Markets steady despite rising political tensions on two continents

Shares enjoying a steady day as traders shrug off Brexit and impeachment concerns

US stocks were mostly flat in morning trading as investors brushed off any potential economic ramifications of the likely vote to impeach President Trump.

The vote in the House of Representatives, due Wednesday afternoon, was not troubling Wall Street, with the Dow Jones up 0.11 per cent at 10am EST.

US yields were also steady, with traders confident that, with Trump unlikely to be convicted by the Senate, the process was unlikely to change policy.

The FTSE 100 also remained largely flat despite the rising political tensions surrounding Brexit. Boris Johnson’s determination to set a hard Brexit deadline of December 2020 had initially spooked markets, but the sentiment was balanced on Wednesday by figures showing that UK inflation remains at a three-year low. The FTSE 100 was up slightly at 7,540.75 at day’s end, a 0.21 per cent rise.

The German DAX fell by 0.49 per cent at close after European Commission president Ursula von der Leyen told the European Parliament that the timetable to strike a deal between the UK and EU was “extremely challenging”. But the gloom was offset by stronger-than-expected German business morale in December.

Brexit anxiety could be seen in the currency markets, with the pound down against a list of currencies, including the dollar (-3.9 per cent at 3pm GMT) and euro (-2.1 per cent).

Cryptocurrencies enjoyed a positive day, with both Bitcoin and Ethereum trading up against the dollar in mid afternoon (GMT) trading. Bitcoin was ahead 3.2 per cent at one stage.

FURTHER READING: New Conservative Brexit pledge dampens excitement

FURTHER READING: Trump impeachment moves to public phase

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image