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 European Political Turmoil Drives Markets

Article By: ,  Head of Market Research
August 20, 2019 5:23 PM

Market Brief: European Political Turmoil Drives Markets
  • FX: The US dollar was the weakest major currency in relatively quiet trade; the British pound and Swiss franc were the strongest.
  • Geopolitical developments in Europe stole the headlines today, with German Chancellor Angela Merkel and Boris Johnson continuing to debate the potential for changes with the Irish border as part of Brexit. Meanwhile, Italy’s Prime Minister Giuseppe Conte resigned, extending the country’s political turmoil.
  • Commodities: Gold and oil (WTI) both finished the day within 0.5% of yesterday’s closing levels.

  • US indices closed lower on the day as Treasury yields turned lower once again. This ended the three-day winning streak for major indices. Ongoing discussions about a possible payroll tax cut have failed to support investor sentiment, perhaps because they view such a policy as unlikely.
  • Consumer Discretionary (XLY) was the only sector to close higher on the day, while Financials (XLF) brought up the rear.
  • Stocks on the Move:
    • Retailer Kohl’s Corporation (KSS) dropped 7% despite reporting better-than-expected Q2 profits and revenues.
    • Medtronic (MDT) rose nearly 3% after beating on earnings and revenues, as well as raising full-year guidance.
    • Market darling Beyond Meat (BYND) gained 6.5% after the stock was upgraded by JPMorgan on the potential for growth in quick-service restaurants.

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