Last week Larry Kudlow, the White House Chief Economic Advisor, hinted that Jean-Claude Juncker (head of European Commission) would be coming to Washington with some concessions on trade.
The Trump/Juncker meeting went down today. And Juncker said in the post-meeting statement that he came with the intent of making a deal, and “he made a deal.” Now, the media will pick apart the nuances of what was agreed to and what is still in negotiation, but this is a major turning point in the perception of the U.S. trade offensive.
A “deal” is movement. And movement equals success. Concessions out of Europe pave the way to more concessions globally. That signal should trigger a big and sustained rally in global markets.
One particular market to watch is copper. Copper is the first place you should look if you think the world is escaping the sluggish post-crisis growth period, and possibly entering an economic boom period. It has been sensitive to the global trade disputes. A clearing of that, would resume what should be a multi-year bull market in copper.
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