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Mubadala has invested $100 billion in U.S., eyes China: deputy CEO

© Reuters.  Mubadala has invested $  100 billion in U.S., eyes China: deputy CEO © Reuters. Mubadala has invested $ 100 billion in U.S., eyes China: deputy CEO

ABU DHABI (Reuters) – Abu Dhabi state investor Mubadala Investment Co [MUDEV.UL] has invested $ 100 billion in the United States, more than 40% of its roughly $ 240 billion portfolio, Deputy CEO Waleed al-Muhairi said on Tuesday.

“What that tells you is that from our perspective the risk reward equation works in the United States,” he said at the SALT conference in Abu Dhabi, adding that the bulk of the investments are direct, with a small portion indirectly invested through funds.

He said the remaining part of the portfolio is almost equally split between three regions – the United Arab Emirates, Europe and Asia.

Muhairi said Mubadala has invested $ 2 billion in China in 15-16 sectors from its $ 10 billion UAE China fund and could step up investments in the mainland.

“China is the UAE’s largest trading partner, it is an important economic relationship for us,” he said.

Mubadala would want to participate in some “shape, way or form” in the growth of China, which could become the largest economy in the world, Muhairi said.

Technology is a focus for Mubadala, he added.

Mubadala has invested $ 15 billion in Softbank’s (T:) Vision Fund I and recently announced plans to invest $ 250 million through two funds in technology firms in the Middle East and North Africa.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Forex – U.S. Dollar Unmoved Ahead of Fed Meetings, Looming Tariff Deadline

© Reuters.  © Reuters.

Investing.com – The U.S. dollar was unmoved on Tuesday in Asia ahead of central bank meetings and a looming tariff deadline later this week.

The U.S. dollar index that tracks a basket of other currencies was unchanged at 97.610 by 12:30 AM ET (04:30 GMT).

On the radar this week are policy meetings at the U.S. Federal Reserve and the European Central Bank. While the two central banks are not expect to announce any significant changes to their policies, traders will pay attention to clues on whether more easing is in store next year.

On the Sino-U.S. trade front, investors awaited to see whether Washington will go ahead with a planned Dec. 15 tariff hike on Chinese goods.

Bloomberg reported overnight that U.S. Agriculture Secretary Sonny Perdue said Washington is unlikely to impose more tariffs on Chinese exports on Dec. 15.

“We have a deadline coming up on the Dec. 15 for another tranche of tariffs, I do not believe those will be implemented and I think we may see some backing away,” Perdue said, according to Bloomberg.

The EUR/USD pair was near flat at 1.1065, while the GBP/USD pair inched up 0.1% to 1.3151.

The AUD/USD pair and the NZD/USD pair both gained 0.2%.

The USD/JPY pair edged up 0.1% to 108.62.

The USD/CNY pair was little changed at 7.0382, little impacted by data today that showed China’s producer price index was down 1.4% year-on-year, falling for the fifth month in a row. The drop compared with the 1.5% expected decline and the 1.6% fall in October.

Meanwhile, the consumer price index for November jumped 4.5% year-on-year, as food prices skyrocketed 19.1% amid an outbreak of African swine fever.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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China’s Global Times warns of downtrend in US-China trade – difficult to reverse

China’s Global Times warns of downtrend in US-China trade – difficult to reverse

The Global Times is forthright with its views, a good window into China sentiment 

Latest piece:

  • It has been 18 months since the US began imposing 25 percent tariffs on the first tranche of Chinese goods, and bilateral trade between the world’s two largest economies is still sliding. 
  • Even with a “phase one” trade deal, the downtrend in bilateral trade will be difficult to reverse. 
  • Meanwhile, China’s total trade actually expanded 2.4 percent year-on-year in the first 11 months, indicating that trade with the US is not irreplaceable for China. 

Bolding mine.

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Russian F1 organizers say race stays despite WADA sanctions

© Reuters. FILE PHOTO: Formula One F1 - Russian Grand Prix © Reuters. FILE PHOTO: Formula One F1 – Russian Grand Prix

MOSCOW (Reuters) – Russia’s Formula One Grand Prix in Sochi will not be affected by the country’s four-year World Anti-Doping Agency (WADA) ban for tampering with doping tests, the race’s promoters said on Monday.

