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White House Shakes the Markets

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WORLD HEADLINES – Economic adviser Gary Cohn, seen as a bulwark against protectionist forces within the Trump administration, said on Tuesday he was leaving, sparking a global sell-off across a number of major asset classes.

STOCKS – Global stocks fell after a strong advocate of free trade resigned from the White House.

BONDS – Treasuries climbed, leading most bonds higher across Europe.

COMMODITIES – Most commodities fell on worries that trade friction could slow global growth, with Brent crude futures giving up the previous day’s gains to drop 1.2 percent.

CURRENCIES – The US dollar is just off a 14-month low against the yen hiton Friday. The Canadian dollar and the Mexican peso both retreated as Cohn’s departure was seen as raising risks that Washington could walk away from NAFTA negotiations.

ECONOMIC DATA – FOMC Member Bostic Speaks at 8:00, ADP NFP due at 8:15,  FOMC Member Dudley Speaks at 8:20, CAD  Trade Balance at8:30,  BOC Rate Statement at 10:00, Crude Oil Inventories at 10:30, AUD Trade Balance at 19:30 ET.

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