The trade war between the two largest economies of the world threatens China with rising unemployment. China said that it is ready to devalue the national currency. The current situation is already threatening the loss of 700k jobs and in the case of accepting new duties of 25% for $200bn, everything will only get worse. It may become even worse if the US implements a 25% duty on all Chinese goods, as it will cost China more than 5 million jobs and slow the economy and reduce GDP growth by 1.3%.
The US is threatened by a new hurricane approaching the East coast; authorities have already evacuated over 1 million people and more continue to leave the territory that is expected to be hit by the disaster. Furthermore, the approach of hurricane Florence can hurt the oil rigs and oil refineries located on the coast. Against the backdrop of these events, oil prices rose to their highest levels since July this year and the price for Brent crude surpassed the $79 per barrel mark.
The market of cryptocurrencies continues to decline and the second most popular currency, Etherium, has fallen to the lowest level this year, $172.
