FTSE opens up, Hong Kong goes to the polls
November 22, 2019 11:59 AM
FTSE is trading higher, being led by Glencore and Spirax-Sarco Engineering, both up over 2% on the morning
The FTSE is marginally up this morning att 0.85%. The index is being led by Glencore and Spirax-Sarco Engineering, both up over 2% on the morning. Other gainers include Monzi, Bunzl and Coca Cola.
In Asian markets the Hang Seng and Nikkei both closed up. This is the last day of trading prior to elections in Hong Kong at the weekend which are being seen as a barometer of how much support demonstrators in the territory enjoy from the public at large. The Hang Seng finished the day up 128 points. In the background we have the ongoing US-China trade talks with Chinese premier Xi Jinping telling a conference today that his country was still working hard resolve the trade war.
Pound falls on Labour manifesto
The big focus in the UK has been on the Labour Party’s manifesto, which was published yesterday. Special attention is being paid to just how radical it is and what sort of damage Labour could potentially inflict on UK PLC, particularly around privatization and taxation policies. The reaction of the pound seems to have been negative, with sterling plunging this morning from 1.293 to 1.286 vs the USD having been largely range bound yesterday.
German economy dodges recession
In Europe it’s all about the German economy at the moment and what that could do to the Eurozone if it slipped into recession. Luckily Germany’s Federal Statistical Office confirmed this morning that the national economy was still growing in Q3, up 0.1%. The fact that many EUR traders were so focused on that confirmation shows just how close things stand. A number of other indicators – and influential European economists – had been predicting a recession. Despite some heavy selling of the EUR early this morning, it is now climbing back towards 1.106 vs the USD.
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.