FTSE slides lower on Brexit deadlock Chinese data

The FTSE started the week in a more downbeat mode as Brexit negotiations failed to make any progress over the weekend and Chinese data showed how much damage the Sino-US tariff war is doing to the country’s trade. Chinese imports have now been shrinking for five months and the September data showed a deeper contraction than in previous months.

Although the US and China made some progress late last week and President Trump suspended tariffs due to come in in mid-October the damage from the existing trade restrictions are being felt.

Sterling drops as talks reach deadlock

The pound has dropped like a pebble overnight after Brexit negotiations didn’t lead to any significant progress over the weekend. Sterling had bounced to levels not seen since the beginning of the year after Boris Johnson and his Irish counterpart indicated that they might have a solution to the Brexit deadlock. However, hopes of a resolution were dashed after EU negotiators commented that the are not getting even into the ballpark range of where they would like to be with negotiations. This gives Boris Johnson only one more week to pull the rabbit out of the hat. The pound has in the meantime slipped back to 1.2565.

Oil slides on weak Chinese data

With the situation in the Gulf seemingly quiet for the moment the oil market’s focus has turned back to the slowing global demand. Prices are coasting along the $60 level but activity is fairly unconvincing.

From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.

FOREX.com is a trading name of StoneX Financial Pty Ltd.

The material provided herein is general in nature and does not take into account your objectives, financial situation or needs.

While every care has been taken in preparing this material, we do not provide any representation or warranty (express or implied) with respect to its completeness or accuracy. This is not an invitation or an offer to invest nor is it a recommendation to buy or sell investments.

StoneX recommends you to seek independent financial and legal advice before making any financial investment decision. Trading CFDs and FX on margin carries a higher level of risk, and may not be suitable for all investors. The possibility exists that you could lose more than your initial investment and CFD investors do not own or have any rights to the underlying assets.

It is important you consider our Financial Services Guide and Product Disclosure Statement (PDS) available at www.forex.com/en-au/terms-and-policies/, before deciding to acquire or hold our products. As a part of our market risk management, we may take the opposite side of your trade. Our Target Market Determination (TMD) is also available at www.forex.com/en-au/terms-and-policies/.

StoneX Financial Pty Ltd, Suite 42.01, 264 George Street, Sydney, NSW 2000 (ACN 141 774 727, AFSL 345646) is the CFD issuer and our products are traded off exchange.

Delayed London Stock Exchange (LSE) Data

The London Stock Exchange (LSE) market data displayed or referenced on this website is provided on a delayed basis and is not in real time. The delay period may vary but is typically at least 15 minutes. This data is intended for information purposes only and should not be relied upon for trading, investment, or other financial decisions. We do not guarantee the completeness, reliability, or suitability of the data for any particular purpose. Users should consult real-time data sources and obtain professional advice before making any financial decisions.