Gold reached new record highs on Monday, indicating that uncertainty remained high, as global markets steadied after being whipped by broadsides in the US-China trade war. US President Donald Trump sounded more accommodative on Sunday, writing that the US did not want to “hurt” China, despite Beijing saying it could take countermeasures in response to his threat of 100% tariffs on China starting on November 1.
With pressure on reappointed Prime Minister Sebastien Lecornu to finalize a budget agreement, France continued to be in the news. The market’s stabilization is encouraging,” stated Rory McPherson, chief investment officer of London’s Wren Sterling.
Markets have been robust in light of the ongoing US government shutdown and political unrest in France and Japan. It would be healthy to pull back. In response to US aggression, Beijing justified its restrictions on rare earth element and equipment shipments on Sunday, although it refrained from enacting further tariffs on US goods. Although he still anticipated a continuation of the current tariff halt, Goldman Sachs chief economist Jan Hatzius stated that new events indicated a wider variety of outcomes were feasible.
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