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With trade tensions deepening between the U.S. and China the foreign ministers of both China and Australia met with the aim looking to deepen their bilateral comprehensive strategic partnership leading to zero tariffs between the two nations.

Fitch Ratings downgraded its outlook for Mexico’s sovereign debt on Wednesday with the catalyst the decision by president-elect Andrés Manuel López Obrador to cancel a $13bn new airport project this week.

The Italian government has ostensibly rebuked the technocrats of Europe by what what the EU calls Italy's planned budget deviation as 'unprecedented'. The EU's Moscovici handed Italian finance minister Tria a letter outlining EU concerns

Australia's AAA sovereign rating was affirmed by S&P Global Ratings and the outlook was revised up to 'stable' from 'negative'. The Australian dollar strengthened against most major counterparts on Friday. S&P expects the federal budget balance to return to surplus by the early 2020s.

The Trump administration has announced after failing to resolve trade matters with China it will impose tariffs on approximately $200 bln worth of imports from China effective Sept. 24

The emerging markets known as the 'fragile five'; Brazil, India, Indonesia, South Africa and Turkey have shown that contagion is unavoidable when you are a high interest-rate economy with a trade deficit dependant on foreign capital to balance its books. 

After months of negotiations the United States and Mexico have replaced the previous NAFTA agreement with the United States - Mexico Trade Agreement. Canada was not part of the deal, they maybe added later, or not. The pressure is now on the Canadians.

Australia economically is resurgent however Australian politics are in chaos after Prime Minister Malcolm Turnbull resigned with a four way leadership showdown Friday. Australia has ruffled China with it's 5G decision to block Chinese carriers. 

Following on from last week's $15 billion financial package Qatar and Turkey central banks announced a currency swap agreement to provide liquidity and support for financial stability.

The Turkish crisis escalated over the past week and has sent flight risk contagion ripples through emerging markets. The fallout extends to those that are Turkey's biggest lenders. There are five banks most exposed with Spains BBVA the most at risk

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