After White House Trade Negotiator Peter Navrro on national TV overnight replied to an interview question on Fox News regarding the trade deal's status, markets went into a 400 point sell-off.
“It’s over. Yes", replied Navarro when asked if certain aspects of the deal have fallen apart.
It didn't take long for The White House to correct that narrative, and the prospect of another 'lockdown' as well.
Speaking with Fox Business, the senior economic adviser Larry Kudlow said that there would "absolutely, definitely" not be a second national lockdown, reported Zero Hedge.
Markets turned around on the corrections and ended in positive territory for the day.
Economic data showed continued recovery and strong new home sales in May.
Markit Manufacturing PMI (Jun) PREL printed at 49.6 vs 48 consensus estimate.
Markit Services PMI (Jun) PREL printed at 46.7 vs 46.5 estimate.
Markit PMI Composite (Jun) PREL printed at 46.8.
Richmond Fed Manufacturing Index (Jun) printed at 0 vs -41 estimate.
New Home Sales (MoM) (May) printed at 0.676M vs 0.64M estimate.
New Home Sales Change (MoM) (May) printed at 16.6% vs 3.5% estimate.
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[…] White House Corrects Lockdown, Trade Deal Narrative, Markets Bounce, Move Higher […]