- FX: The British pound was the weakest major currency for the second straight day as BoJo’s government continues to threaten a no-deal Brexit if a new agreement with the EU is not reached by October 31st. The Japanese yen ticked higher amidst general risk-off trade.
- AUD/USD declined for the 8th straight day to hit its lowest level in six weeks.
- US data: July consumer confidence surged to 135.7, well above expectations of a 125.0 reading. Core PCE inflation rose just 1.6% y/y, setting the stage for an interest rate cut from the Federal Reserve tomorrow.
- Commodities: Oil rallied over 2% on rumors surrounding Iran. Gold also gained ground again today.
- US indices closed marginally lower amidst unease about a lack of progress in US-China trade talks.
- Energy stocks (XLE) led the way, boosted by rising oil prices, while Utilities (XLU) brought up the rear in today’s trade.
- Stocks on the Move:
- Beyond Meat (BYND, -12%) remained on the back foot after announcing a secondary offering with yesterday’s earnings report.
- Capital One Financial (COF) fell 6% after the company revealed a hacker gained access to 100 million credit applications.
- Procter and Gamble (PG) tacked on 4% after reporting strong earnings and revenue figures.
- Apple (AAPL, -0%) is poised to report earnings after the bell – stay tuned to twitter for our coverage of the release!
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.