Weekly Financial Update - October 18, 2019
October 21, 2019
U.S. equity markets ended last week mostly higher, boosted by better-than-expected earnings reports from some prominent companies. Gains were pared on Friday by global growth fears after China released third-quarter GDP showing its slowest pace of growth since the early 1990s. The “phase 1” trade agreement announced last week between American and Chinese negotiators has brought some optimism about a potential rebound in both Chinese and global growth. The recent bill passed by the U.S. House of Representatives, and pending Senate approval, in support of Hong Kong protestors presents another area of tension between the two governments. China reportedly wants the U.S. to remove the planned December tariff hike before a written deal is finalized for both presidents to sign at the Asia-Pacific Economic Cooperation summit in November.
In other news, we explore the General Motors and United Auto Workers month-long labor strike, U.S. retail sales, and home building in our Weekly Financial Update.