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Trade Truce Rally Runs Out of Steam

The global rally in equities continued through to the US session with Wall Street closing higher. The Dow finished up over 200 points as investors expressed elation with the outcome of the meeting between Trump and President Xi, and the temporary trade truce. However, the euphoria was wearing thin by the end of the US session, with the Dow ending some 200 points off its session high. Those looking hard enough for some indication of caution would have also seen the slight dip in Treasury yields below 3%.

Asian markets fell overnight as the trade truce relief rally ran out of steam. Investors questioning whether the US and China will be capable of reaching a trade deal within the 90-day truce period hit sentiment, dragging riskier assets lower.

The initial relief rally was never going to last, investors need more detail now in order for that risk on sentiment to survive. So far, that detail has not been coming through and investors have more questions than answers. Once again, we find ourselves on that familiar territory of trading sentiment fluctuations stemming from trade war headlines.

Oil Extends Gain on Supply Cut Hopes

Oil prices continued to rally in early trade. After charging over 5% higher in the previous session, oil was up a further 0.7%. Trade truce news and hopes of a supply cut are boosting oil. With just days to go until the next OPEC meeting, traders are growing increasingly certain that Saudi Arabia and Russia will deliver a substantial supply cut in an attempt to bring the supply glut under control.

This will be the last OPEC meeting for Qatar after deciding to leave the cartel. Whilst Qatar is one of the smallest producers in OPEC, the move brings a level of uncertainty at a highly critical time.

Pound Higher vs. Dollar Ahead of Carney’s Appearance

All things Brexit will continue to dominate for pound traders. The pound was trading steadily higher versus the dollar in early trade, however, this is more of a dollar weakness story rather than any noticeable strength in sterling.

Today, BoE Governor Mark Carney & Co. will take the hot seat before the Treasury select committee to discuss the central bank’s analysis of Brexit. In all of Mark Carney’s recent appearances, he has given stark warnings over the impact of Brexit and particularly a no deal Brexit on the British economy. The pound is looking battered after falling versus the dollar for 4 straight sessions and we don’t expect an uplifting tone from Carney. Whilst the information he gives is not expected to be new, it is almost certainly going to make an already jittery market more nervous.

Aside from Mark Carney, pound traders could glimpse towards construction PMI. This is forecast to slip lightly in November to 52.5, down from 51.5.



The information and comments provided herein under no circumstances are to be considered an offer or solicitation to invest and nothing herein should be construed as investment advice. The information provided is believed to be accurate at the date the information is produced. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please note that 79 % of our retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing money.

The information and comments provided herein under no circumstances are to be considered an offer or solicitation to invest and nothing herein should be construed as investment advice. The information provided is believed to be accurate at the date the information is produced. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please note that 71% of our retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing money.

14-12-2020

GBP jumps on Brexit talks extension
The British pound has jumped in early trading this week after the UK Prime Minister and EU Commission President agreed to extend Brexit talks beyond Sunday. MARKETSThe S&P 500 fell on Friday, wrapping up a losing week, as the outlook for additional fiscal… Read more

10-12-2020

AirBnB IPO today
At its IPO price of $6 per share, Airbnb ABNB, is expected to raise at least $3.5 billion with an initial market capitalization topping $40 billion. MARKETSStocks fell on Wednesday, retreating from the record highs set earlier in the day, as tech shares strug… Read more

9-12-2020

S&P 500 closes over 3,700
MARKETSThe S&P 500 closed above 3,700 for the first time ever on Tuesday as Pfizer started to roll out its coronavirus vaccine in the U.K., lifting hope of the economy recovering in the near future. The Dow Jones gained 0.4% while the Nasdaq Composite clim… Read more

8-12-2020

Global stock market cap reaches $100 trillion for 1st time
The value of all the stocks in the world put together has reached a giant $100 trillion for the first time. MARKETSThe Dow fell 0.69% Monday, led by Intel and broad-based weakness in value stocks as rising Covid-19 restrictions offset optimism over an imminen… Read more

4-12-2020

Pfizer vaccine supply chain problems
MARKETS The S&P 500 fell slightly from record high. Major U.S stocks indices cut gains quickly in the final hour of trading after Dow Jones reported Pfizer now expects to ship half of the doses it had previously planned this year after finding raw materia… Read more

2-12-2020

Dollar Purge Continues
The US dollar dropped to fresh two-and-a-half year lows on Tuesday, with EUR/USD rising above the widely-watched 1.20 handle. MARKETSNews• Stocks in Asia-Pacific were mixed in Wednesday morning trade after major indexes on Wall Street surged to record highs o… Read more

1-12-2020

Bitcoin hits record high
The price of Bitcoin climbed 8.7% on Monday to reach a fresh record high of $19,857.03 - overtaking its previous peak made in 2017. MARKETSNews• Asia stocks rise as the Caixin/Markit manufacturing Purchasing Managers’ Index for November came in at 54.9 — its… Read more

30-11-2020

OPEC meeting starts
Today OPEC+ begin a 2-day meeting to decide whether to begin producing an extra 2 million barrels per day of oil, or delay for another 3-6 months. MARKETSNews• Asia-Pacific markets are mixed this morning while S&P 500 futures are down half a per cent. Ind… Read more