Today’s Main Market Movers
Brexit is taking centre stage this morning. The United Kingdom will start the official process to leave the single market. Prime minister Theresa May will trigger Britain’s exit from the European Union, the pound has decreased as a result. Sterling is down 0.23% against the dollar. The weaker pound is not enough to lift the FTSE 100 however. The index is down 0.06% at £7285.00.
The dollar is firmer this morning after better-than-expected consumer confidence data. The actual number far surpassed expectations at 125.6.
The positivity has spread to equities. Global equities are setting up for a fifth consecutive month of gains, despite the bearish tones that swept markets in March.
- CAC 40 is up 0.05% at €5059.50
- DAX 30 up 0.34% at €12250.50
- S&P 500 up 0.13% at $2355.25
- DJ 30 up 0.08% at $20648
Commodity Corner
Crude oil is clasping onto gains for the second day in a row. A barrel of the black stuff can now be bought for $48.75. Crude oil inventories will be released later today. Storages are estimated to come in at 1.2M.
Executives from some of the world’s leading oil traders stated that they believe OPEC will continue to curtail production, as long as Russia decreased their supply of the commodity.
Gold has pared some of the gains made earlier in the week. The precious metal is now at $1250.00.
News Today
A flurry of home data is coming out today. Starting with UK Mortgage Approvals at 09:30 GMT. We have Pending Home Sales from the US at 15:00 GMT.
FOMC Member Evans Speaks at 13:20. If the policymaker hints at a more hawkish approach to monetary policy in the US, the dollar may rise.