Market News & Analysis
FTSE shows barely any pulse
Fiona Cincotta September 18, 2019 11:57 AM
The case against the government’s prorogation of Parliament being heard by the Supreme Court has also left the UK markets in suspense. With two different appeals being heard this week it is not clear when the court will come to a decision on whether the prorogation was legal or not or if it will overrule it. The suspended animation is putting retailers, supermarkets and house builders under pressure, keeping them all in the fallers’ category.
Brent crude prices have retreated below the $65 mark after their spike to $72 earlier this week following the attack on Saudi Arabia’s major oil refinery. It seems that the state-owned Aramco will be able to repair the facility sooner than expected and manage to avoid any major loss in export flows of crude oil.
Afternoon focus on Fed rate decision
Any words of wisdom from the Fed’s policy makers will be closely scrutinized later today in the wake of the bank’s decision to spend $53 billion to rescue the overnight lending market. The move was triggered by borrowing costs spiraling out of control, forcing the New York Fed to come to the rescue. The issue will likely overshadow the Fed’s interest rate decision later today, widely expected to be a quarter percentage point cut despite the bank’s policy makers being deeply divided over whether it is really needed or not.
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.