Market Brief: BoJo Pushes for a December Election…Again
Matt Weller, CFA, CMT October 28, 2019 4:09 PM
View our guide on how to interpret the FX Dashboard.
- 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%.
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.