Daily Analysis - 04/09/2019
Yesterday U.K. lawmakers took action in an effort to take command of the Brexit matter from U.K’s Prime Minister Boris Johnson.
The legislators, voted and the results were 328 to 301 giving them the ability to obtain the command of the parliamentary affairs from the administration. This act may enable them in theory to obstruct government attempts for the UK to depart from the EU without an agreement on October 31. The Prime minister announced that he would begin the process for a fresh general election following this delay. As soon as Wednesday an additional vote will take place on the legislation, and, if this vote succeeds, it will probably create additional pressure to the prime minister that will probably drive him to ask another expansion over the UK’s withdrawal date, to January 31 next year.
On Tuesday US Stocks dropped after a bad month, following the world’s two biggest economies started imposing fresh tariffs against each other’s products. The popular Nasdaq Composite retraced back more than 1% to 7,874.15. The Dow Jones Industrial Average ended losing more than 285 points and went to 26,118.00 while the S&P 500 dropped 0.7% to close the day at 2,906.26.
On Wednesday the popular safe haven metal Gold continued its steady course following a surge of about 1% in the previous trading session. Concerns regarding a global slowdown after the soft US numbers and the ongoing US-China dispute, kept the yellow metal near a level that was last touched more than six-years ago. U.S. gold futures fell 0.2% to $1,552.3 an ounce while Spot gold dropped 0.2% to $1,543.01 per ounce.
On Wednesday Oil regained some of its profits having touched its weakest level in almost 30 days in the previous session upon fears that a weak global economy may reduce the demand of the popular commodity. U.S. West Texas Intermediate increased 20 cents, and went to $54.13 a barrel while Brent crude increased 12 cents, reaching $58.37 a barrel.
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