MACRO FRONT

Economic tensions between China and the US grow.

Echoes of the trade war were heard overnight as U.S. trade representative Katherine Tai vowed to enforce Phase 1 of the trade deal with China. Under the pact, Beijing pledged to buy at least $200B more U.S. goods and services over 2020 and 2021, compared to 2017, though as of August, China had only reached 62% of that target, based on export data compiled by the Peterson Institute for International Economics. Tai also said there were "serious concerns" about the country's "state-centered and non-market trade practices" - which were not addressed under the current framework - but would "raise these broader policy concerns with Beijing."