UK: more uncertainty for its future

Daily Analysis - 05/11/2019

Snap elections may not be the solution for Brexit

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According to experts, the UK snap election may not be the solution to the Brexit that filled the country with fear and uncertainty for more than three years. UK’s Prime Minister Boris Johnson’s agreement was supported, in principle, by UK legislators last month but a political disagreement over the time of the departure from the EU in Westminster directed Boris Johnson to postpone Brexit proposal while opposition parties agreed to have an election. Johnson stated “the way to get Brexit done” was to hold a nationwide election next December. However political experts claim that this is not the correct path to take. UK citizens are still profoundly split around EU membership, with the 2016 vote itself providing a 51.89% result for withdrawing and 48.11% to remain in the EU.

Dow to a record high, this year gained nearly 18%


On Monday the popular Dow Jones Industrial Average touched a record high level following the Nasdaq Composite and S&P 500 while investors’ viewpoint was boosted by solid earnings and the possibility for a resolution of the US-China trade dispute. The 30-stock surged more than 114 points and went up to 27,462.10. This is its greatest all-time high since July. In the meantime, the S&P 500 rose 0.4% to a new all-time top of 3,078.26 while the Nasdaq improved by 0.6% to 8,433.19, including touching its record levels as well.

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Gold fell as the Greenback was getting stronger


On Tuesday the famous yellow metal Gold fell in a second continuous session of declines, while optimism regarding a US-China trade agreement supported the Greenback. That encouraged the desire for riskier assets and drove investors to drop the famous safe-haven metal. Spot gold fell 0.3% to $1,505.26 per ounce while US gold futures went down 0.2% to $1,507.69 per ounce.

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Oil is steady for now


On Tuesday Oil was steady while traders maintained their attention on the US inventory numbers following two days of profits on positive economic numbers but also improvements of sentiment over a possible

US-China trade deal. US crude futures fell 1 cent to $56.52 a barrel while profiting 0.6% yesterday. Brent crude futures gained 4 cents rising to $62.16 a barrel following a profit of 0.7% in the previous session.

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