Daily Finance & Global News 28th August 2020 | NIKKEI, OIL PRICE, US DOLLAR

1. Trump Promises Tariffs On Companies That Leave U.S. To Create Jobs Overseas. U.S. President Donald Trump said on Thursday that if he was re-elected, his administration would impose tariffs on any company that leaves the United States to create jobs elsewhere. "We will impose tariffs on any company that leaves America to produce jobs overseas," Trump said in his acceptance speech at the Republican National Convention. "We'll make sure our companies and jobs stay in our country, as I've already been doing. Joe Biden's agenda is Made in China. My agenda is Made in the USA." 2. Economic Data Watch : Core Pce Price Index And U.S. Baker Hughes Oil Rig Count. The Federal Reserve’s favorite inflation gauge, personal consumption expenditures excluding food and energy, are due in the morning at 8:30 AM EST. The core PCE price index is seen posting a rise of 0.5%, with an annual rate of 1.2% for July, compared to 0.9% in the previous month. Baker Hughes Oil Rig Count will be out at 1 PM EST. The active rig count acts as a leading indicator of demand for oil products. 3. Dollar Climbs Against Yen As Fed's Inflation Shift Drives Yields Higher. The dollar hit a two-week high against Japan's yen on Friday, supported by U.S. bond yields, which rose on the Federal Reserve's aggressive new strategy to lift employment and an increased tolerance for higher inflation. Investors in Asia are also keenly awaiting a briefing from Japanese Prime Minister Shinzo Abe later in the day, as worries about his health fuelled wider concerns about his leadership and what that might mean for economic relations with the United States. The safe-haven yen fell against the dollar, dropping 0.26% to 106.695 per dollar , its lowest since Aug. 14 and edging near this month’s low of 107.05. 4. Oil Drifts Down As U.S. Producers, Refiners Avoid Worst Of Storm. Oil prices fell on Friday as a massive storm raced inland past the heart of the U.S. oil industry in Louisiana and Texas without causing any widespread damage to refineries. U.S. West Texas Intermediate (WTI) crude futures fell 6 cents, or 0.1%, to $42.98 a barrel. However WTI is on track to rise 1.5% rise this week, for a fourth straight week of gains. Brent crude futures for October, set to expire on Friday, fell 2 cents to $45.07 a barrel, heading for a weekly gain of 1.6%. The more active November contract rose 1 cent to $45.61. 5. Nikkei Tumbles, Yen Firms On News Japan's Abe Will Resign. Japan's Nikkei fell as much as 2% before recouping some losses and the yen rose on Friday on news that Prime Minister Shinzo Abe was set to resign. A person familiar with the matter said Abe, the nation's longest serving premier, had decided to step down. #GlobalNews OIL_PRICE #USDOLLAR