Brexit under U.K Lawmakers control

Daily Analysis - 26/03/2019

Lawmakers took Brexit control from May

U.K. Lawgivers voted to completely take charge over the Brexit process off Theresa May's administration.

Late Monday, Members of Parliament voted to establish a measure submitted by a cross-group of lawmakers with the goal of finding a Brexit resolution. The proposal succeeded with 329 votes in favor and 302 against.

The passing of the "Letwin amendment" seems to break the practices of Parliament, enabling lawmakers to set a timetable for discussion and subsequent votes on a different outcome for Brexit. Tomorrow MPs are expected to command the House of Commons in order to secure the set of votes on various Brexit outcomes. This takes the control away from the government and lets MPs put forward proposals related to the U.K.'s departure from the EU.

US Stock index looks stronger

On Tuesday morning the U.S. stock index futures moved higher, while economic concerns continue to haunt investor’s sentiment. Early in the morning, Dow futures grew about 44 points, registering a potential of more than 80 points. Futures on the S&P and NASDAQ advanced lightly as well.

Wall Street ended the day yesterday with little gains. News that the special adviser Robert Mueller did not find proof that President Donald Trump conspired with Russia in the 2016 presidential elections supported stocks. But generally, matters about the global economy stopped that move.

Spot gold went down 0.2 percent

On Tuesday Gold relaxed, following a 30-day high in the previous session, while a small improvement in U.S. Treasury yields and stock markets softened some of the precious metal's safe-haven demand. U.S. gold futures fell about 0.2% to $1,319.79 an ounce.

Spot gold dropped 0.2% hitting $1,319.85 per ounce after touching its highest level since last month at $1,324.30 in the previous session.

John Sharma, an economist at the National Australian Bank stated

"Though concerns have gone up, we are not hundred percent sure there is going to be a recession as the yield curve inversion should be there for a whole quarter and not just for a day or two".

Oil is going up due to supply cuts

On Tuesday, Oil went up boosted by U.S. penalties upon Iran and Venezuela but also supply cuts directed by OPEC. Although indications of dangerous economic retardation and possibly even another collapse of the global economy held markets from growing further.

U.S. West Texas Intermediate (WTI) futures went up to $59.25 per barrel, about 0.8 %, from their last close.

Brent crude oil futures advanced to $67.30 per barrel about 0.2 percent, from their last close.

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