News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Tesla 2Q Earnings: 2Q REV. $11.96B, EST. $11.36B 2Q ADJ EPS $1.45, EST. 97C $TSLA
  • Amazon denies it will accept Bitcoin in statement - BBG #Bitcoin $AMZN
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.26% FTSE 100: 0.11% Germany 30: 0.11% US 500: 0.01% Wall Street: 0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/EWWKdCxx1c
  • Gold grinding lower, May 2019 trend-line may still come into play. Silver outlook a bit clearer with it trending lower below support. Get your market update from @PaulRobinsonFX here:https://t.co/q9ut8t96hM https://t.co/7LZ0xUCegm
  • Despite today's gains, AUD/USD continues its struggle to reclaim the 0.74 area $AUDUSD https://t.co/qOK1KdS1Cc
  • #Bitcoin back above $40,000
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.26% Silver: 0.06% Gold: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/xg34ZjLjAj
  • Bitcoin breaking out of its recent range, now eyeing the June swing-high above $40,000 $BTCUSD #Bitcoin https://t.co/8MfaqkMqPn
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.89%, while traders in Wall Street are at opposite extremes with 74.76%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/hk6vYPBEYV
  • DAX broke wedge formation, testing March trend-line. CAC bias looking lower yet after initial bounce. Get your market update from @PaulRobinsonFX here:https://t.co/dXHmVE4Obi https://t.co/XpYDPg5MGn
FTSE Outlook: Vaccine Hopes Give Way to Caution, UK Politics Dampen Spirits

FTSE Outlook: Vaccine Hopes Give Way to Caution, UK Politics Dampen Spirits

Martin Essex, MSTA, Analyst

FTSE price, Vaccine hopes, UK politics and Brexit:

  • A fall in the FTSE 100 index of the major London-listed stocks in early trading Thursday has raised doubts over whether the global rotation from momentum stocks into value stocks prompted by coronavirus vaccine hopes was merely short-covering that will now be reversed.
  • If so, that dampens hopes that the advance will be sustained, particularly as the Brexit talks are at a crucial stage, UK politics are a concern after a resignation of a senior adviser to the Prime Minister, and the latest GDP data missed forecasts.
Advertisement

FTSE 100 hopes dissipate

Hopes earlier this week that a coronavirus vaccine will lift the global economy out of its current slump, which prompted a move into battered value stocks that have suffered most from the pandemic, have begun to dissipate – bad news for the FTSE 100, which has more than its fair share of them.

The vaccine hopes led to a rotation into value stocks from the momentum stocks that have benefited from the pandemic, such as Netflix and Amazon. However, if the feeling grows that the move was simply profit-taking and that the major trend lower in stocks is still in place, this week’s gains could soon be reversed.

FTSE 100 Price Chart, One-Hour Timeframe (November 2-12, 2020)

FTSE Outlook: Vaccine Hopes Give Way to Caution, UK Politics Dampen Spirits

Chart by IG (You can click on it for a larger image)

UK politics and Brexit a worry too

Also dampening the outlook for UK stocks, news emerged late Wednesday of the resignation of a senior advise to UK Prime Minister Boris Johnson, suggesting a power struggle in his office – another potential negative for stocks.

In addition, UK GDP data released early Thursday missed the consensus expectation of economists, although Bank of England Governor Andrew Bailey said later that the numbers were in line with where the central bank thought they would be.

As for Brexit, the Irish Prime Minister Micheal Martin and the UK Housing Secretary Robert Jenrick were both talking their positions on the EU-UK trade talks early Thursday, with still no sign yet of a breakthrough.

We look at currencies regularly in the DailyFX Trading Global Markets Decoded podcasts that you can find here on Apple or wherever you go for your podcasts

--- Written by Martin Essex, Analyst

Feel free to contact me on Twitter @MartinSEssex

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

DISCLOSURES