THE DAILY REPORT
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AUD Westpac Consumer Confidence – 10.30
USD FOMC Member Williams Speech – 12:15
GBP Gross Domestic Product - 9:30
Major Bloomberg & Reuters News
'Monstrous Hurricane Michael menaces Florida’
Michael caused major disruption to U.S. oil production as it headed north over the Gulf of Mexico. It was expected to strengthen into a Category 3 storm. That would make it the most powerful storm to strike the Panhandle in more than a decade.
Producers in the U.S. Gulf of Mexico on Tuesday cut oil production by about 40 percent and natural gas output by 28 percent as Michael approached the coast, the Bureau of Safety and Environmental Enforcement said, citing reports from 27 companies. The senior official said the U.S. is closely monitoring the Chinese currency and is concerned about the recent depreciation. The official didn’t provide further elaboration.
The Gulf produces 17 percent of daily U.S. crude oil output and 5 percent of daily natural gas output, according to the U.S. Energy Information Administration. The partial shutdown ahead of Michael helped push oil prices slightly higher on Tuesday. 73.50 to 74.65
‘Trump repeats threat of more tariffs if China retaliates on trade ‘
President Donald Trump on Tuesday repeated his threat to impose tariffs on $267 billion worth of additional Chinese imports if China retaliates for the recent levies and other measures the United States has taken in the countries’ escalating trade war.
Trump, speaking to reporters in the Oval Office, also said China is not ready to reach a deal on trade.
“China wants to make a deal, and I say they’re not ready yet,” Trump said. “I just say they’re not ready yet. And we’ve canceled a couple of meetings because I say they’re not ready to make a deal.”
(Times In AEST)
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