Brexit got an extension

Daily Analysis - 22/03/2019

May needs to convince the British parliament


The United Kingdom got an extension for its departure from the European Union, although the length of that extension will depend if the British Prime minister convinces the UK parliament to accept the Deal that they already rejected before. Donald Tusk the President of the European Council announced the bloc would give an extension up to May 22 only if Theresa May UK’s Prime Minister is prepared to persuade the British parliament to accept the existing Brexit settlement. If Prime Minister cannot convince the parliament to accept the deal then England would suffer a chaotic departure from the European Union on April 12.

Dow scored more than 200 points

On Thursday U.S Stocks surged while Micron and Apple climbed and drove the tech sector higher. Trader’s viewpoint was too supported by the Federal Reserve's renewed outlook on interest-rate. The S&P 500 ended more than 1% higher at 2,854.87. The Nasdaq Composite went higher, increasing 1.4% to 7,838.95. The Dow Jones Industrial Average ended higher 216 points at 25,962.50 as a 3.7% gain in Apple balance a drop of about1.5% in J.P. Morgan Chase.


Dollar seems weaker

On Friday Oil fell from 2019 tops while economic growth fears are gaining momentum, halting a 90-days increase pushed by U.S. sanctions toward Iran and Venezuela and OPEC-led supply cuts. The U.S. West Texas Intermediate (WTI) futures dropped at $59.83 per barrel while WTI also scored a 2019 top at $60.38 the previous day.

Brent crude oil futures were down at $67.70 per barrel about 0.2%, from their last close.


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