Top 5 financial market news on Thursday, March 28, 2019

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UNITED STATES (VOP TODAY NEWS) — Introducing the top 5 financial market news on Thursday, March 28, 2019

1. The final value of US GDP for the fourth quarter

US economic data will remain in the spotlight after a series of weak economic reports. Investors are interested in new information regarding the situation in the American economy.

In the United States will be published the final figures on the value of economic growth for the fourth quarter (the report will be released at 13:30 UTC).

According to analysts, the US economy for the last three months of 2018 will show an increase of 2.4% on an annualized basis. This value will be revised downward after a preliminary assessment of GDP growth at 2.6%. In the third quarter, US GDP grew by 3.4%.

Report on the number of initial applications for unemployment benefits in the US will be released at 15:30 UTC, and data on the volume of pending sales in the US real estate market – at 17:00 UTC.

Judging by the dynamics of futures, the US stock market will open a slight increase.

Dow Blue Chip Index futures rose 27 points or 0.1%, S & P 500 futures rose three points or 0.1%, and high-tech Nasdaq 100 futures traded seven points or 0.1% higher.

In the US bond market, the yield on 10-year US government bonds was at the position of 2.38% . During night trading, it decreased to 2.34% – the minimum value since December 2017. At the same time, the yield of three-month US bonds remains at a value of 2.44%.

The US dollar index , which shows the purchasing power of the dollar against a trade-weighted basket of six major currencies, rose 0.2% to 96.49.

2. Speeches of Fed officials

In addition, market players will pay close attention to the statements of Fed officials to get new information about the course of US monetary policy in the coming months.

Today, Fed Vice President Richard Clarida , Fed Deputy Chairman Randal Quarles and Michelle Bowman , President of the Federal Reserve Bank of St. Louis James Ballard will express their attitude to the situation in the world’s largest economy at various events .

Fed officials pointed out that in 2019, interest rate increases will no longer be. Back in December, they planned to raise the interest rate twice this year. The US Central Bank also announced that it intends to complete a program to reduce its balance of $ 4.2 trillion by September of this year.

3. The US delegation arrived in Beijing for trade negotiations.

US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin arrived in Beijing for a new round of trade negotiations with China to sign an agreement that could end a long trade war between the countries.

Negotiations will be held next week in Washington one-on-one after the summit between US President Donald Trump and Chinese President Xi Jinping scheduled for the end of March was postponed.

China has made the United States a series of unprecedented proposals on a wide range of issues, including forced technology transfer. As US officials said before the start of negotiations, both sides are working to resolve the remaining difficulties.

4. Instability in Turkey

For the last day of turbulent trading, the Turkish lira fell by 5% against the US dollar. At the weekend in Turkey must pass local elections in which the ruling party of the president may lose control over some of the leading cities.

At the time of this writing, the lira was trading at 5.5375 against the American currency, down about 4%.

According to opinion polls, the party of Erdogan could lose the elections in the capital Ankara, which will be a poor assessment of the autocratic style of his reign.

Local elections in the country will be the first after the fall of the national currency last year.

The Central Bank of Turkey has taken a number of measures to stop speculation in the currency market in which Erdogan accused foreign financial companies, in particular JPMorgan Chase & Co (NYSE: JPM).

5. Dead-end situation with Brexit

Last night, the House of Commons voted against eight Brexit alternatives, alternative to the agreement that was proposed by British Prime Minister Teresa May. This was another dead end in the issue of the exit of the UK and the EU.

May told her colleagues from the Conservative Party that she was ready to resign if her version of the Brexit agreement was finally approved by Parliament on the third attempt. This is the last straw that she hopes to grab onto to convince the Euro-skeptics of her party.

However, some of them remained in their previous positions. In addition, the Democratic Unionist Party of Northern Ireland, whose support is crucial to the approval of the agreement, said it would vote against.

As a result, at the moment the UK will leave the EU by default on April 12 without an agreement.

The pound fell against the dollar by 0.3%.

This article is written and prepared by our foreign editors writing for VOP from different countries around the world – edited and published by VOP staff in our newsroom.

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