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White House: Rumors of Gary Cohn's resignation '100% false'

20 August 2017

Reports in early this morning of terror attacks in Barcelona are likely to impact sentiment on local markets, with futures dropping in the wake of the news.

Still, analysts said, the USA dollar was in an unenviable position, with inflammatory news headlines from the White House weighing on its already weak position.

Still, many CEOs turned against Trump this week, quitting his business advisory councils over what they viewed as his weak handling of the violence in Charlottesville last weekend and his contentious comments that followed on Tuesday. He is seen as a key force behind Mr Trump's tax reform programme.

The KBW Bank Index had dropped more than 1 percent in afternoon trading on concern prospects for cutting taxes and regulations would dim if Cohn left.

GBP/USD is supported in the range of 1.2792 levels and now trading at 1.2869 levels.

Investors were rattled over rumours regarding Economic Adviser Gary Cohn's future

The euro inched up 0.1 percent to $1.1736, making up some of the previous session's 0.4 percent drop.

United States 10-year Treasury yields also dipped on the news, falling as much as 0.7% before quickly paring the drop.

Additionally, Isaac Boltansky at Compass Point said in a note to clients that a Cohn departure could put a serious dent in the market. One-year interest rate swaps have fallen almost 8 basis points from a one-year high hit in late June to 26 basis points on Friday, indicating dwindling rate expectations.

USD/CAD is supported at 1.2550 levels and is trading at 1.2557 levels.

Global benchmark Brent fell 0.1 percent to $50.99 a barrel, after jumping 1.5 percent on Thursday on a drop in USA inventories.

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Hong Kong's Hang Seng retreated 0.7 percent, up 1.05 percent for the week. Two of the three measures of core inflation that the Bank of Canada introduced a year ago saw gains, Statistics Canada said.

"I don't know how Bannon leaving is good for the $18 trillion USA economy but we are in a bit of news vacuum right now". Mnuchin, also Jewish, was described by the New York Times as having "stood by uncomfortably" while the president carried water for a crowd of protesters who'd chanted "Jews will not replace us" during their rally. The dollar index, which tracks the greenback against six major currencies, rose 0.35% for the week.

USD/JPY is supported around 108.60 levels and now trading at 109.36 levels.

The U.S. corporate tax rate at 35% is among the highest in the world of developed nations.

The stock market swung wildly on activity out of Washington. The dollar dropped almost 1% against the yen, falling to 108.58 yen, its lowest since late April.

Trump defends 'beautiful' Civil War statues
It's because of Charlottesville , these neo-Nazi protests, racism fueled by white nationalist protests in Charlottesville. But the belief that white people are victims ignores the structural reality of racism in the United States , he added.

European stocks settled lower on Friday following the attacks. It is set to end the week down 0.1 percent.

Trump's increasingly combative relationship with Congress, exacerbated by his latest tweets targeting senators in his own party, could further restrain any progress on those reforms even as Republicans control the White House, Senate and House of Representatives. US indexes fell across the board mid-week as President Trump dissolved two advisory councils after CEOs began an exodus after his comments on the rally. Shares of Under Armour fell 2.04 percent.

Investors have been keeping a close eye on the news, which has weighed on the market in these two sessions.

Oil prices traded sharply higher on Friday, rising to $48.25 a barrel.

India win toss, making Sri Lanka bat first in 1st ODI
Ten years ago I was only thinking of playing for India and now it feels really, really good", he affirmed at a press conference. It's also the 151st game between the two nations in their one-day global history and 57th in SriLanka.

White House: Rumors of Gary Cohn's resignation '100% false'