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Markets slide despite China says will open markets more

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Uncertainty about the outcome of reopened US-China trade negotiations weighed on global equities last week despite reports China is prepared to allow foreign corporations greater access to the Chinese market. US stock market extended losses: The SP 500 fell 1.2% led by health care shares while the ICE US dollar index gained 0.1%.

London’s FTSE 100 was the only major stock index among the five largest global indexes which managed to end higher. Nikkei recorded the biggest loss: it fell 1.4%. Half of six major currency pairs reversed previous week’s dynamics while the range of fluctuations didn’t change significantly. The British Pound was the leader in terms of percentage change: it turned 1.3% lower against the US dollar as UK prime minister May postponed parliamentary vote on Brexit deal.

This week the monetary policy makers will be in focus again as the Federal Reserve and Bank of Japan hold their last policy meeting of the year. Investors will watch closely the press conference from Chairman Jerome Powell as speculation mounts the central bank will slow its monetary tightening after signs global growth may be slowing.

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