Today’s Main Market Movers
Yesterday marked the official start to Britain’s exit from the European Union. Article 50 of the Lisbon treaty has been invoked, commencing the two-year negotiation period to unravel the long-standing ties between Britain and the continent.
As UK prime minister Theresa May signed the letter to trigger the divorce, the pound slumped. Although, this morning sterling is slowly inching upwards at 0.864 against the euro.
A media report stated that the ECB’s policies were misinterpreted. The central bank is unsure that any changes to monetary policy will be made in April’s meeting.
The euro hit a low of $1.0732.
Meanwhile, Federal Reserve member Eric Rosengren confirmed that the central bank would be open to raising rates up to four times this year to help fight against inflation.
US pending home sales jumped 5.5% yesterday, the most since July 2010.
The dollar is up 0.19% as a result.
We haven’t heard the last of Donald Trump’s alternative to Obamacare. US House Republicans are mulling over another attempt to pass ‘Trumpcare’ through congress after a failed effort last week.
Stock Market News
Stocks have their eye on a fifth month of gains. Investors have developed a palette for risker assets, tipping up the value of global stocks to $71 trillion. The Trump Trade has exhibited some resilience this past month. Strengthening global growth has underpinned the rally, acting as a buffer when bearish traders start to take hold. However, equities are slipping as we go deeper into the trading day.
- CAC 40 down 0.088% at €5059.50
- DAX 30 up 0.02% at €12233.50
- FTSE 100 down 0.2% at £7290.00
- FTSE MIB down 0.27% at €19785
- S&P 500 down 0.12% at $2354.00
- DJ 30 down 0.04% at $20579.00
- Nasdaq 100 down 0.08% at $5430.75
Commodity Corner
Crude oil inventories showed a decrease in storages. Crude oil is in slight of its target mark of $50, now trading at $49.65.
The bullish equities market pushed down the price of gold. The precious metal is now trading at $1249.86.
News Today
12:30 GMT Unemployment Claims