Stocks launch week with gains, MXN surges on US deal

3:47 PM June 10, 2019

Summary:
- Stocks move higher all around the world in response to the US-Mexico truce
- Safe haven assets pull back amid increased risk appetite
- Deadline to enter Conservative leadership race ends today
- USD outperforms other G10 currencies
- Technical overview: GBPUSD

At the end of the past week investors were concerned about the possibility of US tariffs imposed on Mexico, however, the issue was resolved yet before New York investors headed for the weekend. On late Friday US President Donald Trump sent a tweet where he wrote that both countries reached an agreement. Trump added “The tariffs scheduled to be implemented by the US on Monday, against Mexico, are hereby indefinitely suspended.”

Data regarding industrial production in Italy and the UK for April came in far below expectations, defying market observers’ anticipation of a recovery. Looking at the details one may notice that declines in April were widespread and affected almost all industries except food and tobacco, coke and refined oil, pharmaceutical and computer and electronic.

Insys Therapeutics, the US manufacturer behind Subsys opioid drug, has filed for Chapter 11 bankruptcy protection today. The company and its fentanyl-based drug are said to be one of the causes of the ongoing US opioid crisis. A key point to note is that Insys is the first drugmaker to collapse under accusations of being responsible for the opioid crisis.

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