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Market News & Analysis
Worst week of the year for stocks
Fiona Cincotta February 8, 2019 11:48 PM
Risk off boosts gold
Risk off sentiment has seen traders move out of equities and increase flows into safe havens. Gold is a notable winner, up 0.3% across the session as it once again looks to attack resistance around the $1319/20 level. More negative trade or growth headlines could help see gold move back towards $1350, sooner rather than later, a level last seen in March.
Oil steady after Thursday’s 2% decline
Whilst housebuilders were dominating the upper reaches of the FTSE, oil majors shifted lower. Oil dropping over 2% in the previous session and hovering around the flatline today is hitting demand for the likes of BP and Shell. Whilst US sanctions on Venezuela and OPEC cuts are offering a floor to the price of oil, the overriding fear is that slowing global growth will hit demand.
Pound treads water
The pound was treading water as we move to the end of the week. With little progress on Brexit, traders are struggling to find any fresh news to sink their teeth into. Theresa May left Brussels empty handed, but that was hardly a surprise. The PM and hr cabinet will now meet with leaders across Europe in the hope of convincing them to soften their stance. Whilst the situation is certainly starting to look a little more desperate, the pound is not pricing in a no deal Brexit at these levels.
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