Market Recap / Summary: FX – USD firm against JPY on the big trade war news. GBP also trading stronger which seems a little odd but reflects sentiment that the final Brexit outcome will be soft (or even no Brexit at all according to some commentators).

Indices – In Asia, Nikkei, Hang Seng and Shanghai all up around +1% or more on trade war news. Us indices all closed higher (around +0.7%-0.8%) but intra-day spiked 100+ pts higher on trade war news. In Europe, stocks closed flat to slightly down, with the FTSE trading lowest -0.4%.