Market Brief Traders Shrug Off Impeachment Headlines

Market Brief: Traders Shrug Off Impeachment Headlines

View our guide on how to interpret the FX Dashboard.

As we go to press, the House of Representatives is still debating over impeaching President Trump, with a vote expected later this evening. The vote is anticipated to fall along party lines in favor of impeachment, though the likelihood that the Senate removes the President from office remains remote, limiting the impact on markets.
Fed members Williams and Evans both spoke out in favor of leaving interest rates unchanged in the near-term, cementing the impression that the Fed will be on hold heading into the new year.
FX: The Canadian dollar was the strongest major currency on the day on the back of solid inflation (CPI) and housing (Teranet price index) data. The euro and British pound were the day’s weakest major currencies. Tomorrow’s Bank of England meeting will be among the last major trading events of the week, year, and decade.
Commodities: Oil closed essentially flat on the day, despite data showing a smaller-than-expected drawdown in inventories. Gold was also flat while Bitcoin rallied back above $7k to erase the last two days’ worth of losses.

US indices closed mixed in quiet pre-holiday week trade. European indices closed mixed, with German stocks sliding, while UK stocks ticked higher in quiet trade.
REITs (XLRE) went from worst to first to be the strongest major sector today; Industrials (XLI) were the weakest.
Stocks on the move:
- FedEx (FDX) shares dumped -10% after a big miss in the shipping company’s earnings and outlook for next year.
- Automaker Tesla (TSLA) is reportedly considering cutting the price of its Model 3 sedan. The stock closed the day 4% higher.

From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.

City Index is a trading name of StoneX Financial Pty Ltd.

The material provided herein is general in nature and does not take into account your objectives, financial situation or needs.

While every care has been taken in preparing this material, we do not provide any representation or warranty (express or implied) with respect to its completeness or accuracy. This is not an invitation or an offer to invest nor is it a recommendation to buy or sell investments.

StoneX recommends you to seek independent financial and legal advice before making any financial investment decision. Trading CFDs and FX on margin carries a higher level of risk, and may not be suitable for all investors. The possibility exists that you could lose more than your initial investment further CFD investors do not own or have any rights to the underlying assets.

It is important you consider our Financial Services Guide and Product Disclosure Statement (PDS) available at www.cityindex.com/en-au/terms-and-policies/, before deciding to acquire or hold our products. As a part of our market risk management, we may take the opposite side of your trade. Our Target Market Determination (TMD) is also available at www.cityindex.com/en-au/terms-and-policies/.

StoneX Financial Pty Ltd, Suite 28.01, 264 George Street, Sydney, NSW 2000 (ACN 141 774 727, AFSL 345646) is the CFD issuer and our products are traded off exchange.