Sun. Sep 20th, 2020

Pound hits seven-month high; trade deal hopes grow – business

Rolling coverage of the latest economic and financial news

Earlier:

11.47am GMT

Wall Street is expected to recover yesterday’s slump too, thanks to Bloomberg’s report that a US-China trade deal could still happen soon.

Stocks bounce as @jendeben reports the U.S. and China are still close to a deal despite the heated rhetoric of the last 24 hourshttps://t.co/BErAUjULcD pic.twitter.com/mhS9iITOzl

11.24am GMT

Sterling is also climbing against the euro, hitting a near-nine month high of €1.1786.

That’s because Boris Johnson appears to have next week’s election “in the bag”, says Dean Turner, economist at UBS Wealth Management.

The election is Boris Johnson’s to lose. However, turnout rates, tactical votes, and the usual campaign trail pitfalls could all swing the final result.

“Sterling has strengthened on days when the prospects for the Conservative Party have seemingly improved, and vice versa. One interpretation of this phenomenon is that investors favour the prospect of clarity on Brexit.

Continue reading…Rolling coverage of the latest economic and financial newsLatest: Pound hits $1.304 as Tories hold leadTrade war: insiders say Trump was too gloomyEarlier:UK economy stumbles in NovemberIntro: Trump rhetoric worries marketsHong Kong: worst month since SARS 11.47am GMTWall Street is expected to recover yesterday’s slump too, thanks to Bloomberg’s report that a US-China trade deal could still happen soon.Stocks bounce as @jendeben reports the U.S. and China are still close to a deal despite the heated rhetoric of the last 24 hourshttps://t.co/BErAUjULcD pic.twitter.com/mhS9iITOzl 11.24am GMTSterling is also climbing against the euro, hitting a near-nine month high of €1.1786.That’s because Boris Johnson appears to have next week’s election “in the bag”, says Dean Turner, economist at UBS Wealth Management. The election is Boris Johnson’s to lose. However, turnout rates, tactical votes, and the usual campaign trail pitfalls could all swing the final result.“Sterling has strengthened on days when the prospects for the Conservative Party have seemingly improved, and vice versa. One interpretation of this phenomenon is that investors favour the prospect of clarity on Brexit. Continue reading…

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