GLOBAL DEVELOPMENTS BOTTOMLINE: In the US, there have been soft reports ranging from retail sales to housing alongside low levels of unemployment and rising wages; the Fed will likely hold interest rates steady at the meeting this week, also in line with Powell’s comments last week that the central bank does “not feel any hurry” to raise rates. Meanwhile, Brexit continues to drag along unsolved, with the next vote due to take place by 20 March (“third time lucky?”). Even if the vote goes the PM’s way, it remains to be seen if a 3-month delay will lead to any meaningful results. Separately, will China’s hurried approval of a new foreign investment law smooth the way for the trade deal with the US? Trump’s statement that he was in “no rush” seems to suggest a potential delay – maybe ahead of or at the Trump-Xi meeting in June (at the G20 summit).

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