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Market Talk Roundup: Latest on Trump, U.S. Politics

22 Nov 2017 5:01 am

The latest Market Talks covering President Donald Trump and U.S. politics. Published exclusively on Dow Jones Newswires throughout the day.

0001 ET - Farming exports are one area where the US has a trade surplus with South Korea. The US trade surplus in agricultural products reached $6.5 billion last year, according to a report presented by the Korea Rural Economic Institute to government trade negotiators. The farming surplus is still dwarfed by an overall US trade deficit with Korea of $23 billion that President Donald Trump has blamed on a US-South Korea trade deal that he wants to change. US exports of beef, pork, oranges, cherries and almonds to South Korea have surged since the pact took effect in 2012, the report shows. (kwanwoo.jun@wsj.com; @kwanwoo)

Regulators are in the process of reviewing a guidance document governing banks' standards for leveraged loans, according to FDIC Chairman Martin Gruenberg. "FDIC: Leveraged Lending Guidance Hasn't Been Rescinded -- Market Talk," at 13:24 ET, incorrectly reported Gruenberg said regulators are working on a joint statement about the document.

1324 ET - The chairman of a federal bank regulator says his and other agencies "have not rescinded" a controversial guidance document governing banks' standards for leveraged loans. The comment from Federal Deposit Insurance Corp Chairman Martin Gruenberg, an Obama appointee, may add to confusion about the legal status of the guidance, which has been called into question by a government auditor's report. The Trump-appointed acting Comptroller of the Currency earlier this month criticized regulators' enforcement of the guidance. Regulators are in the process of reviewing a guidance document governing banks' standards for leveraged loans, according to Gruenberg. (ryan.tracy@wsj.com; @ryanjtracy)

Corrections & Amplifications

This item was corrected at 5:56 p.m. ET to show that regulators are in the process of reviewing a guidance document governing banks' standards for leveraged loans, not working on a joint statement about the document.

1242 ET - A record backlog for Jacobs Engineering has executives optimistic even though President Donald Trump's $1 trillion infrastructure plan hasn't panned out and Congress is debating an overhaul of US taxes. "The North America market has remained extremely strong, even though there's still a lot of uncertainty on the whole federal government infrastructure support bill, tax bill, etc," an executive told analysts. "The demand is there. The economy is strong. ... Robust activity across all sectors of infrastructure." Jacobs reported its fiscal Q4 EPS of 98 cents, beating Wall Street estimates of 82 cents, and a record backlog of $19.8B. Jacobs shares rise 9.5% to $64.99. (andrew.tangel@wsj.com; @AndrewTangel)

1209 ET - Nordic markets close higher with Sweden's OMXS30 index ending the day 0.8% up, the pan-Nordic OMXN40 index higher by 0.8% while Oslo's oil-heavy OBX index rose 1%. After a muted start to trade, European stocks gathered steam, finding support from a decent Asian session in which stock indexes rise sharply. Markets shrugged off political concerns in Germany after coalition talks in the country broke down. Investors also digested news that Fed Chair Janet Yellen will resign her seat on the Fed's Board of Governors once new chairman Jerome Powell is sworn in. "Yet another vacancy means that President Trump can, on the margin, gain further influence," SEB said in a note. (dominic.chopping@wsj.com)

1033 ET - Consultants FX Knowledge expect EUR/USD to rise to 1/20 by the end of the year and to 1.23 in 1Q, despite political uncertainty in Germany, as European Central Bank policy normalization "is looming." EUR/USD last trades at 1.1739. FX Knowledge's base case scenario is German Chancellor Angela Merkel ruling with a minority government. "Germany has shown in the past that it can be run relatively efficiently under a coalition government," it says. German politics "could contain the EUR potential upside" into December and early next year, but this is more likely to be "short-term noise" than a change in trend. (olga.cotaga@wsj.com; @OlgaCotaga)

0325 ET - Germany's September election may ultimately proved to have been the country's Brexit or Trump moment and be the cause of future declines in the euro, says Standard Bank. The results showed a drift to the right--like other recent European elections--but while the market has shown a measure of resilience since Macron's win in France, Merkel's inability to form a government "might prove a bit harder to brush off," says Steven Barrow, head of G10 strategy at the bank. "We have been calling for a slide to $1.10-1.15...and our confidence in this has increased a notch following the failed coalition talks." The euro remains around $1.1750. (ese.erheriene@wsj.com; @Ese_Journo)

(END) Dow Jones Newswires

November 22, 2017 00:01 ET (05:01 GMT)

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