Market Brief: BoJo Pushes for a December Election…Again

Matt Weller
By :  ,  Head of Market Research

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  • The EU granted a 3-month Brexit “flextension” to the UK, much to BoJo’s chagrin. In Parliament, Tories, the SNP, and Lib Dems are pushing for an election ahead of the holidays, though Labour remains opposed as long as no-deal Brexit remains on the table. Another election vote looms tomorrow.
  • President Trump noted that the US-China “Phase One” trade deal was ahead of schedule, boosting risk appetite across the board.
  • FX: The pound and aussie were the strongest major currencies on the day, while the Japanese yen brought up the rear, taking USD/JPY to it’s highest closing level since late May.
  • Commodities: Both gold and oil edged lower on the day after selloffs in the late morning of the US session.
  • US indices closed at record highs today, boosted by optimism around a potential US-China trade deal.
  • Technology (XLK) was the strongest major sector again today, while Utility stocks (XLU) were the weakest.
  • See the key themes and events we’ll be watching this week!
  • Stocks on the move:
    • AT&T (T) jumped 4% after exceeding earnings estimates.
    • Jeweler Tiffany and Company (TIF) surged 32% after announcing it received an acquisition proposal from LVMH for $120/share.
    • Recent IPO Beyond Mean (BYND) booked its first ever profit but still failed to impress traders. The stock is trading down -4% in volatile after hours trade.
    • Google parent company Alphabet (GOOG) reported just $10.12 in EPS, vs. $12.35 expected. The stock’s initial reaction is -1%.
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