LBLV U.S. Navy reaches agreement with General Dynamics 2019|05|11

LBLV provides an overview of economic news.

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The main economic news for Tuesday, November 5:

1. Giuliani associate willing to comply in Trump probe
Lev Parnas, an indicted Ukrainian-American businessman who has ties to President Donald Trump’s personal lawyer, Rudy Giuliani, is now prepared to comply with requests for records and testimony from congressional impeachment investigators, his lawyer told Reuters on Monday. Parnas, who helped Giuliani look for dirt on Trump’s political rival, former Vice President Joe Biden, is a key figure in the impeachment inquiry that is examining whether Trump abused his office for personal political gain.

2. Oil steadies after gains driven by trade optimism
Oil prices steadied on Tuesday as investors kept an eye on U.S. inventory data due later, following two days of gains on positive economic data and hopes for a U.S. – China trade deal. Brent crude futures were up 4 cents at $62.17 a barrel; WTI crude futures were down 1 cent at $56.53 a barrel. U.S. crude oil inventories were forecast to have risen last week, while refined products stocks likely declined, a preliminary poll showed on Monday.

3. U.S. Navy reaches agreement with General Dynamics
The U.S. Navy has reached an agreement with General Dynamics on a multibillion-dollar deal to buy the next batch of Virginia-class attack submarines, according to the service. After protracted negotiations, the deal was cut from 11 submarines to nine, with options to buy a 10th and 11th vessel by 2023, because funding was running more than $1 billion short, according to service documents and congressional correspondence. The value of the resulting agreement wasn’t immediately disclosed.

4. Dollar increases on trade deal hopes
The U.S. dollar advanced against the yen on Tuesday thanks to growing optimism the United States and China are on the verge of reaching a preliminary agreement to scale back their bruising trade war. In recent days, Beijing and Washington have given encouraging signs of progress in trade talks. The U.S. government is considering dropping some tariffs on Chinese goods, the Financial Times reported on Monday. Both countries have slapped tariffs on each other’s goods in a trade war that has dragged on for 16 months and raised the spectre of a global recession.

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