FTSE drops as property firm shares sink
Fiona Cincotta October 10, 2019 5:13 AM
The FTSE is in the red this morning courtesy of a 5.5% decline in the share price of house builder Barratt Developments which was triggered by fresh data showing declining sales in the UK housing market.
The fact that Brexit is eroding UK housing sales is no longer news, but as it has been going on for close to three years now and as the current tensions between the Prime Minister and Europe are offering no clear end point to the situation, the damage to property businesses is beginning to assert itself more and more.
The data is showing that price declines are worst in the London area with the rest of the country holding slightly better.
Miners gain on hopes of trade talk progress
Among the FTSE gainers, miners are holding the top three spots following a Bloomberg report saying that the Trump administration is getting ready to offer a partial trade deal to China. With China being by far the biggest buyer of metals even a partial resolution to the Sino-US tensions would boost expectations of forward demand for metals.
The pound has regained some bounce in its step ahead of a meeting between Boris Johnson and his Irish counterpart in an attempt to fine-tune the Brexit proposal into something that would be workable for both countries and acceptable for the EU. Sterling is trading up 0.3% against the dollar but is nearly flat against the euro.
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.