Market Brief: Pound Pounded Ahead of Tomorrow’s UK Supreme Court Decision

Matt Weller
By :  ,  Head of Market Research

  • FX: The pound was the weakest major currency today ahead of the UK’s Supreme Court’s ruling on Parliament’s prorogation tomorrow morning; separately, the EU’s chief Brexit negotiator Michel Barnier said that there was “no basis for a deal.” The New Zealand dollar was the day’s strongest major currency.
  • US data: Markit’s Manufacturing and Service PMI figures both came in near 51, signaling slow growth, though the Services employment component did drop into contractionary territory for the first time since 2010.
  • Commodities: Both oil and gold gained about 1% on the day.

  • US indices closed mixed in a generally quiet session as traders awaited new Brexit developments and more clarity in US-China trade tensions.
  • Consumer Staples (XLP) were the strongest major sector on the day, while Health Care stocks (XLV) brought up the rear.
  • Stocks on the move:
    • Embattled online retailer Overstock.com (OSTK) dumped another -25% after the company revised down its guidance for Q3.
    • Nike (NKE) gained 1% ahead of tomorrow’s after-the-bell earnings report.

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