EU official: Technical Brexit extension not needed from EU side

It would matter if the deal passes parliament

It’s not clear if a full legal text will be ready on Saturday or just a political declaration. If the text isn’t done it makes a deal less likely because members of the ERG said they won’t support it. However if it passes anyway, there may not be enough time to get it done and/or to implement a deal.

The EU is saying here is that business could continue as normal until that’s worked out and that the deal would go into place when it’s ready.

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Apple pulls Quartz news app from China app store

Violence in Hong Kong ahead of celebration

The news organization Quartz, which has been covering the Hong Kong protests in depth, recently found its app unavailable from Apple’s app store in China.

Quartz received a notice from Apple on September 30 that said the app was being removed “because it includes content that is illegal in China,” according to a Quartz spokeswoman. No specifics were given on what that content was, she said.

The news outlet also said that its entire website is inaccessible in mainland China.

Trending News

Quartzt has been covering the protests in Hong Kong for months, including information on how readers can get around government censorship by using VPNs, or virtual private networks.

“We abhor this kind of government censorship of the internet,” Zach Seward, Quartz’s CEO, said in a statement.

Apple did not immediately reply to CBS News’ request for details on what content was deemed illegal.

The company has also pulled an app used in the Hong Kong protests, HKmap.live, from its China app store. The app disappeared on Thursday afternoon after a government-backed Chinese newspaper accused it of facilitating illegal behavior.

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World – CBSNews.com

China MOFCOM urges US to remove Chinese entities from blacklist

The US added Chinese companies to blacklist yesterday

The timing of the US announcement has contributed to the negative tone in markets today. They warned about retaliation earlier today in a press conference.

The statement also urged the US to stop making irresponsible remarks on the Xinjiang issue and to stop interfering in China’s internal affairs.

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Investors retreat from U.S. stock funds amid impeachment inquiry

By David Randall

NEW YORK (Reuters) – Investors pulled nearly $ 14 billion out of mutual fund and exchange-traded funds that hold U.S. stocks last week, ending what had been the largest surge into domestic stock funds since December 2016, according to data released Wednesday by the Investment Company Institute.

The retreat from U.S. stocks came during a week in which Democratic lawmakers moved to launch formal impeachment proceedings that could end with a vote to remove President Donald Trump from office and the White House released a summary of a telephone call between Trump and Ukraine’s president that is at the center of the inquiry.

Last week’s losses sent the year to date outflows from U.S. stock funds to $ 91.1 billion as investors have shied away from domestic stocks despite a more than 15% rally in the benchmark S&P 500 index.

Investors continued to seek the perceived safety of bonds by sending slightly more than $ 6.9 billion into taxable and municipal debt funds. For the year-to-date, the category has garnered more than $ 319 billion in new inflows.

World stock funds, meanwhile, posted a three-week losing streak by dropping another $ 1.8 billion in outflows. That sent the year to date loss for the category to $ 37.9 billion.

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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IMF Says Greece Needs More Fiscal Space From European Partners

(Bloomberg) — A reduction of Greece’s fiscal targets would support the country’s economic and social recovery, the International Monetary Fund said.

In 2020, the IMF recommends that “the government and European partners build consensus around a lower primary balance path, given ample economic slack and critical unmet social spending and investment needs,” according to the fund’s statement after the conclusion of its Article IV mission in Athens.

Greece has to achieve a primary surplus of 3.5% of gross domestic output every year until 2022 under the terms of a deal with its European creditors. The new Prime Minister, Kyriakos Mitsotakis, who took over in July, has called these targets “a relic of the past,” and he is now trying to convince his country’s partners to reduce them, starting in 2021.

For 2019, Greece is going to meet its primary surplus target “more or less,” Peter Dolman, IMF mission chief for Greece told reporters in Athens on Friday. But there is a gap for 2020, and the question is what the quality of the measures taken to fill this gap will be, he said.

Cutting public investments is not a quality measure and the country should improve its sales-tax compliance and broaden its tax base to create more fiscal space for social policies and tax cuts, Dolman said.

The fund forecasts that Greece’s growth rate for both 2019 and 2020 will be around 2%. It “will take another decade and a half for real per capita incomes to reach pre-crisis levels,” the IMF said in the statement.

To support growth, the new government “should use its political mandate and improving investor sentiment to deploy a full range of policy tools and overcome long-standing vested interests,” it said.

Fixing banks must be a top priority for the new government given that they are a misfiring engine. Apart from the implementation of an Italian-style project to massively cut bad loans, which is about to be approved by European authorities, the government should take further actions to make judicial processes more efficient and improve insolvency law, according to the IMF.

While Mitsotakis’s administration “deserves credit for unblocking privatization and pushing through business deregulation and digitalization,” much of the needed structural transformation of the Greek economy still lies ahead, the IMF said.

The IMF expects Greece’s public debt-to-GDP ratio to decline over the next decade with relatively low liquidity risks in the medium term also noting that the country has a large cash buffer to use if needed. But, in terms of debt sustainability analysis “we think the long-term sustainability is not assured,” Dolman said.

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 News

Learning point from BoE’s Saunders: When a hawk turns into a dove

FX lessons

   

Saunders

Learning point this am which we shouldn’t let pass. 