The sanctions include a four-year ban on Russia hosting major sporting events. [nL8N28J2DU]

Formula One’s governing body, the International Automobile Federation (FIA) is International Olympic Committee-recognised and classified by WADA as a code signatory.

“The contract for holding the Russian round of the Formula One World Championship was signed in 2010, long before the events investigated by WADA, and runs until 2025,” promoters ROSGONKI said in a statement.

They pointed out that the race was entered on next year’s calendar and said it would be “legally and technically impossible” to re-assign it elsewhere.

“We are confident that the Formula One Russian Grand Prix will be held in 2020 and in the following years and invite everyone to Sochi — the ticket sales are in full swing,” the statement added.

The race has been held since 2014 against a backdrop of Sochi’s Winter Olympic facilities — Games now notorious for state-sponsored doping cover-ups.

Russia has been embroiled in doping scandals since a 2015 report commissioned by WADA found evidence of mass doping in Russian athletics.

The WADA executive committee acted on Monday after concluding that Moscow had planted fake evidence and deleted files linked to positive doping tests in laboratory data that could have helped identify drug cheats.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Pound Rally Passes Euro Milestone as Polls Back Conservatives

(Bloomberg) — Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.

The pound strengthened Monday to a fresh two-and-a-half year high against the , as weekend opinion polls continued to point to a win for the ruling Conservatives in this week’s general election.

The currency also rose against the after polls in Britain’s Sunday newspapers all putting Boris Johnson’s party in the lead. Though the gap between the parties has narrowed throughout the campaign, it is not enough to keep the Conservatives from returning to power this week. The weekend surveys spurred buying by European investors, according to traders.

“The pound is rallying again after markets all but fully discount a good Tory majority,” wrote Elsa Lignos, global head of currency strategy at Royal Bank of Canada, in a research note. “Friday will show whether that was a good strategy or not.”

As well as gaining 0.3% to 83.93 pence per euro, it also added as much as 0.3% against the dollar to $ 1.3181 Monday. The pound has strengthened 3% against the U.S. currency over the past month, as investors grow increasingly confident of a win for Johnson in the December vote. Still, the cost of hedging against a fall in the pound has also surged as the election looms, showing lingering caution following the failure of most opinion polls to accurately predict prior votes such as the 2016 Brexit referendum.

The spot rate for the pound-dollar pair continues to diverge with options, as two-week risk reversals show increased demand to hedge an unexpected outcome from Thursday’s voting. A Bloomberg survey last month found the pound would fall to $ 1.27 on a Labour-led coalition outcome, a more than 3% drop from current levels.

Positioning on the currency also remains mixed, with leveraged funds slashing short positions to the lowest since May while asset managers have turned more bearish on the currency, according to the latest data from the Commodity Futures Trading Commission.

“The scope for surprise at this week’s general election is sizeable,” wrote Goldman Sachs (NYSE:) strategists including Alain Durre in a research note. “The share of voters that are still undecided- so late in the campaign- means that even a small swing in that slice of the electorate would lead to a hung parliament.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Russia hit with 4-year Olympics ban for falsified doping data

Lausanne, Switzerland — Russia will miss next year’s Tokyo Olympics and the 2022 Beijing Winter Games after the World Anti-Doping Agency on Monday banned the powerhouse from global sporting events for four years over manipulated doping data.

WADA’s executive committee, meeting in Lausanne, decided that Russia be handed the four-year suspension after accusing Moscow of falsifying laboratory doping data handed over to investigators earlier this year.

Not only will Russia be ruled out of the next Olympic cycle, but Russian government officials will be barred from attending any major events, while the country will lose the right to host, or even bid, for tournaments.

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“WADA’s executive committee approved unanimously to assert a non-compliance on the Russian anti-doping agency for a period of four years,” WADA spokesman James Fitzgerald said.

Under the sanctions, Russian sportsmen and women will still be allowed to compete at the Olympics next year but only if they can demonstrate that they were not part of what WADA believes was a state-sponsored system of doping.

