Oil, Brexit weigh on FTSE
Fiona Cincotta October 29, 2019 10:25 AM
The FTSE is trading almost half a percent lower this morning on a mix of corporate results and lingering uncertainty over Brexit.
The FTSE is trading almost half a percent lower this morning on a mix of corporate results and lingering uncertainty over Brexit. The oil sector took the hardest hit with BP reporting a 41% drop in net profits on a mix of lower oil prices during the last quarter and impairment charges linked to the sale of one of its US units.
Election vote to be repeated Tuesday
Though the Prime Minister lost the vote on a general election on Monday, MPs will vote again on Tuesday on what is legally a different proposal which amounts to the same thing. The vote on Monday required the PM to have a two-thirds majority for the election to go ahead, the vote on Tuesday is a much more simple affair with only one-line bill which requires only a simple majority to pass. The currency market seems fairly cautious about the prospect of a general election and its potential outcomes with the pound sliding to $1.2818. Sterling is also weaker against the dollar, down 0.20%.
Dollar firms ahead of Fed rate meeting
The dollar is a touch stronger as the Federal Reserve goes into its rate setting meeting Tuesday which is widely expected to conclude with another rate cut, possibly the last one for the moment as the central bank monitors the slowing growth of the US economy. US GDP data later this week is expected to show a mild contraction in growth from 2% in the previous quarter to around 1.8% in the third.
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.