Market Brief: Risk Assets Recover, but Trade Uncertainty Remains
Matt Weller, CFA, CMT August 26, 2019 4:04 PM
See a summary of the top market themes and trends from today's US trading session!
- Risk assets rallied today after President Trump indicated that China was willing to come back to the negotiating table over trade tensions (a claim that China disputes, but that ultimately might not matter for traders).
- FX: Risk-sensitive currencies like the Australian and Canadian dollars led the way higher, while the safe haven Japanese yen was the day’s weakest performer.
- Commodities: Gold was essentially flat on the day. Oil dipped about 1%.
- US indices closed around 1% higher on US-China trade talk optimism. Time will tell if the latest developments mark a turning point or merely a short-term bounce off support.
- See the key data releases and market trends we’ll be watching over the rest of the week!
- Stocks on the Move:
- Biotechnology company Amgen (AMGN) rallied 3% after announcing a deal to buy Celgene’s (CELG, +3%) Otezla subsidiary for $13.4B. Bristol-Myers Squibb (BMY, +3%) said the deal was necessary for regulatory approval of its pending acquisition of Celgene.
- Pitney Bowes (PBI) lost -8% on news that it was selling its software solutions business to data company Syncsort.
- Dish Network (DISH) rallied 4% after an analyst at Raymond James upgraded the stock.
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.