1. Dollar Slips As Trade Talks Progress, Gold Higher
The USD edged lower versus its major peers in early Wednesday trading , as rising hopes of a breakthrough in U.S.-China trade talks led investors to put money into the euro and Asian currencies. Risk appetite in broader markets was revived after U.S. President Donald Trump said on Tuesday that he could let the March 1 deadline for a trade agreement with China “slide for a little while,” but that he would prefer not to and expects to meet with Chinese President Xi Jinping to close the deal at some point. It should be noted that the stakes remain high, as U.S. tariffs on $200 billion worth of imports from China are scheduled to rise to 25 percent from 10 percent if the two sides cannot reach a deal by the deadline.*
2. Oil Prices Edge Higher On OPEC Supply Cuts And Fresh Sanctions
Oil prices rose on Wednesday as producer club OPEC said it had cut supply deeply in January and as U.S. sanctions hit Venezuela’s oil exports. U.S. West Texas Intermediate (USOIL) crude oil futures were at $53.59 per barrel at 7:15 GMT, up 50 cents, or 0.94 percent, from their last close. Meanwhile, International Brent crude futures (CL_BRENT) were up 0.96 percent, or 60 cents, at $63.02 per barrel.**
3. Debenhams Secures New £40m Lifeline
Debenhams has secured a cash injection of £40m to buy it extra time as it battles to secure a longer-term deal with lenders. The struggling department store chain called it a “first step” towards a sustainable future. The firm, which issued three profit warnings last year, is currently re-negotiating its debts. It is also trying to accelerate plans to close stores and is expected to close around 20 outlets this year. News of the funding sent the retailer’s shares surging almost 40% on Tuesday.***
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*Source: Investing Feb 13, 2019 2:48 AM ET
**Source: Reuters Feb 13, 2019 3:53 AM ET
***Source: BBC News Feb 13, 2019 03:07 AM ET
