FTSE a touch higher at the end of a grim week
Fiona Cincotta October 4, 2019 10:12 AM
The FTSE seems set to close just off the weekly lows as it finds reasons to nudge slightly higher.
The FTSE seems set to close just off the weekly lows as it finds reasons to nudge slightly higher. Changes at the helm of BP where the chief executive will retire in March were greeted with a modest uptick in the share price. With the pound a touch stronger against the dollar most other gainers are the UK-consumer focused companies like Experian and Rightmove.
Asian markets were in a wait-and-see mode ahead of US non-farm payroll and September unemployment data later today with flows already reduced as China remains closed for National Day celebrations. China will continue the celebrations and market closures into next week and the Shanghai stock exchange will remain closed on Monday.
Sterling, dollar look to US jobless data later Friday
This week’s US factory data pressed the panic button on US stock markets and Friday’s job figures will be key for the next trade direction. According to Richard Clarida, the second-in-command at the Federal Reserve, the probability of a recession is not high if the Fed can set the right interest rate policy. The selloff earlier this week shows how twitchy the markets are over any slowdown in US growth. For the moment the dollar is weaker again against most majors, including the pound.
Yesterday’s signs of a recovery after the PM presented his latest Brexit plan were quickly doused with cold water by skeptical comments from the EU negotiators. Still, the pound is marginally higher on the week, if for no other reason on hopes that the no-deal option will remain off the table.
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.