06 Sep 2018
US-China trade spat
Today is the end point for the US’s public consultation on whether to apply tariffs to another $200bn of Chinese imports.
Yesterday President Trump said the US was not yet ready to come to an agreement over trade disputes with China, but said talks would continue, implying the US may well press ahead with these tariffs and announce the imposition of these tariffs once today’s consultation closes, with tariffs going into effect as soon as Friday. It's unclear whether the new tariffs will be set at 10% or 25%; President Trump initially asked the Trade Representative to investigate the impact of a 10% tariff and then upped the proposal to 25% in early August. China has threatened tariffs on a further $60bn of US imports in retaliation. Markets remain firmly in risk off mode ahead of any announcement today, with Asian equity markets firmly in the red.
AIB: CFO Mark Bourke to step down
AIB yesterday announced that its CFO Mark Bourke will leave the group in early 2019 and a process to appoint a successor has now commenced. Mr. Bourke took up the CFO role when he joined the bank in 2014, having previously been the long-serving CEO of listed financial services group IFG. He was well regarded by investors and played a key role in AIB’s IPO in June 2017 in which the government sold 28.75% of its shareholding. His departure will again bring the government’s €500k pay cap for senior banking executives into focus, while the bank will be keen to press ahead with finding a successor to avoid potential disruption to any plans that the government may have for further equity sell-downs.
13.15 US ADP Nonfarm Employment
13.45 EZ ECB’s Lautenschlaeger speaks
14.45 US Services PMI
15.00 US FOMC member Williams speaks
15.00 US ISM Non- Manufacturing PMI