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UK markets look past botched reshuffle

Stocks in Europe look set for a mostly weaker open on Tuesday following a more muted session on Wall Street. The FTSE 100 looks set for a positive open as UK markets look past PM Theresa May’s botched cabinet reshuffle. Bullish moves in commodities are underpinning the Basic Resource sector while other parts of the market appear to be pausing for a breath after a strong first week of the year. European banks with large operations in the US are pricing in a weaker set of Q4 numbers thanks to the short term impact of the new US tax plan.

 

In the absence of major drivers there were more record highs on Wall St. The S&P500 and Nasdaq made new records. The exception was the Dow, which was dragged down by healthcare stocks after a few weak updates from biotech firms. Attempts to undermine the Presidency over the mental health questions do not seem to be bothering stock markets. Talk that Trump may look to up the ante with China over trade could become a bigger theme in the coming days. New tarrifs on trade would be the protectionist side of Trump that markets feared before his election.

 

The dollar is staging a small comeback as the British pound and euro edge back from multi-year highs. Technicals are taking centre stage before a key inflation data at the end of the week. The inability of EURUSD to take out the old highs near 1.21 has led to a temporary capitulation of euro bulls.

 

Forex markets appear to be assuming Theresa May can live another day following a botched reshuffle of her cabinet. The British pound is flat against the dollar and up against the euro since two of the Prime Minister’s cabinet refused to change jobs in the reshuffle. Jeremey Hunt will remain where he is as Health Secretary and Justine Greening quit.

 

Gold was rebounding on the dollar’s fall, though a calmer geopolitical climate may be limiting its rise. North Korea will send officials and athletes to the Olympics in South Korea in a sign of improving relations in Korea. The US oil price hit its highest since 2015 after data showed the number of US oil rigs declined last week. Any sign US producers are dragging their feet to increase output in reaction to a higher oil price is bullish for oil.

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
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9-12-2020

S&P 500 closes over 3,700
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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