FTSE follows US markets higher

The FTSE took its cue from the strong close in the US yesterday where the Nasdaq powered to a record high boosted by an un-seasonal rally in Tesla shares.

Brexit 9

The FTSE took its cue from the strong close in the US yesterday where the Nasdaq powered to a record high boosted by an unseasonal rally in Tesla shares. 

Concerns over the spread of the coronavirus are still keeping investors on their toes but with the fairly hard quarantine measures in place the fallout on the markets may be slightly less than initially feared. Asian markets traded slightly higher overnight and both Shanghai and Hong Kong markets closed in the black. 

In London, packaging firm Smurfit Kappa led the FTSE risers after it reported increased full year revenues and upped its dividend. On the other end of the FTSE tobacco firm Imperial Brand dropped over 5% having forecast lower profits in the next quarter because of a US regulatory ban on its vaping products. 

Oil higher as OPEC+ wrestles over output cuts

Saudi Arabia is pushing OPEC+ members hard to cut oil production in order to balance out the decline in oil prices but is running into staunch resistance from Russia. In a sign of how worried oil producers are about the fallout of the corona virus OPEC+ members convened an emergency meeting in Vienna ahead of next month’s scheduled meeting. Although Russia is still resisting a synchronized output reduction the oil market is beginning to position itself for an eventual cut and  Brent crude is trading 3.15% higher.  

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.

Open an Account