When a hawkish board member makes a dovish comment

This is what happened earlier. Bank of England’s Saunders is a hawk, but his comments about not delaying a necessary rate cut because of Brexit were dovish. See here for his earlier comments.

The reactions in the GBP were instant.  

   

hawk turns dove

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Pornography ‘one click away’ from young children

Children are stumbling upon pornography online from as young as seven, a report has indicated.

The survey, from the British Board of Film Classification (BBFC), suggested three-quarters of parents felt their child would not have seen porn online but more than half had done so.

Youngsters under the age of 10 described feeling “grossed out” and “confused” by what they had seen.

The UK is trying to make it harder for children to see adult content.

It is bringing in a new regime of age verification, under which websites hosting mainly pornography will be required to stop UK users from accessing content unless they can prove they are over 18.

Every time a UK IP address attempts to access a pornography website, the user will be required to verify their age.

The plans, part of the Digital Economy Act, were due to come into force in July but have since been delayed for a further six months.

The BBFC has been appointed as the age-verification regulator and will monitor adult sites to ensure they have appropriate means of checking the age of visitors.

Aggressive depictions

David Austin, chief executive of the BBFC, said: “Pornography is currently one click away for children of all ages in the UK, and this research supports the growing body of evidence that it is affecting the way young people understand healthy relationships, sex, body image and consent.

“The research also shows that when young children – in some cases as young as seven or eight years old – first see pornography online, it is most commonly not on purpose.”

The report also looked at the effects of pornography on youngsters. Just over 40% of those who knew about pornography agreed that watching it made people less respectful of the opposite sex. Girls spoke of their fear that aggressive depictions of sex would be seen as normal by young males and copied in real life.

The government and the BBFC is not prescribing how sites verify age but it will be done using a variety of methods, including credit card checks and systems such as AgeID, which requires people to upload scans of their passports or driving licences.

Critics say those determined to get around the rules will find it relatively easy to bypass the restriction. And it will remain legal to use virtual private networks which can make it seem like a UK-based computer is located elsewhere in order to avoid the blocks.

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BBC News – Technology

Spain raised to A from A- by S&P, outlook stable

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ForexLive Americas FX news wrap: Ominous cancellation from China

Forex news for North American trade on September 20, 2019:

Markets:

  • Gold up $ 17 to $ 1516
  • WTI crude flat at $ 58.09
  • US 10-year yields down 6.6 bps to 1.72%
  • S&P 500 down 15 points to 2992
  • JPY leads, NZD lags

The session turned on vague headlines about Chinese officials canceling a hastily-planned trip to visit Montana and Nebraska. The report said Chinese negotiators would be headed home instead.

The market was left to figure out whether this was the start of talks falling apart or some kind of scheduling conflict. Trump was also tepid at a press conference, saying that he didn’t want an interim deal and was willing to wait until after the election.

Risk trades fell on the headlines and continued to slowly slump into the close. Yen crosses were hit harders with USD/JPY falling 40 pips to 107.55. NZD/JPY was under pressure all day but fell further to hit 67.31 and is now within striking distance of the lows of the month.

It was also the third day of declines for AUD/USD as it erases the early-September bounce and creeps close to the Sept/Oct triple bottom. The pair was higher early in the day but closed down 28 pips to finish on the lows on fear of a weekend trade blowup.

EUR/USD weakened from the start of European trade until the London close. Selling into the end of the day led to a small break of 1.1000 but it climbed back above afterwards.

Cable gave back Thursday’s gain as the market had a second look at Juncker’s comments and decided there was nothing new. Johnson’s Irish border plans also began to leak and the outlook isn’t promising.

Gold jumped on the trade headlines to finish at the highs of the week at $ 1515 in a quick $ 14 rally late.

One asset class that bounced off the lows was stocks as a deep loss was trimmed. I suspect that was partly due to the Powell put and partly due to quadruple witching. There was some last-second selling into the close but expect a gap to start the week when we get word — one way or the other — on China-US talks.

Forex ticker for news wrap Sept 20, 2019

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Forex – U.S. Dollar Retreats From Earlier Gains 

© Reuters.  © Reuters.

Investing.com – The U.S. dollar was lower on Thursday, as it gave up prior gains after the Federal Reserve cut rates as expected.

The , which measures the greenback’s strength against a basket of six major currencies, fell 0.2% to 98.34 as of 11:35 AM ET (15:35 GMT).

The Fed lowered interest rates for the second time this year to the 1.75%-2% range from the previous 2%-2.25% range. Still, guidance from Fed Chairman Jerome Powell indicated that the central bank didn’t expect a slowdown in the economy anytime soon. Powell noted that “if the economy does turn down, then a more extensive sequence of rate cuts could be appropriate.”

Elsewhere, declined 0.1% to 1.3268. The Japanese yen, which is seen as a safe haven in times of market turmoil, recovered from an earlier low of 107.79 after the Bank of Japan kept its short-term rate target at -0.1%. fell 0.4% to 108.04.

The pound inched up, boosted by the Bank of England leaving interest rates on hold as it waits for more clarity on Brexit. The bank said that if Brexit uncertainty persists, inflation will likely become weaker. Staff expect inflation to remain below 2% target for the rest of this year.

rose 0.1% to 1.2484, while jumped 0.2% to 1.1053.

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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