Zuckerberg’s testimony created more concerns

Daily Analysis - 24/10/2019

Libra sparks more uncertainty than before


Yesterday, legislators started questioning Mark Zuckerberg the Facebook CEO about his cryptocurrency strategy. House members showed some disappointment with the lengthy description.

The Facebook CEO received questions from the House Financial Services Committee, three months following, Facebook’s cryptocurrency manager that failed in his statement to provide lawmakers the assurance they need that Facebook will wait for an administrative arrangement before launching its crypto plan.

The head Republican on the House Financial Services Committee didn’t recognize any significant improvement by Facebook. Patrick McHenry, R-N.C. said “Frankly, I’m not sure that we’ve learned anything new here.”

Gold gains over Brexit yesterday but in range today

On Wednesday the popular Gold rose while some traders ran for cover in the precious metal following UK lawmakers that urged to suspend the Brexit. All this while anticipations of further monetary easing by central banks gave additional assistance. U.S. gold futures increased 0.55% to $1,495.6 per ounce. Spot gold was up 0.32% at $1,492.41 per ounce. “The uncertainties around Brexit and the concerns around the impact it could have on global growth are still keeping investors focused on gold,” said Suki Cooper, precious metals analyst at Standard Chartered Bank.


GBP still holds

On Thursday the famous GBP steadied while the Brexit plan started to follow a new path. At the same time, the greenback stayed solid while investors eased their view regarding the China-U.S. trade problems.

GBP was at $1.2909 following Britain’s parliament that supported a departure agreement. However, they denied the government’s short timetable.


Stocks went up slightly yesterday

On Wednesday Stocks increased lightly while traders absorbed the earnings announcements from Caterpillar and Boeing. The Nasdaq Composite rose 0.2% to 8,119.78.

The Dow Jones Industrial Average ended 45.84 points up at 26,833.94 while the S&P 500 increased 0.3% to close at 3,004.51.


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