Back to the Future:
The last trading day in November reflects a calmer end to a frenetic week both economically and politically and nowhere more so than in the UK where news headlines have been dominated by Westminster and Brussels rather than IACGMOH and hot favourite Harry Redknapp.
However, for those who think it’s all over, think again: we are in for more volatility especially in the next two weeks leading up to and immediately after Theresa May’s moment of truth in Parliament on 11 December when MPs vote on the EU Exit deal and by implication on the PM. SGM-Foreign Exchange will have our very own
Charles M. Porter in the studio at TalkRadio giving his views on the markets as events unfold. Do not miss it!
This weekend world leaders’ jet into Buenos Aires for the G20 talks in an atmosphere of rising international trade tensions especially between the USA and China. Markets are looking for progress on solving those and are also watching the oil price carefully with WTI having fallen 21% this month and trading below $50 a barrel, the question is will it go lower or has it found a floor?
Below $50 and those shale producers will be having a tough time. MBS Crown Prince of Saudi Arabia who arrived first in Buenos Aires for the G20 will no doubt be trying to do a flurry of deals with other Leaders to distract from the story that threatens to break out again on the murder of Jamal Khashoggi.
The European Inflation 30-11-18 flash release at 1000 GMT today came in a little lower at 2% and with GBP trading at 1.2775 versus the USD and 0.89 versus the Euro, markets are certainly not convinced that UK plc has got itself a great deal and the prospect of future prosperity as part of the European divorce settlement.
So, looking forward…. for those of you who are not used to routine moves of 1% in GBP on a daily basis, its Back to the Future! Have a great weekend.
Today’s Global Market:
Discussion and Analysis by Humphrey Percy
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