According to the Politico report, Phil Hogan, European Commissioner for Trade, will present a new trade weapon to hit the United States later this week. Report did not provide much details but claimed that new measure will allow EU to impose higher tariffs on Washington. Potential exacerbation of the EU-US trade war is another source of concerns for the markets and could have been the reason behind today’s plunge. Major stock market indices are trying to recover currently as investors have high hopes that USMCA deal will be announced later today.
DAX smashed through two important supports today. However, the index halted decline at the 12900 pts handle and is trying to recover from there. Source: xStation5
Daily summary: Oil slumps 8% supporting Wall Street, precious metals and EURUSD
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