Market News & Analysis
The UK departs Coronavirus BoE
Fiona Cincotta January 31, 2020 8:49 PM
The long goodbye
And here is Brexit day. Although historically the bigger moment, investors seem far calmer than during the lead up to the December election, probably because now the course has been set and at least the departure from Europe is a certainty, if not much else.
The FTSE lost some ground this morning with an eclectic mix of companies trading lower, led by Hargreaves Lansdown. The financial services firm reported a below-expectations increase in new business, and was further hit by having to waive £2.3m in fees after the collapse of Neil Woodford investment funds last year.
Airlines, hotel stocks catch breath
Buffeted for days by news of the spreading coronavirus, hotel operator and airline shares are catching breath this morning as Chinese authorities seem to have got to grips with at least slowing down the spread of the virus. The worst affected cities have been on lockdown for a week and even the unaffected cities have extended the Spring Festival closures until the end of this week. But Shanghai and Shenzhen stock markets plan to reopen on Monday, as do most of the commodity exchanges in the country.
BoE’s comments lift pound
Sterling traders are still in an upbeat mood following the Bank of England’s meeting yesterday, encouraged by comments that “near-term uncertainties facing businesses and households have receded”. The pound is back above $1.31 this morning, the highest level in a week.
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.
GAIN Capital Singapore Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the GAIN Capital 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), GAIN Capital Singapore 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 GAIN Capital Singapore 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 GAIN Capital Singapore 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.
GAIN Capital Singapore 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.
Cryptocurrencies are not legal tender currency and trading of derivatives on Cryptocurrencies are currently not covered under any regulatory regime in Singapore. Consequently, investors should be aware they do not have protection under the Securities and Futures Act (Cap. 289). Please ensure that you are fully aware of the risks.