FTSE up marginally as UK mulls constitutional crisis
Fiona Cincotta August 30, 2019 5:20 AM
US markets pick up after conciliatory China comments
US markets were cautiously positive overnight, with their biggest one day showing in a fortnight (S&P up 1.27%). All eyes remain firmly on the developments in the Sino-US trade talks. No further reaction from Beijing has been forthcoming to the latest moves by the Trump administration.
Sterling takes a breather as UK opposition seeks debate
In the currency markets, traders were taking a breather after PM Boris Johnson prorogued Parliament earlier in the week. Sterling is currently holding its own against other currencies, but that will be just until further news flows out of Westminster.
Opposition leaders said they would be working over the weekend to develop their next move against a government that is seeking to keep Brexit debate time to an absolute minimum ahead of the UK scheduled exit on 31 October.
It is highly unlikely that Parliament and the increasingly cohesive opposition will roll over quietly, so expect more fireworks next week (the Labour party is already seeking an emergency debate). One strong possibility is a vote of no confidence in the government.
Silver is gathering speed
In the commodities markets silver has been picking up speed and outpacing gold in the last week or so, up 13% in August. This is partly being driven by ETF buying, in turn reflecting interest from investors in the silver market as stock markets look increasingly choppy.
Please note this product may not be available to trade in all regions
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.