US-China trade talks resume this week

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US stocks logged their third straight loss last week as weak manufacturing data revived fears US economy may be slipping into recession. The SP 500, Dow and Nasdaq remain in downtrend after all three falling below respective 50-day moving averages and reclaiming positions above that technical level. SP500 narrowed its loss to 0.33% while the ICE US dollar reversed its upward push and lost 0.3% on increased talk of another Federal Reserve rate cut at the end of October.

Only Nasdaq out of six largest developed market indexes advanced last week. FTSE 100 was the loss leader: it slumped 3.6%. Five out of six major currency pairs reversed previous week’s dynamics, and the range of major currency pairs’ weekly fluctuations narrowed slightly as it shifted up. The yen was the leader in terms of percentage change: it rose 1% against the US dollar.

US-China trade talks will be in spotlight this week as Chinese Vice Premier Liu He visits Washington October 10 amid reports the range of topics Chinese officials are willing to discuss has narrowed considerably. And changes in monetary policy will remain in focus after soft US data last week as Fed Chair Jerome Powell speaks Tuesday and FOMC minutes are released Wednesday from the September 17-18 policy meeting.

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