Market News & Analysis
The UK departs Coronavirus BoE
Fiona Cincotta January 31, 2020 11:49 PM
The long goodbye
And here is Brexit day. Although historically the bigger moment, investors seem far calmer than during the lead up to the December election, probably because now the course has been set and at least the departure from Europe is a certainty, if not much else.
The FTSE lost some ground this morning with an eclectic mix of companies trading lower, led by Hargreaves Lansdown. The financial services firm reported a below-expectations increase in new business, and was further hit by having to waive £2.3m in fees after the collapse of Neil Woodford investment funds last year.
Airlines, hotel stocks catch breath
Buffeted for days by news of the spreading coronavirus, hotel operator and airline shares are catching breath this morning as Chinese authorities seem to have got to grips with at least slowing down the spread of the virus. The worst affected cities have been on lockdown for a week and even the unaffected cities have extended the Spring Festival closures until the end of this week. But Shanghai and Shenzhen stock markets plan to reopen on Monday, as do most of the commodity exchanges in the country.
BoE’s comments lift pound
Sterling traders are still in an upbeat mood following the Bank of England’s meeting yesterday, encouraged by comments that “near-term uncertainties facing businesses and households have receded”. The pound is back above $1.31 this morning, the highest level in a week.
From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.