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
More View more
Real Time News
  • EUR/USD attempts to halt a five day decline as the Federal Reserve sticks to the sidelines. Get your market update from @DavidJSong here:https://t.co/ig9bGLj35i https://t.co/YPksmNdJLR
  • US Markit Composite PMI for September fell to 54.5 from 55.4, whereby the services and manufacturing figures fell to 54.4 and 60.5 respectively, both missing analyst estimates. Get your market update from @JMcQueenFX here:https://t.co/4lFZGRufsM https://t.co/DuPcQtaBz0
  • S&P 500, Nasdaq Rally After the Fed; 10 Year Yield to Two-Month-Highs https://www.dailyfx.com/forex/market_alert/2021/09/23/SPX-SPY-ES-SP500-Nasdaq-NQ-QQQ-Rally-After-the-Fed-10-Year-Yield-2-Month-High.html https://t.co/peftVleO0y
  • #Bitcoin Outlook: $BTCUSD Bounce From 40K, Fake-out or Shake-out? - https://t.co/ixsRMKgCom https://t.co/KDQv4wgfot
  • While JPY gets clobbered, CHF decides to turn a blind eye to yields $CHF https://t.co/MViWZiiPZ7
  • The surprise 100 basis point cut from the Turkish central bank (to 18%) generated the expected pressure for $USDTRY. That said, I don't think it was the market that decided the momentum should die out at 8.8000 again... https://t.co/4jmOPnzzK9
  • surprised that $NQ is holding up so well with what rates are doing. 10 year yield at a 2 month high, $Nasdaq still holding resistance at prior support https://t.co/UBWBxY2nFC
  • The S&P 500 has recovered all the ground it lost at the start of the week and the Dollar has slumped post FOMC and PMIs. DailyFX's @JohnKicklighter gives a brief overview of the market for Thursday! https://t.co/jihKB44ELn
  • https://t.co/lbNvVbQq4n
  • The future taper isn't enough to urge the Dollar to a critical bullish break. In turn, $EURUSD has reversed shy of of August's trough and keeps in play an inverse head-and-shoulders pattern with a neckline at 1.19 https://t.co/EgUtX6Pmvy
FTSE 250: UK Shares Strong as Traders Await Brexit Confirmation

FTSE 250: UK Shares Strong as Traders Await Brexit Confirmation

Daniela Sabin Hathorn, Analyst

Key Talking Points:

  • Brexit deal is said to be imminent
  • UK mid-cap stocks pushing higher
  • UK stock market to close early at 12.30 pm GMT
Advertisement

UK shares soared this morning on reports that Boris Johnson and Ursula von der Leyen will be confirming that a Brexit trade agreement has been reached. UK retailers and banks jumped higher yesterday afternoon as the first reports came in about a possible agreement, with many shares gapping up higher this morning, as Lloyds Bank (+6%), Persimmon (+4.1%) and Berkeley Group Holdings (+3.3%) lead the gains in the FTSE 100.

Domestically-focused mid-cap FTSE 250, considered a proxy to Brexit sentiment, is quickly picking up buyer support as the blue-chip FTSE 100 is weighed down by a stronger pound, but this is largely a reversal of the declines seen in the lead up to this round of negotiations. UK shares are likely to balance at current prices until the deal is fully confirmed, at which point I expect to see UK shares drift higher, given that most of the expected deal is priced in already, with the FTSE 250 most likely outperforming in Europe.

Stock Market Holiday Calendar 2020/21

Current price is hovering around the 20,500 line after a gap higher at the open, but is slightly coming off the daily high as expectation builds for the announcement, which has been pushed back twice as final details are finalized. Momentum indicators have a strong bearish bias, but overbought conditions are strong, so price reversal could be strong if uncertainty builds. A long-term target could be seen around the 21,200 level but strong resistance is likely to appear along the way as the coronavirus pandemic unfolds.

FTSE 250 4-Hour chart

FTSE 250: UK Shares Strong as Traders Await Brexit Confirmation

Learn more about the stock market basics here or download our free trading guides.

--- Written by Daniela Sabin Hathorn, Market Analyst

Follow Daniela on Twitter @HathornSabin

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

DISCLOSURES