Trump Joins Kudlow To Rescue Markets After China Spoiled The Party
Update (0925ET): With Kudlow’s jump fading, The White House unleashed the big dog to juice stocks higher…
“China and the USA are working on selecting a new site for signing of Phase One of Trade Agreement, about 60% of total deal, after APEC in Chile was canceled do to unrelated circumstances. The new location will be announced soon. President Xi and President Trump will do signing!”
And yes, it’s higher…
But judging from that it seems the market believes the Chinese over the Americans.
* * *
Dow futures were down a horrifying 90 points this morning, erasing all of Powell’s pumpathon after China poured cold water on US-China trade talks. So what does the administration do – to rescue stocks from a terrifying 0.3$ drop?
Unleashes The Kudlow:
*KUDLOW SAYS U.S.-CHINA TALKS GOING SMOOTHLY: WHITE HOUSE AIDE
And the result, reflexive buying by algos…
But it seems like the White House’s jawboning is losing its mojo.