Market Brief: Pound Pounded Ahead of Tomorrow’s UK Supreme Court Decision
Matt Weller, CFA, CMT September 24, 2019 4:07 AM
See a summary of the top market themes and trends from today's US trading session!
- FX: The pound was the weakest major currency today ahead of the UK’s Supreme Court’s ruling on Parliament’s prorogation tomorrow morning; separately, the EU’s chief Brexit negotiator Michel Barnier said that there was “no basis for a deal.” The New Zealand dollar was the day’s strongest major currency.
- US data: Markit’s Manufacturing and Service PMI figures both came in near 51, signaling slow growth, though the Services employment component did drop into contractionary territory for the first time since 2010.
- Commodities: Both oil and gold gained about 1% on the day.
- US indices closed mixed in a generally quiet session as traders awaited new Brexit developments and more clarity in US-China trade tensions.
- Consumer Staples (XLP) were the strongest major sector on the day, while Health Care stocks (XLV) brought up the rear.
- Stocks on the move:
- Embattled online retailer Overstock.com (OSTK) dumped another -25% after the company revised down its guidance for Q3.
- Nike (NKE) gained 1% ahead of tomorrow’s after-the-bell earnings report.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit cityindex.com.sg for the complete Risk Disclosure Statement.