Sterling is once again the major denominator of almost all eye-catching UK stock market moves on Tuesday afternoon as investors take Prime Minster Theresa May’s long-anticipated speech as the cue to end the FTSE 100’s longest ever winning streak.
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A child goes to bed on Christmas Eve certain that they have been put on the ‘good’ list and Santa will come and deliver gifts to open the next morning, so too does the market believe that the they have been ‘good’ enough for Janet Yellen to deliver the much-expected rate hike on Wednesday 14th December.
Although the polls suggest that Clinton and the Democrats could still take the White House, the polls have narrowed in recent days, which must be worrying for the Clinton camp. This is being reflected in the financial markets, where the stock markets have been stuck in a directionless range (see more below), and Treasury yields have broken back above the key 1.8% level.