’t speak for you, but I know what I used to do. I would immediately start going through all my charts looking for a new setup with the intent of recovering what I just lost.

Whatever you do, don’t do this. It’s just your ego drawing you into one of the most common and costly traps in the Forex market.

6-Never Give Up

This sounds obvious, but it amazing, how often I see perseverance and grit left off the list of reasons why a certain trader became successful.

You can’t fail if you don’t quit.

That brings us back to the first section of this post where I mentioned passion. You can’t expect to achieve Forex success if you give up, and you can’t expect to persevere if you don’t have a passion for trading.

You must have a burning desire to want to succeed as a trader. Not because you want more money, but because you love trading.

Of all the ways to make money in this world, trading is arguably the worst choice.

Conclusion:

This actions must work as your policy. Work policy is important in this complex business. According to your policy you can select the best strategies that help you to enforce the policy.

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Monday Report: Gold Falls and Copper Rises

Investing.com

 Gold prices drifted lower on Monday while base metals and bond yields resumed their march higher as political risks in both the U.S. and Europe abated.

Money poured out of haven assets and into risk-sensitive ones such as stocks and other commodities as investors took heart from the phase 1 trade deal with China that averted fresh import tariffs coming into effect at the weekend, even though it did little to undo the economic damage already done by an 18-month trade war.

By 11:10 AM ET (1610 GMT), gold futures for delivery on the Comex exchange were down 0.1% at $1,479.15 a troy ounce, while spot gold was little changed at $1,479.05 an ounce.

Silver futures held up better, rising 0.1% to $17.03 an ounce, while platinum futures rose 0.1% to $930.05, outperforming on the basis that both have industrial as well as investment uses.

However, on a risk-on day, pure industrial metals performed even better: copper futures rose 1.1% to $2.812 a pound, just below the seven-month high they hit on Friday in response to the trade news.

“Copper continues to provide the cleanest story for those who are upbeat about global growth in 2020,” J.P. Morgan) analyst Natasha Kaneva wrote in a weekly note. She argued that speculative positions on the Chicago and London exchanges which have been on balance short for most of this year turned net long last week.

“The question now remains if the outlook has improved enough to see the return to a sustained speculative long position,” Kaneva said. She implied that with global growth still far from the synchronized strength that drove the last copper rally in 2017/18, the answer is probably no – she sees fair value at between $5,900 and $6,170 a ton on the LME. On Thursday it was already trading at $6,186.75.

Data released earlier pointed to a bottoming out of the slowdown in China and Europe, rather than a real rebound. China’s retail sales and industrial production picked up a little, but business surveys showed Europe’s factory activity still shrinking. Business surveys in the U.S. – the Empire State Manufacturing Index and IHSMarkit’s manufacturing PMI -- sent mixed signals.

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Larry Kudlow: U.S. exports to China to double under 'Phase One' deal

(Reuters) WASHINGTON - investing.com

U.S. exports to China will double under the so-called Phase One trade deal reached between Washington and Beijing, a top White House adviser said on Monday.

"They're ... going to double our exports to China," National Economic Council Director Larry Kudlow told Fox News Channel.

Under the trade agreement announced last week, Washington will reduce some tariffs on Chinese imports in exchange for Chinese purchases of agricultural, manufactured and energy products increasing by about $20 billion over the next two years.

While U.S. officials have touted the deal, Chinese officials have been more cautious, emphasizing that the trade dispute has not been completely settled.

U.S. President Donald Trump has said negotiations on a "Phase Two" trade deal between the two economic giants would start immediately.

U.S. Trade Representative Robert said that a date for senior U.S. and Chinese officials' signing of the accord has not yet been determined.

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Trading war alert: Oil Tumbles as US Fuel Stocks Spike.

The buildup in stocks of U.S. gasoline and other fuels isn’t slowing, to the dismay of oil bulls. Neither is there word coming on whether China will avert new U.S. tariffs by Sunday.

Oil prices fell Wednesday following the latest report on U.S. supplies that showed an unexpected rise in crude inventories and very strong refining activity that produced a huge climb in gasoline and distillate stockpiles.

U.S. West Texas Intermediate, the U.S. crude benchmark, settled down 48 cents, or 0.9%, at $58.76 per barrel.

U.K. Brent, the global oil benchmark, closed the regular New York trading session down 62 cents, or 1%, at $63.72.

Crude inventories rose by 822,000 for the week ended Dec. 6, the U.S. Energy Information Administration said. The market was looking for a drawdown of 2.76 million barrels, according to analysts’ forecasts compiled by Investing.com.

Gasoline inventories soared by 5.4 million barrels, compared with expectations for a rise of about 2.5 million barrels. That was the largest weekly build in gasoline since January, according to EIA records.

Distillate inventories, meanwhile, climbed by 4.1 million barrels, versus forecasts for a build of about 1.6 million barrels.

“It appears once again that refiners are turning out products at a frenetic pace that the market probably doesn’t need and that explains the continuous builds in gasoline and distillates that we’re having,” Investing.com analyst Barani Krishnan said.

“Refinery runs are continuing at over 90% of standing capacity,” Krishnan added. “The drawdown of nearly 3.5 million barrels at the Cushing Oklahoma delivery point for WTI clearly shows the blistering pace of refining that’s going on.”

Imports ticked up for the week to nearly 7 million barrels.

“The takeaway for oil bulls would be the first dip in production for a long time, which the EIA estimates is down to 12.8 million bpd from a previous 12.9 million,” Krishnan said. “Also, exports of crude got a huge boost of 265,000 bpd last week.”

Also weighing on oil was the U.S.-China trade wrangle and how the Trump administration would proceed come Sunday, the deadline for the imposition of tariffs on another $156 billion worth of Chinese goods.

"The 500-pound gorilla in the trading room is whether a deal can be reached with China,” Tariq Zahir, founder of New York oil-focused fund Tyche Capital Advisors, said.

“If we do not see a deal reached, or minimally a delay in imposing new tariffs, we could see a substantial risk-off posture being taken in all asset classes across the board. Imposing the new tariffs, in our opinion, would lead to a risk off across everywhere."

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