8.11 - have traders lost interest in trade talks' success?
With the end of the week nearing to us, we are now living and trading in the markets where Asia is weak once again. After all, after a good recovery that followed the beginning of trade talks it seemed that it was going to go on and on. But that was not meant to be, as traders lost interest in Asian markets pretty fast which can be evident by the declines in the segment that we see today.
But the thing here is that everything is not bad in the Asia at all. On the contrary – today was announced that USA agreed to the rollback of the tariffs, which means that phase one of trade negotiation is successfully finished. Now the only thing we have to do is wait for the signing of the deal, which is reportedly going to take place in London in December.
There are other topics on our mind as well. For example, yesterday’s tumble of the pound. After the speech of the head of Central Bank of England we found out that Brexit took a pretty nasty toll on the economy of the UK and that the situation is a bit worse than we expected and imagined. As a result, pound went into the selloff and we are now forced to trade with the weaker pound even despite the fact that we expected to see further growth for the currency as it did so well for the past few weeks.
American stock market is also not reacting to the news about trade talks finished as we imagined it would. Well, Apple stocks are growing, which is good, as it was very important for Apple for the talks to resolve good as Apple’s production is tied to China and of course, trade war with China didn’t reflect very good on Apple. So, resolution of this problem is going to give Apple another boost, which is a perfect piece of news for its traders.
Oil keeps on with the declines as there is nothing going on in the markets to boost the performance of the crude. For now, we are forced to wait for something to repair the performance of both of the major crudes.
Precious metals are slipping.
Here are the numbers for the end of the week:
Topix grew 0.25 percent.
Kospi dropped 0.4 percent.
Shanghai Composite dropped 0.25 percent.
Hang Seng from Hong Kong declined 0.7 percent.
S&P 500 futures shrank by 0.2 percent.
Euro declined 0.1 percent - $1.105.
Pound lost 0.3 percent - $1.2809.
Yen dropped 0.5 percent – 109.25 per dollar.
Canadian dollar was flat - $1.3188.
Tesla grew 2.7 percent - $335.54.
Apple added 1.15 - $259.43.
Facebook dropped 0.6 percent – $190.42.
Amazon lost 0.4 percent - $1788.2 per share.
Google added 1.3 percent - $1308.86.
WTI declined by 0.35 percent - $56.95 per barrel.
Brent lost 0.2 percent - $62.16 per barrel.
Gold added 0.2 percent - $1469.9 per ounce.
Silver dropped 0.2 percent - $16.98 per ounce.
Platinum declined 0.3 percent– $906.9.