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Overnight market action was muted as investors contemplated the effects of a more dovish Federal Reserve and imminent trade talks between China and the US.
Trade issues continue to dominate markets in the lead up to Friday’s G-20 meeting. The British pound slumped again and the US dollar rose as currency traders assessed comments from Whitehall and the White House. Bonds steadied and stocks were mixed as investors focussed on domestic exposures.
The overnight market action suggests market sentiment revived on higher risk appetites. On one hand, gold fell and the Japanese Yen weakened sharply, signalling investors are shifting away from safe-haven assets.
By Jonathen Chan, market analyst, CMC Markets and Stockbroking
Pro-growth moves lifted markets around the globe in overnight trading. Oil prices bounced after recent pressure, base metals rose and commodity currencies dominated forex gains. Shares rallied in Europe and the US, despite the rejection of Italy’s budget proposals by the European Union.
Rising global growth fears smashed oil markets and saw European and US shares slide. Tensions between China and the US are cruelling market sentiment. The pressure fell across the economic spectrum.
By Jonathen Chan (market analyst, CMC Markets and Stockbroking)
By Michael McCarthy, chief market strategist, CMC Markets and Stockbroking
The British Pound was thumped in overnight trading as four ministers resigned from Prime Minister May’s cabinet. Bonds rallied and European shares sank as opposition to May’s Brexit plans rose. The US dollar also fell, losing ground against most major currencies.
The Emirates Group today announced its half-year results for 2018-19.
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