“They are going to have prove they had nothing to do with the non-compliance, (that) they were not involved in the doping schemes as described by the McLaren report, or they did not have their samples affected by the manipulation,” Fitzgerald said.

2016: Russian doping at Sochi Winter Olympics exposed

The independent report by Richard McLaren, released in 2016, revealed the significant extent of state-sponsored doping in Russia, notably between 2011 and 2015.

It led to the Russian Anti-Doping Agency (RUSADA) being suspended for nearly three years previously over revelations of a vast state-supported doping programme.

Full disclosure of data from the Moscow laboratory was a key condition of Russia’s controversial reinstatement by WADA in September 2018.

“An attack on sport”

The WADA decision was widely predicted, with the body’s president, Craig Reedie, having made a presentation Saturday to the Olympic Summit, participants of which “strongly condemned those responsible for the manipulation of the data from the Moscow laboratory.”

“It was agreed that this was an attack on sport and that these actions should lead to the toughest sanctions against those responsible,” the IOC said in a statement.

“It was stressed by the participants that full justice must be finally done so that the guilty ones can be properly punished and the innocent ones are fully protected.”

The IOC (International Olympic Committee) asked that the Russian authorities deliver the “fully authenticated raw data.”

A majority of WADA’s influential athlete committee had called overnight for a “complete ban on Russian participation,” with nine members of the 17-strong group saying such a move was “the only meaningful sanction.”

“We maintain that the fraud, manipulation and deception revealed to date will only be encouraged and perpetuated with a lesser response,” they said.

Russia reacts

Russian Prime Minister Dmitry Medvedev said the ban against his country was the result of “anti-Russian hysteria” and should be appealed. “This is the continuation of this anti-Russian hysteria that has already become chronic,” Medvedev was quoted as saying by local news agencies. 

The head of Russia’s anti-doping agency said his country had “no chance” of winning an appeal against the ban, which he called a tragedy for clean athletes.

“There is no chance of winning this case in court,” RUSADA chief Yury Ganus told AFP.

RUSADA’s supervisory board was set to meet on December 19 to take a decision on whether to appeal the ban, he said. “This is a tragedy,” he said. “Clean athletes are seeing their rights limited.”

Ganus said that some Russian athletes were contemplating leaving Russia so that they could train elsewhere. He described the sentiments among athletes as “awful,” stressing that four years for a sportsman is a long time.

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Goldman Sachs sees 10-year Treasury yields rising to 2% on “Phase One” trade deal

Says that there is little scope for the FOMC meeting this week to be a catalyst for movement in the rates market

USGG10YR

The firm’s chief interest rate strategist, Praveen Korapathy, argued that 10-year Treasury yields will probably climb towards 2% if the US and China reach a “Phase One” trade deal but further upside beyond that will probably be limited.

Adding that while risks ahead are substantial, their base case remains for a trade agreement that includes a reduction in existing tariffs and avoids those due to take effect on 15 Dec.

With regards to other events this week, the firm notes that the FOMC meeting should not produce any surprises so it is unlikely to cause a stir in markets.

Just to note, Goldman Sachs’ view for Treasuries next year is that they will end 2020 at around 2.25% “on account of the improved economic outlook and the removal of some tail risks i.e. trade war, Brexit”.

As for the “Phase One” deal, I reckon there could be an initial hint of optimism but as soon as markets get a grip of the fact that the deal isn’t a major game changer in US-China trade relations, the ‘sell the fact’ trade may be more profound in my view.

But we’ll see. First, we need the deal to materialise. Right now, it’s still a matter of “if”.
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WSJ report on deal nearing for a modified US, Canada, Mexico trade agreement

Wall Street Journal on edging closer to a new NAFTA, USMCA trade deal. Citing people familiar with the negotiations:

  • House Democrats and U.S. Trade Representative Robert Lighthizer are nearing a deal for Congress to pass a modified U.S. trade agreement with Canada and Mexico
  • though hurdles remain
  • have narrowed differences over key sticking points in recent days
  • biggest divide is over revising the agreement on the enforcement of labor rules
  • (ps, posted on this earlier, here: NAFTA – Mexican Foreign Minister says will not accept US labor inspections in USMCA)

If USMCA took this long, how long with a phase one agreement with China take? 

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