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Today's Market Fundamentals
By recent standards, yesterday was a pretty uneventful day – there was no more drama to come out of the UK parliament and nothing much from the Donald Trump twitter account. The biggest thing to come out of the EU presser with Draghi was confirmation that the QE had ended, despite lowered inflation forecasts for 2019 the balance sheet looks steady and the balance of risk is probably to the downside for now.
PM May has told the EU that assurance on Irish backstop will be a big factor in UK parliament, the EU are finally coming to the party and have agreed that any backstop should be temporary – without any legal agreement though, this is going to be an issue. The EU are adamant that they will not renegotiate the Brexit deal – I think that the EU are being short-sighted as they too will feel the pain of a hard Brexit and at this point everything looks towards a “no deal” outcome.
I will be keeping an eye on two things in the coming weeks, it is expected that the US will announce the delay of tariffs on China until March – which should give some love to the equity markets. It also seems as though the US Congress is going to reject the budget for a border wall, Trump has warned he would allow for a government shut down if he doesn’t get it – 21 December is the deadline and so this could be interesting.
Today's Market Trading Levels
- DE30 BUY 10840 – 10820
- UK100 BUY 6820 – 6800
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