- At midday in London, the EUR was the strongest and AUD the weakest.
- EUR found support as German ZEW economic sentiment survey improved to -22.5 from -44.1, beating expectations of -38.0. AUD was weighed down by dovish RBA minutes, while NZD struggled as NZ consumer confidence slipped for a third consecutive quarter, to its lowest since Q3 2012. GBP edged lower as judges convened at the Supreme Court to decide whether U.K. Prime Minister Boris Johnson’s decision to suspend Parliament was lawful - keep an eye on any breaking news on our twitter handle.
- Oil prices remained volatile, initially rising before turning flat. Market participants are still weighing up the implications of the weekend’s attacks on Saudi Arabia’s oil infrastructure. It remains unclear how long it will take Saudi to restore output after half of the nation’s daily crude production went offline due to the attacks. US President Donald Trump, who said the US has reached a trade deal with Japan, reiterated that the US could release oil from their reserves. Separately, Japan’s Industry Minister released a statement, saying they’ll consider a coordinated release of oil reserves if it’s required.
- Gold fell back below $1.5K as investors look ahead to the FOMC announcement tomorrow.
- Europe’s major stock indices turned mixed after a weaker open, as investors looked ahead to this week’s central bank meetings where the Fed is expected to cut rates by 25 basis points. Energy stocks such as Shell and BP propelled the FTSE to the positive territory thanks to elevated oil prices, although the biggest risers were IT firm Aveva and drug maker AstraZeneca.
- WeWork postponed its IPO after struggling to attract investor interest in what would have been a multibillion-dollar listing for the property group.
- Ocado shares rose 1% on Q3 earnings, the first to include its new joint-venture with Marks & Spencer
StoneX Financial Ltd (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.