Mark this man’s words. That’s because he is U.S. Representative Kevin Brady, one of the members of the current ‘Big Six’ Trump administration and Congress members working on the Trump administration’s major tax reform effort.
Favourable market conditions, relief on the back of a reduced threat of Catalonian secession from Spain and record low-interest rates and QE combined have all helped to lift the German DAX to a new record level of 13,000 today.
Although the GBP/USD has risen over the past few days, other pound crosses have been fairly quiet, suggesting that the cable’s gains have been driven primarily by weakness in the dollar rather than strength in the pound.
While OPEC and The Energy Information Administration raising its outlook for demand and lowers its projection for global Non-OPEC production, The International Energy Agency (IEA) releases a report that shows that tries to talk down demand next year admit they underestimated demand this year.
A strong sense of relief was felt across financial markets on Tuesday evening, after Catalan leaders signed a “symbolic” declaration of independence, but immediately suspended its formal approval and called for talks with Madrid.