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Markets in Waiting Mode
Global Financial markets were choppy on Tuesday as they await the outcome of the currently unfolding policy meetings held by the United States Federal Reserve and the Bank of Japan. Trading remained cautious, mirroring mixed Asian trade seen earlier in the day. Energy prices also stayed low, trading slightly in the red amid the oversupply claims. The European Stoxx 50 was positive at the end of the session, despite being led by losses in the banking and pharmaceutical industries. The DAX, the CAC 40 and the FTSE 100 too ended in the green zone.
Metals were also higher today. The price of Gold rose for the second straight session reaching $1,315.24 at one point. Silver gained reaching $19.22 per ounce. Current markets are anticipating that U.S interest rates will remain the same. This could mean that the probability of a December rate hike will likely increase, which in return makes the price of the yellow metal volatile.
In the UK, solid economic data that came in over the last month gave the British Pound a boost and put it on an upward trend against major currencies. However, this upward trend started to deteriorate as markets began to focus on what kind of deal should the country be able to negotiate and its potential economic impact, after the famous Brexit Vote. The British Pound was at $1.30 at one point against the U.S Dollar.
Oil prices edged higher, reversing earlier losses after Venezuela's Oil Minister Eulogio Del Pino’s warning that the global crude market was oversupplied by 10% at 94 million barrels per day. Markets remained cautious despite the output freeze rumours and the hints that the OPEC and non-OPEC members are close to reaching the agreement.
Country and Corporate news
Fitch Ratings affirmed Singapore's credit rating at "AAA," while the ratings on the country's senior unsecured local-currency bonds remained at "AAA" as well, with a stable outlook. The main driver behind this outlook was a high per capita income levels, strong external balance sheet, good governance indicators and a robust fiscal framework. The country has managed to counterbalance the shocks in the global economy, which persisted due to its trade dependence and the financial sector links to the rest of the world. Despite this, its growth forecast was lowered from 2.1% to 1.8%.
Gaming Giant GVC reported better than expected growth prospects, even after acquiring BWIN for £ 1.1 billion, which arrived after a takeover battled with 888, another high-profile gambling company. The company stated that its first-half profits more than doubled from €21.8m to €51.3m. Moreover, the integration of BWIN would lead to a further savings of €125m by the end of 2017. Shares in GVC soared by 6.59% in today’s session.
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