A MACRO MINUTE: Trump goes mute, Benalla's state affair...
Welcome back to our daily review of macroeconomic and geopolitical news impacting financial markets around the world. Today, Donald Trump gives us a slight break, which may be short lived as we wait for him to wake up. The Benalla affair has become a state affair paralyzing the Assembly and the Yuan plummets. Here are the main events of the day, updated regularly.
France. If it’s not one, it’s the other. Except for the lawyers of Benalla himself who defend his "personal initiative" during the blunders of May 1st, everybody rejects the blame: Emmanuel Macron, Gérard Collomb and the Paris police chief Michel Delpuech reject all responsibility. The Senate will have a hearing with the Secretary General of the Elysee on Thursday, an opportunity to learn more about the subject at hand. Meanwhile, a constitutional revision has been postponed to September.
China. In response to Donald Trump's accusations, China said it did not manipulate its currency. Yet, since March, the yuan has already lost more than 8%. This is a real windfall for Chinese exporters, cornered by the trade war undertaken by the United States. The Chinese central bank, however, injected 502 billion yuan (63 billion dollars) into the banking system yesterday, to limit damage and prevent capital flight.
Venezuela. The IMF estimates that hyperinflation will reach 1,000,000% by the end of December and predicts that GDP will shrink by 18% this year. As a result, millions of Venezuelans are fleeing the crisis to settle in neighboring countries. They are difficult to integrate into neighboring economies, which are already weakened by various ills (strikes in Brazil, devaluation of the currency in Argentina, etc).
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