Update 2: Bloomberg reports that President Trump is said to have decided to pull out of the Iran Nuclear Deal…
President Trump has decided to pull out of the Joint Comprehensive Plan of Action, according to a person familiar with the decision.
The initial reaction was a rise in prices but it seems the machines are exhausted…
AP also reports that President Donald Trump is following through on his campaign threat and withdrawing the U.S. from the landmark nuclear accord with Iran.
That’s according to two people familiar with the decision, who spoke on condition of anonymity because they were not authorized to speak on the record. They did not have any details on how the withdrawal would unfold.
* * *
Update 1: it’s one of those days, and anyone who said someone was about to deny the NYT report, was right, because moments ago a third news service – this time Reuters – said that according to France Trump did not give any indication what he will do on the Iran deal:
Or, as summarized on twitter:
Someone told CNN that Trump is not withdrawing from the Iran deal.
Someone else told the NYT that he is withdrawing and he told Macron.
Someone else told Reuters that France never was given an indication about what Trump will do.
Meanwhile, no news reporter did their job.
— GreekFire23 (@GreekFire23) May 8, 2018
Oil algos paralyzed amid this barrage of fake news.
* * *
Remember last week when a fake report by CNN that the US and China were about to reach an agreement during last Friday’s trade talks – when in reality nothing like that happened – sent stocks surging?
Well, CNN’s “fake news” factory was in overdrive again this morning, again moving markets and sending oil tumbling on an unconfirmed report that Trump won’t withdraw from the Iran deal. Well, just moments later oil shot up after this time it was the NYT denying CNN’s report
From the NYT:
President Trump told President Emmanuel Macron of France on Tuesday morning that he plans to announce the withdrawal of the United States from the Iran nuclear deal, according to a person briefed on the conversation.
Just as notably, the NYT also reports that “the United States is preparing to reinstate all sanctions it had waived as part of the nuclear accord — and impose additional economic penalties as well” and adds that “the talks collapsed over Mr. Trump’s insistence that sharp limits be kept on Iran’s nuclear fuel production after 2030. The deal currently lifts those limits.”
Mr. Trump’s decision, while long anticipated and widely telegraphed, plunges America’s relations with European allies into deep uncertainty. They have committed to staying in the deal, raising the prospect of a diplomatic and economic clash as the United States reimposes stringent sanctions on Iran.
It also raises the prospect of increased tensions with Russia and China, which also are parties to the agreement.
In kneejerk response, oil promptly jumped, retracing half of its losses following the CNN report as oil traders and algos try to handicap whose news is real and whose is fake.
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