The farce that is this “market” just took a whole new turn for the surreal.
As we reported earlier, the reason why stocks surged just after 5am EDT is because of a CNBC headline, according to which the US Treasury Secretary said that a US-China trade deal “is” – present tense – 90% complete: a clear indication that a trade deal with China is once again a possibility.
This was quickly propagated by Bloomberg…
- U.S. TREASURY SECRETARY STEVE MNUCHIN SAYS U.S.-CHINA TRADE DEAL IS 90% COMPLETE
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… which triggered a flurry of algo buying.
Doubling down, CNBC also tweeted as much saying in a (since deleted) tweet that:
“Treasury Secretary Steven Mnuchin says a U.S.-China trade deal is “about 90% of the way there.” https://t.co/3Q0wvJKKxD pic.twitter.com/of6yH5y3rs”
The problem: CNBC made a huge grammatical mistake, because instead of saying “is”, Mnuchin was actually using the past tense, and what he really said – for those who listened to the video – is that “we were about 90% of the way’ on China trade deal.
CNBC also promptly deleted its tweet which said the deal “is” 90% completed, and the current on CNBC headline now says “Mnuchin: ‘We were about 90% of the way’ on China trade deal and there’s a ‘path to complete this.”
The deleted tweet was also revised:
“We were about 90% of the way” on a China trade deal and there’s a “path to complete this,” U.S. Treasury Secretary Steven Mnuchin says. https://cnb.cx/2IL7EMc
So basically Mnuchin said absolutely nothing new, and not only that, he did not provide any optimism that a deal was coming, but as we said earlier, was merely recapping what was already known.
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