US President Trump expected to sign China delisting bill, says White House

Joel Frank Independent Analyst

US President Trump is expected to sign a bill approved by the US House of Representatives earlier on Wednesday that could force Chinese companies to delist from US stock exchanges if they fail to adhere to US auditing standards.

The bill will give Chinese companies such as Alibaba three years to comply with US rules before being removed from US markets.

Greater scrutiny could also deter other Chinese firms from listing in the United States, said some industry participants.

Market Implications

Expect a tit-for-tat response from China, whose foreign ministry spokesperson has already described the bill as a discriminatory policy that politically oppresses Chinese firms.

The Dollar Index is currently trading at lows since April 2018 just above 91.00, but in the past the theme of US/China trade wars has been a USD positive. Meanwhile, AUD/USD recently rallied to fresh year-to-date highs in the upper 0.7410s. AUD is perhaps the most vulnerable G10 currency to worsening US/China ties given its dependence on China as an export market, thus this news could weigh on the pair.

Author

Joel Frank

Independent Analyst

Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset

GBP/USD bounces off four-day lows, still below 1.3500

GBP/USD sticks to the bearish tone on Thursday, coming down to the 1.3480 region in the latter part of the NA session. In the meantime, Cable’s weakness comes as investors continue to assess mixed UK data, poor US results, and the persistent uncertainty surrounding the US-Iran conflict.

EUR/USD looks apathetic around 1.1530

EUR/USD reverses Wednesday’s downtick and trades with modest gains in the 1.1530 region following the end of the NA session on Thursday. The pair’s tepid advance comes on the back of the absence of clear direction in the US Dollar despite tensions from the Middle East appear far from alleviated. Later on Friday, investors are expected to monitor the the releases of another revision of GDP figures in the Euroland, US Retail Sales and the preliminary U-Mich gauge.

Gold loses the grip, recedes toward $4,350

Gold extends its intraday pullback on Thursday, retesting the $4,350 zone per troy ounce, or three-day troughs. Meanwhile, the yellow metal continues to monitor developments from the Middle East as well as bets surrounding the potential Fed’s rate path.

Ethereum Price Forecast: Fidelity plans to add staking to ETH ETF amid yield debate

Asset manager Fidelity has filed with the US Securities and Exchange Commission (SEC) to permit staking in its Ethereum (ETH) exchange-traded fund (ETF), the Fidelity Ethereum Fund (FETH), which holds over $898 million in net assets.

Week ahead – Summer lull could be tested by geopolitics and central bank expectations

US dollar stabilizes as September Fed hike bets remain subdued. Market volatility stays low, but thin liquidity could amplify movements. Key UK data could challenge pound strength; euro craves bullish catalysts.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.