CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open account
✖

Market Brief Cable Clobbered BYND Busted

Article By: ,  Head of Market Research
July 29, 2019 5:56 PM

Market Brief: Cable Clobbered, BYND Busted


  • FX: It was a quiet day in the FX market…with the massive exception of the worst day of the year for sterling. The UK currency fell sharply as government officials upped their game of chicken with the European Union, leading traders to conclude that the odds of a no-deal Brexit are rising.
  • President Trump tweeted that “The Fed has made all of the wrong moves” and that “a small rate cut is not enough” ahead of Wednesday’s highly-anticipated monetary policy meeting. Separately, former Fed Chairwoman Yellen endorsed a rate cut this week but stated that she “wouldn’t see [it] as the beginning… of a major easing cycle.”
  • Commodities: Both gold and oil traded higher on the day.

  • US indices closed mixed on the day, with the Dow edging out a small gain, while the S&P 500 and tech-heavy Nasdaq 100 each ticked lower.
  • Defensive Utility (XLU) and Health Care (XLV) sectors led the way, while Financials (XLF) were the weakest sector.
  • Stocks on the Move:
    • Beyond Meat (BYND) reported better-than-expected revenue and boosted its full-year outlook, but the stock did miss EPS estimates (-$0.24 vs. -$0.08 expected). The stock is trading lower in after-hours trade, following a 5% drop during today’s business hours.
    • Pfizer (PFE, -4%) agreed to merge its off-patent drug business with Mylan (MYL, +13%)

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

© City Index 2024