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Stock Market Outlook: Braced for Brexit Storm

Stock Market Outlook: Braced for Brexit Storm

Justin McQueen, Strategist

Equity Analysis and News

  • FTSE 100 | Eyes on “Meaningful Vote”
  • DAX | Little Signs of Bearish Momentum Easing

FTSE 100 | Eyes on “Meaningful Vote”

As the FTSE 100 registers its largest weekly decline in 2-months, expect another volatile week for UK assets. Eyes are firmly on the “Meaningful vote” which is set for Tuesday. As it stands, the government are divided on whether to vote in favour of PM May’s deal, with expectations firmly suggesting that the deal will be voted down, which could lead to several outcomes (see here). The FTSE 100 may yet again print 2yr lows.

FTSE 100 Price Chart: Daily Time Frame (Sep 2015 – Dec 2018)

Stock Market Outlook: Braced for Brexit Storm

DAX | Little Signs of Bearish Momentum Easing

2018 has so far been a torrid year for the DAX and with little signs of the bearish momentum easing, it looks set to continue. The evident slowdown in the Eurozone, alongside the uncertainties surrounding Italy and trade wars keeps the bearish outlook intact. Support is situated at 10800-30, whereby a break below could see losses exacerbated. Focus will be on the ECB, where bulls will be hoping for a dovish bias in light of the increasing negative sentiment, to keep the DAX afloat.

DAX Price Chart: Daily Time Frame (Apr 2016 – Dec 2018)

Stock Market Outlook: Braced for Brexit Storm

Recent ECB Commentary

Name

Position

Comments

Mario Draghi

President

Data since September has been weaker than expected, while domestic demand and wages support view that inflation will reach target. (Nov 26th)

De Guindos

Vice-President

Eurozone economy continues to grow (Nov 28th)

Peter Praet

Chief Economist

Growth risks are balanced, adds that recent developments indicate some loss of growth momentum. (Nov 26th)

Philip Lane

Governor

Important not to be overly dramatic about EZ growth slowdown (Nov 28th)

Ewald Nowotny

Governor

Low rates for a long time may impair stability (Nov 28th)

Francois Villeroy

Governor

Global economic crisis risks have become very dangerous (Nov 28th)

RESOURCES FOR FOREX & CFD TRADERS

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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