US: Trump's Approval Rating Steady But Vulnerable On The Economy
Aug-20 17:47
A new YouGov survey has found: “Far more Americans disapprove than approve of how Trump is handling jobs and the economy (53% vs. 39%). This is a net approval on the issue of -14, the lowest net approval on the economy in Trump's second term. The -14 net approval on Trump's handling of jobs and the economy is also far worse than Trump received at any time during his first term.”
- The survey comes as Trump's trade agenda threatens to translate into higher prices for consumers. Axios writes: “The corporate price dam is cracking — companies are raising them, or signaling that increases are coming, to absorb some of the costs of the Trump administration's tariffs.”
- Despite Trump's weakness on the economy, Trump's overall approval rating has been holding steady for the past few weeks. Silver Bulletin writes: "213 days into Donald Trump’s second term. And as of today, 42.2 percent of Americans approve of the job Trump is doing and 52.3 percent disapprove. That’s a net approval rating of -8.1, which isn’t much different from where Trump has been over the past few weeks."
Figure 1: “Net approval of Donald Trump's handling of the economy in his first term and second term”
Source: YouGov
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SECURITY: Ukraine-Russia Meeting Planned Wednesday: Bloomberg
Jul-21 17:46
*ZELENSKIY: MEETING WITH RUSSIA IN TURKEY PLANNED FOR WEDNESDAY - bbg
BONDS: EGBs-GILTS CASH CLOSE: Bull Flatter On Trans-Atlantic Tariff Threats
Jul-21 17:39
European curves bull flattened Monday.
- The EGB / Gilt rally started overnight following a weekend Bloomberg report that the EU was set to formulate a plan to retaliate against the US in case of a "no deal" scenario on tariffs by the White House-set Aug 1 deadline.
- This followed Friday's FT report that US President Trump was seeking a minimum 15-20% EU tariff.
- Indeed the trade conflict appeared to be a broader undercurrent, with some anticipation of the swiftly-approaching Aug 1 date more broadly boosting long-end FI and weakening the USD (although a rise in equities appeared to be an outlier in this move).
- Helping the bullish move follow through in mid-afternoon was a well-received BoE long-end APF sale which saw bull flattening extend.
- Carrying on from last week's trend, Gilts underperformed, but both the UK and German curves bull flattened on the day.
- Periphery and semi-core EGB spreads tightened, with 10Y OAT/Bund down more than 2bp.
- This week's calendar highlights include flash PMIs and of course the ECB decision Thursday - our preview of the latter will be out Tuesday.
Closing Yields / 10-Yr EGB Spreads To Germany
- Germany: The 2-Yr yield is down 4.6bps at 1.824%, 5-Yr is down 7.2bps at 2.168%, 10-Yr is down 8.2bps at 2.613%, and 30-Yr is down 9.3bps at 3.139%.
- UK: The 2-Yr yield is down 3.3bps at 3.869%, 5-Yr is down 5.4bps at 4.035%, 10-Yr is down 7.1bps at 4.603%, and 30-Yr is down 8.3bps at 5.428%.
- Italian BTP spread down 1.8bps at 83.7bps / French OAT down 2.5bps at 67.9bps
MNI EXCLUSIVE: Interview with British Columbia's Energy Minister
Jul-21 17:35
- MNI interviews British Columbia's energy minister on energy sector projects -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
