Skip to main content
Citi

Citi Wealth Insights

-

ISM non-manufacturing slows; Trump picks 2 “dovish” members for the Fed board and targets China and Europe on FX once again

US services ISM weakens but probably not enough to sway the Fed to cut in July - falls to 55.1 in June from 56.9 in May and below consensus for 56. and the lowest print since July 2017.
Continue Reading
-

Renewed demand for safe havens (JPY) as other geopolitical tensions rise

Safe haven JPY, CHF & Gold: A new risk event in the offing overnight as Russia's Putin meets urgently with his Defense Minister, US Vice President Pence cancels meetings to urgently return to the White House and the Council of the European Union Security Committee convenes an urgent meeting.
Continue Reading
-

Renewed demand for safe havens seen as US – China still in tariff-limbo and as other geopolitical tensions rise

Safe haven JPY, CHF & Gold: The US-China cease-fire handshake at the G20 is in line with Citi analysts’ expectations, but the main takeaway is investors and policy-makers shouldn’t stop worrying about trade.
Continue Reading
-

Global Equities: More Earnings Downgrades?

Markets are looking towards 2020 earnings growth where consensus forecasts 11%. This looks high compared to Citi’s 7% projection and suggests that more downgrades are likely.
Continue Reading
-

Trade Truce at G20 Summit

At the G20 Summit, Presidents Trump and President Xi said the US would hold off on raising incremental new tariffs, while US and Chinese representatives resume work on trade negotiations where they broke off in early May. This outcome was largely in line with market expectations.
Continue Reading
-

Safe havens JPY, CHF & Gold set to reverse moderately as US – China truce provides a near term respite to risk sentiment

Safe haven JPY, CHF & Gold: The Trump – Xi meet at the G20 exceeds market expectations but only slightly as the US agrees to delay further tariffs on China while the two sides agree to re-start trade talks.
Continue Reading