Brexit uncertainty in focus

Daily Analysis - 23/10/2019

U.K. Parliament in confusion once more

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Yesterday U.K. Legislators in the Parliament voted to refuse a short period for examining the bill linked to Britain’s departure from the European Union. They denied the timetable, by voting 322 versus 308 votes. Following the rejection, the GBP dropped 0.1% against the greenback. Boris Johnson, the U.K. Prime Minister announced that he would now suspend the bill until the talks with EU leaders. Donald Tusk, the President of the European Council stated that regarding the vote, that the U.K. Prime minister's decision to suspend the Brexit agreement will encourage the other 27 member states of the European Union to approve a suspension of Britain’s withdrawal date.

Disappointing earnings drove U.S. stocks down


On Tuesday the U.S. Stocks finished lower while investors witnessed some poor earnings from companies like Procter & Gamble, United Technologies and McDonalds. The S&P 500 fell nearly 0.4% to 2,995.98 while the Nasdaq Composite dropped 0.7% to end at 8,104.29. The Dow Jones Industrial Average dropped 39.53 points to 26,788.08, following a rise of more than 100 points.

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Gold stuck in a range


On Wednesday Gold remained constant, while traders anticipated further transparency regarding the U.S.-China trade war and Brexit. However, a bullish momentum in the bond markets gave modest assistance to the popular metal. U.S. gold futures advanced 0.3% to $1,492.49 per ounce while Spot gold gained 0.1% at $1,489.44 per ounce.

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Oil dropped following bigger than expected stock in U.S.


On Wednesday Oil declined following an increase of 1% in the previous session while U.S. industry numbers revealed a bigger-than-expected stock in crude. However, the likelihood of even more profound output reductions from OPEC held the drop. West Texas Intermediate (WTI) dropped 43 cents, to $54.04 per barrel.  Brent crude futures fell 31 cents, to $59.38 a barrel.

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