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Today's Market Fundamentals
The overwhelming theme in the market is the same with Brexit negotiations taking centre stage, there is talk that the UK and EU would be working through the night to finalize a deal, but I am not so certain it will get through. Comments are flying that the EU will put in place a backstop while Theresa May will come back with a compromise are getting old – if these are the headlines it means that there has been no progress in 2 weeks. The market will surely start to get tired of this narrative, I still believe that the EU are trying to play hardball to prevent any future contagion – but it would shock me if there are a few “no deal” headlines that start to surface.
The Fed have been really active in the last couple of days and reiterating a dovish tone, it seems as though that they are leading the market that we are not too far from a pause. Continued rate hikes will stifle the US economy and I think that the rate cycle has to go neutral at some point, it may be a little too late for December but perhaps the Fed are signalling that this is the last hike for some time.
With Thanksgiving today, it is traditionally a very quiet day. This year we have seen the norm a little different, there were some conciliatory comments out from both the US and China last night and so with trade, Brexit and the infamous Trump twitter account – this thanksgiving holiday may be a little different.
Today's Market Trading Levels
- DE30 BUY 11130 – 11100
- UK100 BUY 6980 – 6950
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